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An accountant acting under their Code of Ethics would do which THREE of the following?
Suggested Answer: B
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38 comments · newest first
MI
Ming
11 months ago
E is a big no. No obligation, no provision!
WH
Whitley
11 months ago
Wait, can they really resist pressure like that? Sounds tough!
DE
Delmy
12 months ago
C seems off. Why reject a justified change?
NA
Nan
12 months ago
I think D is also a good choice. More segregation is better!
CA
Cammy
12 months ago
Definitely A and B! Ethics first!
GI
Giuseppe
1 year ago
I feel like option D is definitely a good practice, as increasing segregation of duties is important for internal controls, but I’m not sure if it’s one of the three correct answers.
ST
Staci
1 year ago
I'm a bit confused about option C; rejecting a justified change seems counterintuitive, but I guess it depends on the context of the change.
VO
Von
1 year ago
I remember practicing a question similar to this where reporting conflicts of interest was emphasized, so I feel confident about option B being correct.
WI
Willodean
1 year ago
I think option A makes sense because resisting pressure is crucial for ethical accounting, but I'm not entirely sure about the specifics of revenue recognition.
ST
Stanford
1 year ago
This is a great question to test our understanding of accountant ethics. I'm confident I can identify the 3 correct actions that uphold the Code of Ethics. Resisting unethical revenue recognition, reporting conflicts, and accepting audit recommendations seem like the clear winners here.
HA
Hailey
1 year ago
I'm a bit confused by this question. There are a lot of options and I'm not sure which 3 would be considered the most ethical actions for an accountant. I'll need to re-read the question and think through each choice carefully.
JA
Jaime
1 year ago
Okay, I think I've got this. The accountant should resist pressure to recognize revenue prematurely, report conflicts of interest, and accept recommendations to improve internal controls. Those seem like the clear ethical choices here.
SH
Shaquana
1 year ago
Hmm, this is a tricky one. I'm not entirely sure which 3 options would be the correct ethical actions for an accountant. I'll need to carefully review the details of each option.
JU
Justine
1 year ago
This question seems straightforward - I just need to identify the 3 actions that an accountant would take to uphold their Code of Ethics.
DY
Dylan
1 year ago
This question seems straightforward. I think I know the correct answer, but I'll double-check the details to be sure.
LI
Lindsey
1 year ago
Mitigation is the obvious answer here. Management has identified a risk with the current supplier and is asking Harry to take action to address it by finding an alternative.
SH
Shenika
1 year ago
I think FSA is funded by both employers and employees, but I'm not entirely sure. I remember practicing a question like this.
SH
Shelton
1 year ago
E and F are definitely no-nos. Making unsupported provisions and hiding remuneration? That's cooking the books, not accounting!
GI
Gilbert
1 year ago
C) Reject a justified change to a depreciation policy that increases profitability.
AL
Alecia
1 year ago
B) Report material conflicts of interest to a more senior level.
WI
Willard
1 year ago
C) Reject a justified change to a depreciation policy that increases profitability.
IS
Isadora
1 year ago
B) Report material conflicts of interest to a more senior level.
CR
Crissy
1 year ago
A) Resist pressure from the directors to recognise revenue on sales where the risks and rewards have not transferred to the customer.
PO
Portia
1 year ago
A) Resist pressure from the directors to recognise revenue on sales where the risks and rewards have not transferred to the customer.
LU
Lucina
2 years ago
Ha! Rejecting a justified depreciation change to increase profits? That's like a baker refusing to add sugar to a cake. C is just ridiculous.
LE
Leoma
1 year ago
User 3: It's important for accountants to follow their Code of Ethics and not give in to unethical practices.
BA
Barrie
1 year ago
User 2: Definitely, accountants should report conflicts of interest and resist pressure to recognize revenue falsely.
JA
Jamey
1 year ago
User 1: I agree, rejecting a depreciation change for profit is not ethical.
CR
Craig
2 years ago
I'm not sure about C. Wouldn't rejecting a justified change that increases profitability go against the Code of Ethics?
VE
Veta
2 years ago
This is a no-brainer. A, B, and D are the obvious choices - resist pressure, report conflicts, and improve segregation of duties. Anything else would be a breach of ethics.
KI
King
1 year ago
User 2: Absolutely, those are the key actions that an accountant should take to uphold their Code of Ethics.
JO
Johana
1 year ago
User 1: Definitely agree, A, B, and D are crucial for maintaining ethical standards.
FR
Frederica
2 years ago
I agree with Candida. Those options align with the Code of Ethics for accountants.
MO
Mozell
2 years ago
A, B, and D are the correct choices here. An accountant's ethical duty is to ensure accurate financial reporting, not cater to management's demands.
SH
Shelton
1 year ago
D) Accept a recommendation from the audit committee to increase segregation of duties within the finance department.
BR
Brynn
1 year ago
B) Report material conflicts of interest to a more senior level.
TA
Talia
1 year ago
A) Resist pressure from the directors to recognise revenue on sales where the risks and rewards have not transferred to the customer.
CA
Candida
2 years ago
I think the answer is A, B, and C.