Question 1

The American Institute of Certified Public Accountants (AICPA)Code of Professional Conduct contains basic principles that can only be applied to CPAs.

Accepted Answer

The AICPA Code of Professional Conduct provides ethical guidelines not only for CPAs but also for accounting professionals who may not be certified but are members of the AICPA or are under its jurisdiction.

Question 2

Regarding the decision framework for making ethical accounting judgments,state the guidelines for each of the following decisions.
1.What is the issue?
2.Who are the stakeholders,and what are the consequences of the decision to each?

Accepted Answer

The answer of Regarding the decision framework for making ethical...

Question 3

The American Institute of Certified Public Accountants (AICPA)Code of Professional Conduct contains basic principles that provide guidance to all of its members in the performance of their professional duties.

Accepted Answer

The AICPA Code of Professional Conduct does indeed contain basic principles that guide its members in their professional duties.

Question 4

The ________ factor recognizes that while certain actions might be both economically profitable and legal,they still may not be right.
A)economic
B)legal
C)profitability
D)ethical

Accepted Answer

The ethical factor refers to the moral principles and values that determine what is right and wrong. While the economic and legal factors are important considerations in business decision-making, they do not necessarily ensure that actions are ethical. Profitability may also influence decision-making, but it should not override ethical concerns. Therefore, the only suitable option is D, ethical.

Question 5

The decision framework for making ethical judgments provides general guidance for everyone,regardless of profession or industry.

Accepted Answer

The decision framework for making ethical judgments is a general approach that can be applied across professions and industries. It provides a set of principles and questions that can help individuals analyze ethical dilemmas and make responsible decisions. While specific professions and industries may have their own codes of ethics and guidelines, the decision framework provides a broad and flexible foundation that can be adapted to different contexts.

Question 6

The three factors that influence business and accounting decisions are:
A)judgment,cost/benefit analysis,and cultural backgrounds.
B)minimizing costs,maximizing profits and cost/benefit tradeoff.
C)economic,legal,and ethical.
D)legal implications,socioeconomic backgrounds,profit maximization.

Accepted Answer

The three factors that influence business and accounting decisions are economic, legal, and ethical considerations. Economic factors include the impact of decisions on financial performance, while legal factors involve compliance with laws and regulations. Ethical considerations involve ensuring that decisions align with ethical principles and values. This framework provides a comprehensive approach for organizations to make informed and responsible decisions.

Question 7

The three factors that influence business and accounting decisions are economic,legal,and financial.

Accepted Answer

The three factors are economic,legal,and ethical.

Question 8

The economic factor in decision making requires the decision maker to:
A)maximize the economic benefit to the decision maker.
B)maximize the economic benefit to the corporation or nonprofit entity.
C)maximize the corporation's profits.
D)minimize the corporation's costs.

Accepted Answer

The economic factor in decision making requires the decision maker to maximize the economic benefit to the decision maker.

Question 9

Complicating factors for a global business include:
A)what is legal in one country may not be legal in another country.
B)what is ethical in one country may not be ethical in another country.
C)a foreign government threatening to take over the company's plant.
D)all of the above.

Accepted Answer

All of the options listed are potential complicating factors for a global business. Different countries may have varying laws or ethical standards that need to be navigated, and there is always a risk of political instability or government intervention in foreign operations. A global business needs to be aware of these challenges and work to address them in order to be successful.

Question 10

Wetzel Company has the following accounts and balances at the end of the fiscal year:
  Prepare the Income Statement,Statement of Retained Earnings,and Balance Sheet.
Income Statement
  Statement of Retained Earnings
  Balance Sheet

Accepted Answer

The answer of Wetzel Company has the following accounts and...

Question 11

The American Institute of Certified Public Accountants (AICPA)Code of Professional Conduct contains basic principles that provide guidance to all members in the performance of their professional duties.List three of these principles.Briefly discuss how each of these three principles affects AICPA members.

Accepted Answer

The answer of The American Institute of Certified Public Accountants...

Quiz 1: The Financial Statements

The American Institute of Certified Public Accountants (AICPA)Code of Professional Conduct contains basic principles that can only be applied to CPAs.

Regarding the decision framework for making ethical accounting judgments,state the guidelines for each of the following decisions. 1.What is the issue? 2.Who are the stakeholders,and what are the consequences of the decision to each?

The American Institute of Certified Public Accountants (AICPA)Code of Professional Conduct contains basic principles that provide guidance to all of its members in the performance of their professional duties.

The ________ factor recognizes that while certain actions might be both economically profitable and legal,they still may not be right.

The decision framework for making ethical judgments provides general guidance for everyone,regardless of profession or industry.

The three factors that influence business and accounting decisions are:

The three factors that influence business and accounting decisions are economic,legal,and financial.

The economic factor in decision making requires the decision maker to:

Complicating factors for a global business include:

Wetzel Company has the following accounts and balances at the end of the fiscal year: Prepare the Income Statement,Statement of Retained Earnings,and Balance Sheet. Income Statement Statement of Retained Earnings Balance Sheet