Possible Ethical Issues Multiple Choices

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The term “expectations gap” has been coined to describe: a)The difference between what the public thinks it is receiving in audited financial statements, and what the public is actually receiving. b)The expectation that business exists to serve the needs of the shareholders and society. c)The opinion of the public that the public’s physical wellbeing, and the wellbeing of some workers, is threatened by corporate activity. d)That directors, executives and managers are human, and make mistakes. e)None of the above.

Which among the following is NOT a common ethical decision-making pitfall? a)Conforming to an ethical corporate culture.
b)Focusing only on legalities.
c)Conflicts of interest.
d)Failure to consider the motivation for the decision.
e)Limits to rights canvassed.

Which of the following areas does the Sarbanes-Oxley Act NOT cover? a)The responsibilities of management.
b)Conflicts of interest.
c)The responsibilities of the auditors.
d)Whistle-blower rights for employees of non-public companies.

“Everyone is entitled to pursue their own goals as long as they do not violate the practical imperative” is the deontological ethics principle of that moralist? a)Frances Kamm.
b)Rene Descartes.
c)Immanuel Kant.
d)Thomas Nagel.

The United States Congress passed which act as a result of the subprime mortgage crisis? a)Frank Wall Street Reform and Consumer Protection Act.
b)American Recovery and Reinvestment Act.
c)United States Patriot Act.
d)Chinese Exclusion Act.

Which of the following is a FALSE statement concerning Utilitarianism? a)Utilitarianism ignores motivation and focuses only on consequences. b)Utilitarianism has evolved along two main lines: “Act Utilitarianism” and “Rule Utilitarianism.” c)Minority rights are always protected under Utilitarianism. d)Act Utilitarianism is sometimes referred to as consequentialism.

Avoiding common ethical decision-making pitfalls is imperative. Which of the following are common mistakes made by unaware decision-makers? a)Conflicts of interest.
b)Interconnectedness of stakeholders.
c)Failure to rank the specific interest of stakeholders.
d)All of the above.

Which of the items below did Charles Fombrun identify as a determinant of reputation? a)Credibility.
e)All of the above.

Which regulation required the establishment of the Public Company Accounting Oversight Board (PCAOB)? a)U.S. Foreign Corrupt Practices Act.
b)Dodd-Frank Wall Street Reform & Consumer Protection Act.
c)Investment Advisors Act.
d)Sarbanes-Oxley Act
e)Gramm-Leach-Bliley Act

Which improvement(s) in the preparation of financial statements is(are) now needed due to recent events? a)Intensity.
d)All of the above.

Which Greek philosopher argued, “The goal of life is happiness”? a)John Stuart Mill.
b)Immanuel Kant.
d)John Rawls.

Which consideration in the Ethical Decision-Making Framework (EDM) is based upon an approach called “Stakeholder Impact Analysis”? a)Deontology.
d)All of the above.

Which rule-of-thumb for ethical decision-making states, “Do unto others as you would have done unto you”? a)Virtue Principle.
b)Disclosure Rule.
c)Golden Rule.
d)Professional Ethic.

According to Circular 230, in general, a practitioner must apply due diligence when performing the following duties: a)In preparing of assisting in the preparation, approving, and filing of tax returns, documents, affidavits, and other papers relating to IRS matters. b)In determining the correctness of oral or written representations made by the tax practitioner to the Department of the Treasury. c)In determining the correctness of oral or written representations made by the practitioner to clients with reference to any matter administered by the IRS. d)All of the above.

Upon a proper and lawful...
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