Mid-Term Exam (ACCT-411)

Mid-Term Exam (ACCT-411) - Name: Tommy Y. Choi Accounting...

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Name : Tommy Y. Choi Accounting 411 Mid-Term Spring 2010 Do not use colors to indicate your answer because colors don’t print. Either bold or underline your answer. 1) The relationship between legal and ethical is: a. Legal requires more than ethical b. Ethical requires more than legal c. Legal and ethical are the same thing d. Ethical does more than required by law 2) Richard does his homework as soon as he gets home from school because of fear that his mother will not allow him to go outside. Which state of Kohlberg’s moral development is Richard? a. Pre-C onventional b. Post–conventional c. Conventional d. Unconventional 3) In an ethical decision making model, the first step is a. Make sure you know how to protect yourself b. Look at the stakeholders involved c. Make sure you frame the ethical issue d. Figure out the different alternative actions 4) Who is/are the primary fiduciary responsibility of professional accountants? a. Stockholders b. Stakeholders c. Management d. Public 5) Cheating might be rationalized using which ethical theory? a. Deontology b. The Golden Rule c. Utilitarianism d. Rights 6) A classmate comes to you and says that he cannot afford the price of the ethics textbook this semester. He would like to photocopy the necessary pages from your books as the semester goes along. You explain that would break copyright laws. He says that he cannot afford it and this would not hurt anyone. Which ethical theory is he using? a. Utilitarianism
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Deontology c. Teleology d. Egoism 7) Which of the following would cause a conflict of interest on an audit team? a. New audit staff b. Consultant on the IT system for the client c. Tax accountant for the client d. IT auditor 8) SOX sets new standards for governance that will ultimately impact on which of the following? a. Foreign companies listed on US exchanges only b. SEC registrant companies, including foreign companies listed on US c. American listing companies d. NASDAQ listing companies 9) Travel expense accounts cause friction between accounting staff and employees due to: a. Accountants want to nit-pick over the rules b. All employees want to be reimbursed for non-business travel c. Employees do not understand accounting and travel rules d. Executives have right to travel first class 10) The Board of Directors' paramount duty is: a. to determine management's compensation b. to safeguard the interest of the company's stakeholders c. to safeguard the company's assets d. to formulate the company's strategy 11) What are the four pillars of corporate governance? a. Respect, accountability, fairness, and transparency b. Responsibility, accountability, firmness and transparency c. Responsibility, accountability, fairness and transparency d. Respect, accountability, firmness and transparency 12) Advertising is permitted by a CPA as long as it is: a. in print publications b. made to give an audience knowledge of service c. not misleading or deceptive d. not transmitted on the internet 13) What is the role of a CPA in preparation of a tax return? a.
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Mid-Term Exam (ACCT-411) - Name: Tommy Y. Choi Accounting...

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