What is the purpose of a code of ethics for accountants?

Code of Ethics of Professional

Quiz
•
Professional Development
•
12th Grade
•
Easy
Danizah Che Din
Used 3+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To establish a hierarchy within the accounting profession
To provide guidelines and standards for ethical behavior in the accounting profession.
To promote competition among accountants
To ensure accountants are paid fairly
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the key principles of the code of ethics for accountants?
Integrity, objectivity, professional competence and due care, confidentiality, and professional behavior.
Integrity, subjectivity, professional incompetence and negligence, confidentiality, and unprofessional behavior.
Honesty, objectivity, professional competence and due care, transparency, and professional behavior.
Honesty, subjectivity, personal competence and due care, transparency, and professional behavior.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is independence an important ethical principle for accountants?
To promote transparency and accountability in financial reporting.
To ensure objectivity, impartiality, and integrity of financial information.
To prevent conflicts of interest and maintain professional integrity.
To comply with legal and regulatory requirements in financial practices.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the potential consequences of violating the code of ethics for accountants?
Legal penalties, loss of professional reputation, disciplinary action, and damage to client relationships.
Negative impact on personal and professional relationships.
Fines, imprisonment, and loss of license.
Decreased job opportunities and financial loss.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the code of ethics for accountants promote transparency and integrity?
The code of ethics for accountants is irrelevant to promoting transparency and integrity.
The code of ethics for accountants promotes transparency and integrity by providing guidelines and principles that accountants must follow.
The code of ethics for accountants promotes secrecy and dishonesty.
The code of ethics for accountants has no impact on transparency and integrity.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of confidentiality in the code of ethics for accountants?
Confidentiality is a minor consideration in the code of ethics for accountants.
Confidentiality is not important in the code of ethics for accountants.
Confidentiality is a fundamental principle in the code of ethics for accountants.
Confidentiality is only applicable to certain types of accountants.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the code of ethics for accountants address conflicts of interest?
By encouraging conflicts, avoiding disclosure, and maintaining subjectivity and dependence.
By ignoring conflicts, avoiding disclosure, and maintaining subjectivity and dependence.
By requiring disclosure, encouraging conflicts, and maintaining subjectivity and dependence.
By requiring disclosure, avoiding conflicts, and maintaining objectivity and independence.
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