Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 4, Problem 20.2MCQ
To determine
Identify the events that might justify a departure from GAAP.
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Which of the following term is related to the compliance of business ethics?
O a. Public image
O b. Goods
O C. Social responsibility
O d. Law
Which of the following statements about desirable attributes of accounting standards boards is most accurate? Accounting standards boards should: A . concede to political pressures
Which of the following is the first step within hierarchy of guidance to which management refers, and whose applicability at considers, when selecting accounting policies?
A. Apply the requirements in PFRS dealing with similar and related issues
B. Apply a standard from PFRS if it specifically relates to the transaction, event, or condition
C. Consider the applicability of the definitions, recognition criteria, and measurement concepts in the Conceptual Framework
D. Consider the most recent pronouncements of other standard-setting bodies to the extent they do not conflict with PFRS or the Conceptual Framework?
Chapter 4 Solutions
Auditing And Assurance Services
Ch. 4 - Prob. 1RQCh. 4 - Describe an ethical dilemma. How does a person...Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Prob. 5RQCh. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - Prob. 10RQ
Ch. 4 - Prob. 11RQCh. 4 - Prob. 12RQCh. 4 - Prob. 13RQCh. 4 - Prob. 14RQCh. 4 - Prob. 15RQCh. 4 - Prob. 16RQCh. 4 - Prob. 17RQCh. 4 - Prob. 18.1MCQCh. 4 - Prob. 18.2MCQCh. 4 - Prob. 18.3MCQCh. 4 - Prob. 19.1MCQCh. 4 - Prob. 19.2MCQCh. 4 - Prob. 19.3MCQCh. 4 - Prob. 20.1MCQCh. 4 - Prob. 20.2MCQCh. 4 - Prob. 20.3MCQCh. 4 - Prob. 21DQPCh. 4 - Prob. 22DQPCh. 4 - Prob. 23DQPCh. 4 - Prob. 24DQPCh. 4 - Prob. 25DQPCh. 4 - Prob. 26DQPCh. 4 - Prob. 27DQPCh. 4 - Prob. 28DQPCh. 4 - Prob. 30CCh. 4 - Prob. 31CCh. 4 - Prob. 32C
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- Many professional certifications now have requirements for ethics training. A. Define ethics. B. Why does the accounting profession put so much emphasis on acting ethically?arrow_forwardWhich of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.arrow_forwardQuestion: maintaining ethics in the entity means complying with and being aware of. a. the rules of the entity b. the different needs of the various stakeholders c. the policies of the entity d. all of the above. required: please answer this question by choosing the right optionsarrow_forward
- Which is the first step within the hierarchy of guidance when selecting accounting policies? a. Apply a standard from PFRS (IFRS) if it specifically relates to the transaction b. Apply the requirements in PFRS (IFRS) dealing with similar and related issue c. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework d. Consider the most recent pronouncements of other standard setting bodiesarrow_forwardWhich of the following factors are considered when analyzing an indistry? I-the nature and conditions of governmental regulations II-the number, size and power of suppliers to the industry III- the development of new technologies relevant to the industry IV- the extent of competition within the industry A- I, II,III AND IV B-I, II AND III C-II, III, AND IV ONLY D-I, II, AND IV ONLYarrow_forwardWhich of the following accounting areas is NOT significantly affected by international activity? a. overhead allocation b. recognition principles c. auditing standards d. all are significantly affectedarrow_forward
- Choose the correct. Which of the following statements is correct with respect to the IFRS accounting policy hierarchy in situations where a specifically relevant IASB standard dealing with an accounting issue does not exist?a. The IASB Conceptual Framework takes precedence over other IASB standards that deal with related issues.b. The IASB Conceptual Framework takes precedence over standards developed by standard-setting bodies in other countries that deal with the specific accounting issue.c. The most recent specifically relevant pronouncement of any other standard-setting body may be used when neither IASB standards nor the IASB Conceptual Framework provide helpful guidance.d. IFRSs take precedence over IASs and Interpretations in identifying appropriate guidance.arrow_forwardWhat would you say is the definition of business ethics?arrow_forwardConduct of business regulation focuses on how firms conduct business with their customers and is designed not to ensure the safety and soundness of the institutions but to establish rules and guidelines about appropriate behaviour and business practices in dealing with customers. Describe five (5) rules and/or guidelines prescribed under the Securities Act and Regulations.arrow_forward
- What roles must a professional accountant be prepared to perform in regard to ethical decisionproblems?arrow_forwardSupport for Politicization of rule making for accounting standardsarrow_forwardWhich of the following services require independence? I. Management Consulting II. Tax Consulting III, Audit IV. Review Group of answer choices: I and II III only I, II, III and IV III and IVarrow_forward
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