Get Solved ACCT 530 Exam Preparation MCQs Chapter 1 – 7

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Get Solved ACCT 530 Exam Preparation MCQs Chapter 1-7

 

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. ………. elements are essential features of a profession:
  2. The ………….. 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. …………. 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. …………. 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:

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