Accounting Principles I – Post-Ethics Quiz
(True or False)
The ethical factor recognizes that while certain actions might be both economically profitable and ___ they may still not be right.
Internal controls help to prevent fraud.
Proper segregation of duties increases the chances for fraud and promotes the accuracy of accounting records.
Generally, three factors influence business and accounting decisions
operating, investing, and financing activities
assets, liabilities, and equity
economic, legal, and ethical
revenues, expenses, and dividends
Which of the following questions should be asked in making an ethical analysis?
Which option results in treating others as I would want to be treated?
Which options are the most honest, open, and truthful?
Which options create the greatest good for the greatest number of stakeholders?
All of the above questions should be considered.
The decision framework for making ethical judgments does NOT consider the following question?
What is the issue?
What are the alternatives?
What alternative maximizes profit?
Who are the stakeholders?
The two most common types of fraud impacting financial statements are:
fraudulent financial reporting and e-commerce fraud
misappropriation of assets and embezzlement
fraudulent financial reporting and misappropriation of assets
cooking the books and fraudulent financial reporting
An intentional misrepresentation of facts, made for the purpose of persuading another party to act in a way that causes injury or damage to that party is:
Accounting Principles I – Ethics Quiz – Page 2
The three elements that are present in almost all cases of fraud are collectively known as the:
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