83 test bank for ethical obligations and decision making in accounting 3rd

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83 Test Bank for Ethical Obligations and Decision

Making in Accounting 3rd

Empathy entails all of the following characteristics of behavior except for:

1 A Being loyal to one's friends

2 B Being understanding of one's friends

3 C Being sensitive to the feelings of one's friends

4 D All of these

The biggest problem in implementing a rights approach to decision making is:

1 A The interests of others may be subservient to self-interests

2 B It is difficult to weigh harms and benefits

3 C It relies on moral absolutes

4 D It can be difficult to determine criteria to distinguish equals from unequal claims

Under the IMA's standards of ethical practice, an accounting

professional can consider informing authorities or individuals not employed by the organization when an ethical dilemma occurs about

an accounting or financial reporting matter that remains unresolved if he/she:

1 A Believes there is a clear violation of the law

2 B Contacts his/her immediate superior who says to forget about the matter

3 C Informs the external auditors who tell him/her to inform the appropriate authorities

4 D Believes there has been an ethical violation

The method of ethical reasoning that does not deal with making decisions after considering the interests of others is:

Which of the following situations would be considered ethical?

1 A The cashier at Wal-Mart gives you $5 more than you were supposed to receive and you don't do anything about it

2 B You accidentally back into a car at Wal-Mart and leave your information for them to call

3 C Receiving fake $20 bills and using them in a store while knowing they are fake

4 D Finding a phone in a restaurant and keeping it

Each of the following is an element of trustworthiness according to the Josephson Institute except for:

1 A Reliability

2 B Loyalty

3 C Fairness

4 D Honesty

The Public Interest Principle in the AICPA Code of Professional

Conduct recognizes:

1 A The importance of integrity in decision making

2 B The importance of stakeholder groups

3 C The need to be independent of the client

4 D The importance of exercising objectivity in decision making

Aristotle believed that always preceded the choice of action

1 A Empathy

2 B Due Care

3 C Deliberation

4 D Loyalty

The Independence Principle in the AICPA Code applies to:

1 A All accountants and auditors

2 B All CPAs regardless of professional services

3 C All CPAs who render attestation services

4 D All members of the audit committee

George is in the middle of a high stakes poker game when he notices what he thinks is cheating by another player It appears to George that this player took a card from his lap and switched it with a card that he was dealt If George is a utilitarian thinker, he should:

1 A Accuse the alleged cheater of cheating in front of all the other players

2 B Consider what might happen if he accuses the player of cheating and he is wrong

3 C Speak to the alleged cheater during a regularly scheduled break and tell him not to do it again

4 D Forget about the whole matter

Janice is a staff accountant in the accounting firm of Obama and Biden She is assigned to the audit of HealthCare Associates On the very first day Janice noticed that the accounting manager of the client took money out of the petty cash fund and put it in his pocket The best action for Janice to take is:

1 A Ignore the situation because Janice doesn't know why the manager pocketedthe money

2 B Inform her immediate supervisor of what she observed

3 C Tell another staff accountant who is a friend and ask for her advice

4 D Tell Obama or Biden

Each of the following elements make up an integral part of what is meant by "ethics" except for:

1 A Accepted standards of behavior

2 B Knowing the difference between right and wrong

3 C Always following the law

4 D The moral point of view

The Rights Theory incorporates all of the following elements except for:

1 A Act based on the consequences of one's actions on others

2 B Treat people as an end and not merely as a means to an end

3 C Act in a way you would want others to act in similar situations

4 D All of these

Objectivity requires that a CPA should:

1 A Maintain a mental attitude of impartiality

2 B Maintain a mental attitude of intellectual honesty

3 C Be free of conflicts of interest

4 D All of these

Deontology deals with

1 A Emphasizes rights of others

2 B Consequences of actions

3 C Following prescribed virtue characteristics

4 D Following the law as an element of ethical behavior

Responsibility goes hand in hand with:

1 A Respect

2 B Loyalty

3 C Courage

4 D Accountability

The biggest problem in applying virtue theory to decision making is:

1 A It can be difficult to evaluate the effect of virtues on others in decision making

2 B It relies on moral absolutes in decision making

3 C It can be difficult to determine virtues to distinguish equals from unequal claims in decision making

4 D Conflicts between virtues may make decision making more difficult

The method of ethical reasoning that requires selecting the correct moral rule that produces the greatest benefits over harms is:

1 A Act Utilitarianism

2 B Rule Utilitarianism

3 C Rights Theory

4 D Justice

Treating other fairly encompasses treating them:

1 A Equally, impartially, and responsibly

2 B Equally, responsibly, and openly

3 C Impartially, openly, and diligently

4 D Equally, impartially, and openly

Ethical relativism can best be described as a:

1 A Point of view that morality is relative to the norms of one's culture

2 B Concept that holds that integrity should be maintained in the face of pressure

1 A Could lead to a good life

2 B Make up the "six pillars of character"

3 C Support the rights theory

4 D All of these

The biggest problem in implementing an utilitarian approach to

decision making is:

1 A The interests of others may be subservient to self-interests

2 B It fails to consider the interests of others

3 C It can be difficult to evaluate the consequences of actions

4 D It relies on moral absolutes

Each of the following characteristics describes the importance of integrity in decision making except for:

1 A Acting out of moral principle

2 B Being loyal to one's superior

3 C Having the courage to do the right thing

4 D Not subordinating professional judgment to others

Jane finds a material misstatement while auditing a client's accounts receivables Her senior tells her to ignore the misstatement so that the client does not get upset Jane wants to be viewed as a team player in order to advance in the firm So Jane follows her senior's instructions and ignores the misstatement Which ethical theory did Jane use to make her decision?

3 C Respecting the rights of others

4 D Following prescribed virtue characteristics

What is the common characteristic of Aristotle's virtues and ethical standards for CPAs?

1 A Truthfulness

2 B Integrity

3 C Loyalty

4 D Due care

Respect is an important character of behavior because:

1 A It entails a loyalty obligation to one's superior

2 B It enables one to perform professional services competently

3 C It is critical to maintaining one's integrity

4 D It encompasses attributes of how we should treat others

Eddie paid an $8 restaurant check with a $10 bill The waitress gave him $12 back The most ethical action for Eddie is to:

1 A Keep the extra $10

2 B Inform the waitress of her overpayment

3 C Inform the manager of the restaurant of the overpayment

4 D Leave a larger tip for the waitress

If one's reputation is tainted it may create a:

1 A Communicate information fairly and objectively

2 B Disclose all relevant information that might affect the intended user's

understanding of the reports, analyses or recommendations

3 C Disclose delays or deficiencies in information, timeliness, processing or internal controls in conformance with organization policy and the law

When is it appropriate to contact the audit committee about a

difference of opinion with the CFO over an accounting or financial reporting manner?

1 A If the CFO does not agree to correct the financial statements

2 B The CEO supports the CFO and does not agree to correct the financial statements

3 C The external auditors support the CEO and do not agree to correct the financial statements

4 D The audit committee should always be the first to be informed about such a difference of opinion

An internal accountant should always consider taking each the

following steps after exhausting all avenues of appeal within the organization when there is a difference of opinion with top

management on an accounting or financial reporting matter except for

1 A Inform the SEC

2 B Terminate employment with the entity

3 C Seek legal advice before taking any action

Sally is the only student from a foreign country in an Auditing class

On the day of the midterm exam, Sally asks the teacher whether she

could use a dictionary to translate English words to her native tongue

so she can better understand the questions What do you think the instructor should do if she follows the ethical principle of justice?

1 A Allow Sally to use the dictionary since she is at a disadvantage

2 B Not allow Sally to use the dictionary because she should know enough English to get by

3 C Allow the other students to bring in some tool to give them an advantage

A CPA would violate the Due Care Principle if he/she:

1 A Undertook a professional engagement without having the requisite

background, knowledge and experience

2 B Discloses confidential information about a client

3 C Violates the Public Interest Principle

4 D Performs tax services for an audit client without audit committee approval

Each of the following is a pillar of character according to the

Josephson Institute except for:

1 A Caring

2 B Citizenship

3 C Respect

4 D Judgmental

83 Free Test Bank for Ethical Obligations and Decision Making in Accounting 3rd Edition by Mintz Multiple

Choice Questions - Page 2

In the Harvard Cheating Scandal case, using ethical reasoning who

is at fault for situation?

1 A Doing what is right

2 B One's duty to act in a socially acceptable manner

3 C One's ability to meet or exceed their potential

4 D What one ought to do when presented with an ethical dilemma

Utilitarian philosophers are divided into two types: act utilitarian and

1 A Capitalize or expense $1 million of expenditures

2 B Report her superiors actions to the CEO

3 C Talk to the Audit Committee

4 D Become a whistle blower

Many critics say the biggest fault with deontological theories is

1 A no clear way to resolve conflicts between moral duties

2 B the separation of consequences from duties

3 C the requirement to respect people as human beings

4 D not being able to treat people as only a means

In the Cleveland Custom Cabinets case, the owner of the company thought it was all right to manipulate the financial statement numbers primarily because

1 A He wanted to improve earnings to increase the share price of company stock

2 B The treatment recommended by the owner for estimating overhead

conformed to GAAP

3 C He was the sole owner of the company and controlled the board of directors

4 D All of these

A difficult choice between two moral principles that are in conflict with one another is known as a/an:

1 A ethical behavior

2 B gray area

3 C ethical dilemma

4 D pragmatism

Assume you are taking an exam and you see that your friend is

cheating Your professor does not notice it What should you do if you are trustworthy person?

1 A You pretend not to know it

2 B You tell your professor immediately

3 C You also cheat the exam because your friend does

4 D You talk to the friend and advise him or her to confess

An important modern contributor to the theory of utilitarianism is:

1 A Plato

2 B John Rawls

3 C Immanuel Kant

4 D Jeremy Bentham

Egoists maintain a general principle of the following sort:

1 A "One ought always act in others' interest"

2 B "One ought always act in one's and others' interests"

3 C "One ought always act in peer group's interest"

4 D "One ought always act in one's own interest"

Greatest good for the greatest number of people is the theory of

1 A Rights

2 B Deontology

3 C Utilitarianism

4 D Justice

The best restatement of Kant's categorical imperative is:

1 A Do to others as you would have everyone do unto you

2 B Consider others needs before you act

3 C That those with a smaller stake should have a smaller say compared to those with a bigger stake

4 D Don't be cruel until someone is cruel to you

In the Giles and Regas case, the primary ethical issue can be stated as:

1 A Whether a subordinate should blow the whistle on a superior who has violated ethical policy

2 B Whether two staff members of the same rank should be allowed to date

3 C Whether a superior should become involved in a dating relationship with a subordinate

4 D Whether a student should renege on the acceptance of an offer from one firm after receiving an offer from a second firm

The relationship between legal and ethical is that

1 A Ethical always follow the law

2 B Ethical requires less than legal

3 C Legal and ethical are the same thing

4 D Ethical behavior requires us to do more than required by the law and less than the law allows

Your manager asks you to "cook the books" to support a loan

application at the local bank The manager insists it is a one-time request If you are a person of integrity, what should you do?

1 A Go along with the manager's request

2 B Talk to others in the company to determine how they handled such situations

3 C Refuse to go along with the request

4 D Inform the audit committee

In the NYC Subway Death case, the reason that no bystanders

helped Ki-Suck Han was probably due to:

1 A Moral blindness and ethical fading

2 B Bystander effect and moral blindness

3 C Blind spot and moral blindness

4 D Ethical fading and bystander effect

In the Faulty Budget case, the primary ethical issue can be stated as:

1 A Whether an accountant should admit to a mistake once he has discovered it

2 B Whether an accountant should be given a poor performance review because

1 A Motives

2 B Justice

3 C Consequences

4 D Rights

The most important duty of public accounting is to the:

1 A Securities Exchange Commission

4 D Is it a conflict of interest for a member of management to make a decision onawarding a contract to one company when that person has a relative working for the company

The country with the highest Power Distance score is

1 A United States

2 B United Kingdom

3 C Japan

4 D Russia

"Do that action which will bring about the greatest good for the greatest number of people," is the basic concept of which ethical theory?

2 B an end and never as a means only

3 C other mammals since we are all equal

4 D an end and never as a means, in some circumstances

Which theory is based on doing what is right despite the

1 A External rewards

2 B Money

3 C Internal rewards

4 D Authority of rules