Worksheetstq4 ch01.05 BUSINESS ETHICS
Total questions: 15
Worksheet time: 8mins
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
What is the purpose of a corporate code of ethics?
Encouraging compliance with laws and improving stakeholder trust
Ignoring ethical behavior
Maximizing profits
Avoiding competition
What does 'whistleblowing' involve?
Reporting suspicions of illegal or improper behavior to authority
Maximizing personal gains
Avoiding conflicts of interest
Disregarding company policies
When should an employee report concerns through a different channel?
When the supervisor or manager is involved in illegal or unethical activity
To avoid any form of action
To avoid any form of reporting
To protect personal interests
What does a corporate code of ethics aim to guide?
Maximizing profits
Avoiding competition
Ignoring stakeholders
Decisions and actions of all employees in the company
What are the benefits of a corporate code of ethics?
Encouraging compliance with laws, improving stakeholder trust, and creating an ethical culture
Avoiding competition
Maximizing profits
Ignoring ethical behavior
