Ethical Obligations And Decision Making In Accounting Test Bank Chapter 3 Pdf

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Ethical Obligations and Decision Making in Accounting Text and Cases 4th Edition Mintz Test Bank

Multiple Choice Text Questions 1. In the Pinto case, Ford relied on which approaches to ethical reasoning to decide on a course of action with respect to the faulty gas tank placement: A. Egoism and utilitarianism Enlightened egoism and rights theory Ethical legalism and utilitarianism Justice and rights theory. Answer C 2. Each of the following is an ethical issue in business except for: A. Answer B 3.

The seven signs of a pending ethical collapse include all but A. A deliberate misrepresentation to gain an advantage over another party A cover-up of a mistake made in the financial statements An error in preparing financial statements All of the above. Answer A 5. The motivating factor for Sears to charge customers for repairs that were not needed was: A. Cover a loss from its business operations.

Greed C. Build up certain segments of its business D. All of the above Answer B 6. In the Ethical Dissonance Model, a high person-organization fit requires: A. High organizational ethics, low individual ethics High organizational ethics, high individual ethics Low organizational ethics, high individual ethics Low organizational ethics, lows individual ethics.

Answer B or D 7. Assume you are an ethical person and feel uncomfortable about the way your company is reporting earnings. You believe it is deliberately overstated.

If you want to bring your concerns to upper management, in which person-organization fit is it most likely that you will do so? High organizational ethics, low individual ethics Low organizational ethics, high individual ethics Low organizational ethics, low individual ethics High organizational ethics, high individual ethics. The misuse of company assets The falsification of financial statements The failure to disclose full and complete information All of the above.

Answer A 9. Corruption and billing schemes Improper use of social media Illegal facilitating payments Economic extortion. Answer D Internal control over financial reporting includes each of the following elements except for: A. Maintaining accurate financial records B. Providing reasonable assurance that receipts and expenditures are recorded based on proper authorization by management C.

External audit conducted in accordance with generally accepted auditing standards D. Adhering to company policies and procedures Answer C Each of the following is a pillar of corporate governance except for: A.

The corporate governance system includes each of the following elements except for: A. Board of directors Internal controls Executive compensation policies Monitoring by top management.

The Agency Theory can best be described as: A. The relationship between top management and the board of directors B. The relationship between the board of directors and shareholders. The relationship between top management and the board of directors, and shareholders D. The relationship between the external auditors and top management Answer C Agency costs refer to: A. The costs incurred in monitoring managerial performance B. The costs incurred because there is information asymmetry between the corporation and outsiders C.

The costs incurred because insiders know more about a company than do outsiders D. All of the above Answer D Backdating of stock options is unethical because: A. It favors top executives over other company employees with respect to the number of options B. It purposefully manipulates the option criteria that determine their value C.

It changes the exercise price on options to benefit top executives D. All of the above Answer B The term disgorgement means: A. To give up ones meal after eating To return profits earned illegally To return ill-gotten gains To give up ones board position after a fraud incident. Answer C The stakeholder view emphasizes the obligations of management to: A. The shareholders The shareholders and creditors All parties impacted by corporate decisions in a significant way The board of directors.

The fiduciary duty of the board of directors includes all of the following except for: A. Safeguarding corporate assets Promoting shareholder interests Exercising care in carrying out their responsibilities Representing the interests of all stakeholders.

The level of care expected of a reasonable person under similar circumstances in meeting ones fiduciary duty is called: A. Answer B To ensure audit committee independence, the committee should meet separately with each of the following groups except for: A.

Senior executives Internal auditors External auditors The audit committee should meet separately with all of the above. One failure with respect to the internal controls at Tyco and Adelphia was: A.

Falsification of bank statement balances B. Top executives manipulated financial statement amounts C. Top executives used hundreds of millions of dollars from interest-free loans for personal purposes D.

Top management engaged in a Ponzi scheme. An ethical corporate culture can best be established by: A. Setting a proper tone at the top Establishing strong internal controls Having an effective internal audit function All of the above. Strong corporate governance relies on a strong board of directors. Which of the following would be a strong candidate to be a board director for XYZ, Inc.?

Community member who has already served on the board 15 years. Retired controller of a Fortune company. Community member who receives annual large consulting contracts from XYZ. The ethical dissonance model looks at the ethical fit of the organizational and individual values.

The optimal fit for an individual with high individual ethics would be: A. Answer A A strong and effective internal control environment can be enhanced by: A. Financial statements that present fairly financial position and results of operations Giving the internal auditors direct and unrestricted access to the audit committee Having the internal auditors report to the external auditors Having the external auditors report to the audit committee.

Objectivity C. Independence D. Confidentiality Answer C Section of the Sarbanes-Oxley Act requires that management: A.

Assess the companys internal controls Certify the financial statements Disclose all executive compensation All of the above. All directors must be independent of management B. Audit committees must consist of at least three members all of whom are independent of management and the entity C. The audit committee should report regularly to the board of directors D.

Each listed company must have an internal audit function Answer A Increased witnessing of misconduct in the workplace. Decline in pressure to compromise ethics. Increased rate of retaliation against whistleblowers.

Decline in negative view of supervisors ethics. The percentage of employees who had reported misconduct at work is increasing Pressure to compromise ethical standards has been decreasing The rate of retaliation against whistleblowers has been decreasing The percentage of employees who said they could question management without fear of retaliation is decreasing.

It is an aspirational statement rather than the typical thou shalt not form of a code of ethics B. It encourages employees to internalize the values of the company C. It follows a stakeholder approach to decision making D. The National Business Ethics Survey indicates each of the following with respect to how employees view the ethics and ethical practices of organizations they work for except for: A.

Misconduct at work has declined over the years Whistleblowing is up Ethical cultures are weaker Pressure to cut corners is lower. With respect to whistleblowing, the Sarbanes-Oxley Act: A. Protects employees of publicly traded companies who provide evidence in fraud cases B.

Confers legal protection on managers who reported wrongdoing by top executives C. Confers legal protection on the board of directors for fraudulent actions by management D.

(WCS)Managerial Accounting: Tools For Business Decision-Making\, Third Edition Chapter 8 For ...

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Multiple Choice Text Questions 1. In the Pinto case, Ford relied on which approaches to ethical reasoning to decide on a course of action with respect to the faulty gas tank placement: A. Egoism and utilitarianism Enlightened egoism and rights theory Ethical legalism and utilitarianism Justice and rights theory.

Managerial Accounting Chapter 10 Solutions Pdf

Test Bank for Ethical Obligations and Decision Making in Accounting 4th Edition By Mintz

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Volume I is. Financial Statement Analysis. Chapter Exam. Overhead Allocation.


April 17th, - Test bank for Ethical Obligations and Decision Making in 2 Accountants' Ethical Decision Process and Professional Judgment Chapter 3.


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Accordingly, the client is entitled to assume that the lawyer has the ability and capacity to deal adequately with all legal matters to be undertaken on the client's behalf. This rule addresses the ethical principles. Competence involves more than an understanding of legal principles; it involves an adequate knowledge of the practice and procedures by which such principles can be effectively applied.

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Multiple Choice Text Questions 1.

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