ETH557 – ACCOUNTING ETHICS Final exam
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Get Help Now!In 2003, FASB and IASB met and established four criteria for establishing revenue recognition. To recognize revenue, which of the following conditions must be present?
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A change in assets has occurred and can be appropriately measured.
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Payment for the sale must be received prior to recognizing the revenue.
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The product or deliverable, in the case of a service business, has been received by the customer.
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A promise to deliver has been established.
2
Failure to provide any care in fulfilling a duty owed to another is called
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gross negligence
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constructive fraud
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breach of contract
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negligence
3
Which of the following is a fundamental characteristic of the market system?
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Unselfish behavior
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Central planning by government
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Government-set wages and prices
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Property rights
4
The income effect indicates that
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consumers should substitute among various products until the marginal utility from the last unit of each product purchased is the same
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a rise in money income will cause consumers to buy smaller quantities of normal goods
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when the price of a product falls, a consumer will be able to buy more of it with a specific income
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when the price of a product falls, the lower price will induce the consumer to buy more of that product now that it is relatively cheaper
5
The price elasticity of demand coefficient measures
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the slope of the demand curve
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how far business executives can stretch their fixed costs
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buyer responsiveness to price changes
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the extent to which a demand curve shifts as incomes change
6
A normative statement is one that
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applies only to microeconomics
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is based on the law of averages
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is based on value judgments
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applies to macroeconomics
7
Many conflicts of interest in business contracts can be remedied ethically by which of the following?
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Deception and disclosure
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Camouflage and consent
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Disclosure and consent
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Conflicts of interest can never be remedied ethically
8
Four professional general standards and responsibilities for Certified Public Accountants are quality control and assurance, professional judgment, competence, and:
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integrity
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diligence
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independence
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knowledge
9
In 2002, Adelphia Cable filed bankruptcy when it was discovered that
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excess fictitious expenses of $1 million were added to the income statement
·
bank debt in excess of $2.3 billion was not shown on the financial statements
·
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