tq4 ch01.05 BUSINESS ETHICS

What is ethics primarily concerned with?

• Human character and conduct

• Obeying laws and regulations

• Maximizing profits

• Following company policies

What does business ethics focus on?

• How people and institutions should behave in commerce

• Maximizing personal gains

• Avoiding competition

• Ignoring stakeholders

What do codes of ethics help with?

• Avoiding legal consequences

• Promoting unethical behavior

• Maximizing profits

• Understanding ethical dimensions of decisions

What do professional codes of ethics guide members on?

• Maximizing personal gains

• Complex scenarios and ethical behavior

• Ignoring stakeholders

• Avoiding competition

What does the IFAC Code establish for accountants?

• Minimum world-wide code of ethical conduct

• No ethical guidelines

• Loose ethical standards

• Maximum profit margins

What is the fundamental principle of 'integrity' for accountants?

• Ignoring laws and regulations

• Avoiding conflicts of interest

• Maximizing profits

• Honesty and fair dealing

What does 'objectivity' require from accountants?

• Discrediting the profession

• Ignoring professional standards

• Maximizing personal gains

• Not allowing bias or undue influence

What is the duty of an accountant regarding 'professional competence and due care'?

• Disregard technical standards

• Maintain knowledge and skills at a competent level

• Ignore professional standards

• Maximize profits at all costs

When can accountants disclose confidential information?

• When reporting acts of non-compliance with laws

• To avoid disciplinary action

• For personal gain

• To harm the reputation of others

What does 'professional behaviour' require from accountants?

• Disregarding professional standards

• Ignoring laws and regulations

• Maximizing personal gains

• Observing relevant laws and avoiding actions that discredit the profession