Download New ACCT 530 Midterm plus Final Exam Preparation

$3.99

Download New ACCT 530 Midterm plus Final Exam Preparation

 

Page: 1 – Multiple Choice

  1. Question (TCO A) All of the following characteristics describe the importance of integrity in decision making, except:
  2. Question (TCO A) An accountant who goes outside the entity to blow the whistle on financial wrongdoing by his/her employer violates:
  3. Question (TCO A) The Public Interest Principle in the AICPA Code of Professional Conduct recognizes:
  4. Question (TCO A) When making a donation at the local Goodwill, Martha tells the clerk that her old computer is worth $400 when she knows it is only worth $100, just so she can deduct more on her taxes. Which theory best describes Martha’s behavior?
  5. Question (TCO A) Ethical relativism can best be described as a(n):
  6. Question (TCO B) Each of the following is a pillar of corporate governance, except for:
  7. Question (TCO B) The Institute of Internal Auditors Code of Ethics includes each of the following principles, except:
  8. Question (TCO B) The ACFE found that the most common way that fraud is first detected is through:
  9. Question (TCO B) Top values included in corporate values statements include:
  10. Question (TCO B) In an ethical decision-making model, the first step is to:
  11. Question (TCO B) What is the agency problem?
  12. Question (TCO C) The ethical domain in accounting and auditing refers to:
  13. Question (TCO C) The need to exercise professional skepticism in auditing can be linked to:
  14. Question (TCO C) After framing the question, what should be the next step in decision making when faced with an ethical dilemma?
  15. Question (TCO C) Thorne’s Integrated Model of Ethical Decision Making can best be described as:
  16. Question (TCO H) Wanda is faced with an ethical dilemma. She knows her supervisor, the CFO, wants to accelerate the recoding of revenue to an earlier period in order to “make the numbers.” But Wanda is convinced this would violate GAAP. If Wanda reasons at stage 4 of Kohlberg’s model, she is most likely to:
  17. Question (TCO H) Maya is the CEO of Gadget Corporation, a publicly-traded company. She was informed by the CFO that the company’s earnings were down 40 percent from the prior year due to the recession. The company’s stock price has declined by 30 percent. The CFO comes up with a scheme to hide debt and inflate revenues by selling underperforming assets to a special purpose entity affiliated with the company. Maya is concerned about possible effects on the creditors, but ultimately, she agrees to the accounting. Maya is reasoning at:
  18. Question (TCO D) The principle of ethical behavior in the AICPA Code that asks questions directly related to ethical behavior is:
  19. Question (TCO D) Under the Sarbanes-Oxley Act, the auditor’s responsibility with respect to internal controls can best be stated as:
  20. Question (TCO D) A CPA who informs management of a material misstatement in the financial statements can go to the SEC with his/her concerns if:

Page 2 – Explanatory

  1. Question (TCO A) Susie, a newly graduated BBA in accounting, has started a job with the state budgeting office. Susie has been placed over expense accounts. The state has a travel policy stating that a state employee may be reimbursed up to $90 per night for a hotel room and up to $40 per day for meals, as long as the employee turns in food receipts. On the first expense account Susie works on, the employee has a hotel receipt for $130 a night, but no food expenses. Susie processes the reimbursement for $90. The employee becomes irate as his reading of the travel policy is that he can be reimbursed for $130 a night for hotel and food with a receipt. The employee claims this has never been a problem in the past and has always been reimbursed $130 a night, whether for hotel only or both hotel and food. Discuss which ethical theory supports Susie and the employee’s take on the travel policy. Which would you choose, and why?
  2. Question (TCO B) An Internet company has a chance to expand its business into a developing country. This chance would make money for its shareholders, as it would be the first Internet company allowed in the country. However, the conditions demanded by the country is that the Internet company must turn over to the government the history of Internet sites visited by its citizens. Additionally, the company must censor Internet sites requested through the search engine. In the United States and other countries, the Internet company would not monitor, censor, or turn over a history of Internet sites to any government. What should the Internet company do? Use ethical theories and ethical decision-making models to back up your decision.
  3. Question (TCO C) Paul is quickly moving up in the accounting department of RAC Inc. It is year-end; he has just received news that the estimates of the estimated useful life and salvage values were wrong and must be changed. Of course, that changes the depreciation expense and accumulated depreciation. Paul calls his wife to explain why he will be late again. Upon the conversation, he is pondering on a comment his wife made; she said, “I’m no accountant, but after four years, you would think that the company could get done how its estimates affect expenses and those other accounts.” What might the company be doing, and what should Paul do from an ethical reasoning view?
  4. Question (TCO D) A young man by the name of Mr. Meeks works at an accounting firm that has a written ethics code of conduct. The code specifically outlines the duties and obligations that every employee must follow without question. One of rules states that every accountant should not lie under any circumstances. Last week, Mr. Meeks sent out a finalized tax return to Wrong………………….The partner grinned and told Mr. Meeks that the next time this happens, he should consult with the partner first. Using the ethical decision-making model and ethical theories, justify the positions of either the partner, Mr. Meeks, or an alternative solution.

ACCT-530 Final Exam Preparation


Chapter 1 – Multiple Choice Questions

  1. Examining the interests of stakeholders is probably required for:
  2. A value that is almost universally respected by stakeholder groups is:
  3. Companies attempt to manage the risk of something happening that will have a negative or positive impact on the company’s objectives, such as:
  4. Most large corporations do not consider these risks in a broad and comprehensive way:
  5. The following are examples of ethics risks faced by employees:
  6. Not reporting environmental issues is an example of:
  7. Incomplete disclosure of the company’s revenue recognition policy is an example of:
  8. This philosophical approach requires that an ethical decision depends upon the duty, rights, and justice involved:
  9. The Moral Standards Approach focuses on the following dimensions of the impact of a proposed action:
  10. Effective crisis management could represent:

Chapter 2 – Multiple Choice Questions

  1. In order to ensure an investment-grade credit rating, Enron began to emphasize the following three actions:
  2. At the time of Enron’s collapse, the prevailing treatment for employee stock option expense was:
  3. Which of the following was not a conflict of interest that Arthur Andersen’s personnel encountered?
  4. Which of the following was not among Arthur Andersen’s shortcomings in conducting Enron’s audit?
  5. In general terms, WorldCom overstated its reported net income by:

Chapter 3 – Multiple Choice Questions

  1. This philosopher argued that self-interest motivates people to form peaceful civil societies:
  2. Two weaknesses of the following approach are (1) it is difficult to determine who demonstrates integrity in the workplace, and  (2) it is difficult to choose between compassion and not betraying somebody’s trust:
  3. This approach presupposes that happiness, utility, pleasure, pain and anguish can be quantified:
  4. This philosopher argued that social and economic inequalities are just if these inequalities are to everyone’s benefit:
  5. According to distributive justice theory, there are three main criteria for determining the just distribution:

Chapter 4 – Multiple Choice Questions

  1. These costs can be measured indirectly by using costs incurred in similar circumstances or mirror image alternatives:
  2. This approach incorporates the expected future impacts of a decision into the analysis:
  3. These values are the combinations of a value and the probability of its occurrence:
  4. Which of the following is not one of the 5 questions in Graham Tucker’s original approach to ethical decision making?
  5. The following three standards make up the moral standards approach:
  6. Pastin’s approach adds the following concepts to stakeholder impact analysis:
  7. The following approach does not specifically incorporate a thorough review of the motivation for the decisions involved, or the virtues or character traits expected:
  8. Lack of awareness of the following problem results in executives not attributing enough value to the use of an environmental resource:
  9. If a decision is expected to be unfair to a particular stakeholder group, the decision may be improved by:
  10. Which of the following is not an example of a common ethical decision-making pitfall?
  11. Failure to identify all relevant stakeholder groups for a proper stakeholder impact analysis may be the result of:
  12. Completing the following steps in this order provides a sound basis for challenging a proposed decision:
  13. Frequently, decision makers have been subject to unreasonable expectations and unrealistic deadlines, this is an example of:

Chapter 5 – Multiple Choice Questions

  1. Corporations are now increasingly realizing that they are accountable:
  2. The company’s internal auditors and the Ethics Officer should report:
  3. Experience has revealed that, to be effective, a code must be reinforced by:
  4. Which of the following is not an ethics risk management principle?
  5. A conflict of interest exists when a given decision maker (D) and another person (P) are in the following situation:
  6. A potential conflict of interest exists when a given decision maker (D) and another person (P) are in the following situation:
  7. This is the preferred approach to deal with conflicts of interests
  8. A fundamental problem examined by agency theory is how it is possible to align:
  9. The 20/60/20 rule states that the total percent of employees who could commit a fraudulent act is:
  10. Which of the following is not a characteristic identified by forensic experts in prospective fraud situations?
  11. The primary focus of a compliance-based ethics program is:
  12. The primary focus of an integrity-based ethics program is:
  13. The most important factor in encouraging employee observance to an ethics program is that employees perceive that it is:
  14. Building trust within an organization can have favourable impact on employee’s willingness to share information and ideas in a process of:
  15. A Conference Board survey identified the following rationale for developing codes of ethics:
  16. This code deals with ethics principles plus additional examples:
  17. Which of the following is not a mechanism for monitoring a code of ethics?
  18. Which of the following is not an example of emerging public accountability standards or initiatives?
  19. SOX imposed the following new penalties for executives:

Chapter 6 – Multiple Choice Questions

  1. The following elements are essential features of a profession:
  2. The following value is not necessary for an accounting professional:
  3. The following duties are essential to maintaining a fiduciary relationship in the accounting profession:
  4. Professional Accountants, in their fiduciary role, owe primary loyalty to:
  5. According to Kohlberg, at this stage of moral reasoning, fear of punishment and authorities are a motive for doing right:
  6. According to Kohlberg, at this stage of moral reasoning, adherence to moral codes or to codes of law and order are a motive for doing right:
  7. Which of the following is not a fundamental principle in codes of conduct for professional accountants?
  8. If a professional accountant is billing an audit client for more hours than those actually worked, he will be violating the following fundamental principle:
  9. If a professional accountant is auditing a public company and she receives company shares as payment for her audit services, she will be violating the following fundamental principle:
  10. A professional accountant is auditing client A and providing consulting services to client B. Both clients are in the same industry. If the professional accountant uses specific information from client A’s audit to prepare a business plan for client B, he will be violating the following fundamental principle:
  11. The adoption of the following measures would reduce the expectation gap and lessen public misunderstanding of the auditor’s role
  12. The recommendation of appointment and review of the external auditors by the audit committee is an example of:
  13. Using partners who do not report to audit partners for the provision of non-assurance services to an assurance client would be an example of:
  14. The external review of an audit firm’s quality control system is an example of:
  15. This organization is developing an international code of conduct for professional accountants:
  16. This organization issues auditing standards, carries out inspections of public accounting firms auditing U.S. public clients, and imposes sanctions when applicable:
  17. This organization can issue auditing standards in the U.S.:
  18. A professional accounting firm has several audit and tax clients; however, a single client represents 40% of the firm’s revenue. This situation could result in the following threat to professional independence:
  19. A professional accountant has been the partner in charge of a particular audit client for the past eight years. This situation could result in the following threat to professional independence:
  20. A new audit client was taken on by a professional accountant’s firm. The fee for this client’s audit engagement is significantly lower than that charged by the prior accountants. This situation could result in the following threat to professional independence:

Chapter 7 – Multiple Choice Questions

  1. The following duties are essential to maintaining a fiduciary relationship in the accounting profession:
  2. According to Kohlberg, at this stage of moral reasoning, fear of punishment and authorities are a motive for doing right:
  3. According to Kohlberg, at this stage of moral reasoning, adherence to moral codes or to codes of law and order are a motive for doing right:
  4. Which of the following is not a fundamental principle in codes of conduct for professional accountants?
  5. If a professional accountant is billing an audit client for more hours than those actually worked, he will be violating the following fundamental principle:
  6. If a professional accountant is auditing a public company and she receives company shares as payment for her audit services, she will be violating the following fundamental principle:
  7. A professional accountant is auditing client A and providing consulting services to client B. i.e. Both clients are in the same industry. If the professional accountant uses specific information from client A’s audit to prepare a business plan for client B, he will be violating the following fundamental principle:
  8. The adoption of the following measures would reduce the expectation gap and lessen public misunderstanding of the auditor’s role
  9. The recommendation of appointment and review of the external auditors by the audit committee is an example of:
  10. Using partners who do not report to audit partners for the provision of non-assurance services to an assurance client would be an example of:
  11. The external review of an audit firm’s quality control system is an example of:

Need Help with Exams?

 

Our online test-taking assistants are professionals who are graduates of top universities with adequate subjective knowledge. Our experts can handle the issues you are facing in relation to take my final exam for me queries. Everything ranges from simple subjects to complicated ones, we cover all of them under a single platform. In case you are enrolled for more than one subject in your online university exams. If you don’t have the time to focus on both of them simultaneously then, you can enroll for our adequate quality of services, and then surely you will get desired help in the form of hiring our experts to do my exam online for me at no hesitation.

 

Scott Belmont from NYC, USA
Hired a tutor to take programming class and final exam
40 minutes ago
Ebony Nicole from Bronx, USA
Hired a tutor to take history and algebra final exams
2 hours ago
Randy Wells from Texas, USA
Hired an expert to take chemistry proctored exam
1 hour ago
Kurt LeBlanc from Iowa, USA
Hired an expert to take statistics online exam
1 hour ago