Ethical Principles Quiz

What might you face during your professional life?

• Threats to your fundamental ethical principles

• A lot of free time

• Unlimited resources

• No challenges at all

What should we use to deal with threats to ethical principles?

• A conceptual framework or principles-based approach

• A magic wand

• A rule book

• A guessing game

Is there a rule book for handling difficult ethical situations?

• No, there is no rule book

• Yes, there is a big rule book

• Yes, but only for some situations

• Yes, and it covers everything

How many categories of threat are there?

• 5

• 3

• 10

• 7

What is a self-interest threat in accounting?

• When an accountant has a financial involvement with a client

• When an accountant works for free

• When an accountant only works with one client

• When an accountant does not have any clients

Which of the following is an example of a self-interest threat?

• Holding shares in a client

• Working part-time

• Taking a vacation

• Attending a meeting

What might happen if an accountant has a loan from a client?

• It could create a self-interest threat

• It will make the accountant rich

• It will have no effect

• It will make the accountant famous

What is a self-review threat?

• When an accountant reviews their own work

• When an accountant reviews someone else's work

• When an accountant takes a vacation

• When an accountant attends a meeting

Which of the following is an example of a self-review threat?

• Finding a mistake in last year’s accounts/tax return

• Attending a training session

• Going on a business trip

• Organizing a team event

What should an accountant be careful about when providing consultancy and tax advice?

• Be careful

• Be quick

• Be loud

• Be silent