1. A professional accountant’s most important assets are:
Professional knowledge and perseverance
Professional knowledge and a good reputation
A good location and well-known name
A good client list and professional connections
2. Should we pursue personal success:
We should not pursue personal success because that would be selfish
Prudence allows us to use all of our talents and resources, but justice dictates that we cannot harm or treat others unfairly in our pursuit of success
Prudence dictates that we use every means at our disposal to achieve success
Justice demands that we pursue personal success
3. The Code of Conduct indicates that integrity is measured in terms of what is:
Convenient and profitable
Written down as ethical rules
Right and just
Wise and appropriate
4. The relationship between justice and society is be described as follows:
In the absence of justice, society will crumble
Justice is unimportant for society
Justice is important to help society flourish
Justice is an essential feature of most societies
5. Which virtue(s) can be compelled by force?
Prudence and Justice
Justice
Justice and Benevolence
None of them
6. Per the Code of Professional Conduct, Integrity cannot accommodate
Differences of professional opinion
Divulging a client’s confidential information
Insubordination to one’s superiors
Deceit or subordination of principle
7. If no one could rely on the accuracy of financial reporting
There would be some negative impact to our capital markets
There would be no impact to our capital markets
There would be a severe negative impact to our capital markets
Financial reporting has nothing to do with our capital markets
8. Per Adam Smith, most people have a strong sense of justice because:
They sympathize with the resentment of the victim
They realize that justice is important for a successful society
They fear for their own safety
They have a natural inclination to inflict punishment on others
9. The Code of Professional Conduct Article III requires:
Observing the form of technical and ethical standards
Observing the spirit of technical and ethical standards
Observing the form and spirit of technical and ethical standards
None of the above
10. Per Adam Smith, Justice is the virtue that:
Gives each person what is due to them
Refrains from harming others under any circumstances
Consciously refrains from doing harm to another person from motives that are not naturally approved of
Focuses on the comfort and safety of the individual