Members of the board have the following fiduciary duties: the duty of care and the duty of loyalty.   Question  options:   a) True   b) False

Accountability imposes a duty on private officials to be accountable to citizens for raising monies and how they are spent a. True b. False

Which of the following ethical principles states that "A professional accountant should avoid any action that discredits the profession"? a. Integrity b. Objectivity c. Professional behavior d. Professional competence

Which of the following statements are correct regarding the characteristics of a guardianship of the person used to care for the personal needs of an incompetent person? The guardian is appointed by a court. The guardian is appointed by a durable power of attorney. The guardian's authority may be plenary or limited. A guardian becomes personally liable for the incompetent person's expenses.     A) II and III     B) I and III     C) III and IV     D) I, II, and IV

A court will appoint a trustee.  True or False

Which of the following correctly identify the requirements for both legal and personal competence for a fiduciary? Must be a U.S. citizen Must meet a minimum age requirement as specified by state law Must be capable of analyzing a situation and making decisions Must be mentally competent as required by state law

How does the principle of vicarious liability affect the principal/agent relationship?  What is the nature of the authority that can be granted to a duly appointed agent?

Fiduciary responsibilities are critical part of which relationship---customer or client? Why?

Which of the following acts by a CPA would be most likely to be a violation of the AICPA Code of Professional Conduct?  Select one:  A “covered member” owns an immaterial amount of stock in an audit client.  Accepting a fee in a tax matter that is contingent upon the result of an administrative proceeding.   Assisting a client in preparing a financial forecast.   Forming a professional corporation to practice as a CPA.

Listed below are selected Rules of Conduct and ethical problems. Match the rule with the problem to which it applies. (One Rule of Conduct may apply to more than one ethical problem.) Rules A. Independence B. Integrity and objectivity C. General standards D. Compliance with standards E. Accounting principles F. Contingent fees G. Acts discreditable H. Advertising and other forms of solicitation 1. Commissions and referral fees J. Form or practice and name Rules A CPA performs tax services that the CPA is not competent to perform. An audit client owes the CPA past-due audit fees. A CPA robs a service station. The auditors fail to qualify their opinion on financial statements that do not properly apply FASB standards. A CPA accepts a percentage of the client's loan as an audit fee.