ACC 544 Final Exam

Jul 21st, 2016
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1) Which is NOT one of the AICPA’s Code of Professional Conduct principles? A. The public interest B. Integrity C. Quality control D. Scope and nature of services 2) The ethical philosophy that considers the consequences of similar persons acting under similar circumstances is called A. utilitarian principle. B. imperative principle. C. categorical imperative. D. generalization argument. 3) The fundamental issues in independence require that the auditor avoid A. financial connections with the client and financial connections with the client’s competitors. B. acting as management and representing the shareholder’s interests. C. responsibility for the client’s internal control and subordinating judgment concerning audit issues. D. financial connections with the firm and acting as management. 4) Auditors have greater liability under the Securities Act of 1933. Which is the reason that this greater liability exists? A. The auditor is liable for treble damages under the Secu

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ACC 544 Final Exam1) Which is NOT one of the AICPAs Code of Professional Conduct principles?A. The public interestB. IntegrityC. Quality controlD. Scope and nature of services2) The ethical philosophy that considers the consequences of similar persons acting undersimilar circumstances is calledA. utilitarian principle.B. imperative principle.C. categorical imperative.D. generalization argument.3) The fundamental issues in independence require that the auditor avoidA. financial connections with the client and financial connections with the clients competitors.B. acting as management and representing the shareholders interests.C. responsibility for the clients internal control and subordinating judgment concerning auditissues.D. financial connections with the firm and acting as management.4) Auditors have greater liability under the Securities Act of 1933. Which is the reason thatthis greater liability exists?A. The auditor is liable for treble damages under the Securities Act of 1933.B. The plaintiff does not have to prove that the financial statements were misstated.C. The plaintiff does not have to prove that they relied on the financial statements.D. The plaintiff does not have to prove that there were damages.5) The legal doctrine that states that a successful plaintiff may recover the full amount ofdamages from any defendant that has the ability to pay is calledA. joint and several liabilities.B. proportionate liability.C. complet

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