Lecture 9- Ethical concerns

Description

Highers Accounting and Finance (Year 2) (Management Accounting for Performance and Decision Making) Quiz on Lecture 9- Ethical concerns, created by George Mariyajohnson on 28/11/2020.
George Mariyajohnson
Quiz by George Mariyajohnson, updated more than 1 year ago
George Mariyajohnson
Created by George Mariyajohnson almost 4 years ago
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Resource summary

Question 1

Question
Ethical behaviour involves choosing [blank_start]actions[blank_end] that are [blank_start]right[blank_end], [blank_start]proper[blank_end], & [blank_start]just[blank_end]. When you work in group in company each member bears some [blank_start]responsibility[blank_end] for [blank_start]well-being[blank_end] of other members. Each member should be willing to [blank_start]sacrifice[blank_end] their own [blank_start]self-interest[blank_end] for [blank_start]well-being[blank_end] of group
Answer
  • actions
  • right
  • proper
  • just
  • responsibility
  • well-being
  • sacrifice
  • self-interest
  • well-being

Question 2

Question
Biggest challenge with ethical dilemmas (problems) is that when they arise, [blank_start]employees[blank_end] frequently do not understand that such dilemma has [blank_start]arisen[blank_end] & [blank_start]“correct”[blank_end] action that should be taken to [blank_start]correct[blank_end] dilemma
Answer
  • employees
  • arisen
  • “correct”
  • correct

Question 3

Question
One ethical principle is [blank_start]integrity[blank_end]. This means to be [blank_start]straightforward[blank_end] & [blank_start]honest[blank_end] in all [blank_start]professional[blank_end] & [blank_start]business[blank_end] relationships
Answer
  • integrity
  • straightforward
  • honest
  • professional
  • business

Question 4

Question
Another ethical principle is [blank_start]objectivity[blank_end]. This means to not allow [blank_start]bias[blank_end], [blank_start]conflict[blank_end] of interest or undue [blank_start]influence[blank_end] of others
Answer
  • objectivity
  • bias
  • conflict
  • influence

Question 5

Question
Third ethical principle is [blank_start]professional competence[blank_end] & [blank_start]due care[blank_end]. This means to maintain professional [blank_start]knowledge[blank_end] & [blank_start]skill[blank_end] at level required to ensure [blank_start]clients[blank_end] or [blank_start]employers[blank_end] receive competent professional services based on current [blank_start]developments[blank_end] in practice, legislation & techniques & act [blank_start]diligently[blank_end] & in accordance with applicable technical & professional [blank_start]standards[blank_end]
Answer
  • professional competence
  • due care
  • knowledge
  • skill
  • clients
  • employers
  • developments
  • diligently
  • standards

Question 6

Question
Fourth ethical principle is [blank_start]confidentiality[blank_end]. This means to respect [blank_start]confidentiality[blank_end] of information acquired as a result of [blank_start]professional[blank_end] & [blank_start]business[blank_end] relationships & therefore not [blank_start]disclose[blank_end] any such information to third parties without proper & specific [blank_start]authority[blank_end] unless there is legal or professional right or duty to disclose, nor use information for [blank_start]personal[blank_end] advantage of professional accountant or third parties
Answer
  • confidentiality
  • confidentiality
  • professional
  • business
  • disclose
  • authority
  • personal

Question 7

Question
Fifth ethical principle is [blank_start]professional behaviour[blank_end]. This means to comply with relevant [blank_start]laws[blank_end] & [blank_start]regulations[blank_end] & avoid any action that [blank_start]discredits[blank_end] profession
Answer
  • professional behaviour
  • laws
  • regulations
  • discredits

Question 8

Question
One threat to ethical principle is [blank_start]self-interest threat[blank_end]. This means that [blank_start]financial[blank_end] or other [blank_start]interest[blank_end] will inappropriately influence professional accountant’s [blank_start]judgment[blank_end] or [blank_start]behaviour[blank_end]
Answer
  • self-interest threat
  • financial
  • interest
  • judgment
  • behaviour

Question 9

Question
Another threat to ethical principle is [blank_start]self-review threat[blank_end]. This means that professional accountant will not appropriately [blank_start]evaluate[blank_end] results of [blank_start]previous[blank_end] judgment made or activity or service performed by professional accountant, or by another [blank_start]individual[blank_end] within professional accountant’s firm or employing organisation, on which accountant will [blank_start]rely[blank_end] when forming judgment as part of performing [blank_start]current[blank_end] activity or providing [blank_start]current[blank_end] service
Answer
  • self-review threat
  • evaluate
  • previous
  • individual
  • rely
  • current
  • current

Question 10

Question
Third threat to ethical principle is [blank_start]advocacy threat[blank_end]. This means that professional accountant will promote [blank_start]client’s[blank_end] or [blank_start]employer’s[blank_end] position to point that professional accountant’s [blank_start]objectivity[blank_end] is [blank_start]compromised[blank_end]
Answer
  • advocacy threat
  • client’s
  • employer’s
  • objectivity
  • compromised

Question 11

Question
Fourth threat to ethical principle is [blank_start]familiarity threat[blank_end]. This means that due to [blank_start]long[blank_end] or [blank_start]close[blank_end] relationship with [blank_start]client[blank_end] or [blank_start]employer[blank_end], professional accountant will be too sympathetic to their [blank_start]interests[blank_end] or too [blank_start]accepting[blank_end] of their work
Answer
  • familiarity threat
  • long
  • close
  • client
  • employer
  • interests
  • accepting

Question 12

Question
Fifth threat to ethical principle is [blank_start]intimidation threat[blank_end]. This means that professional accountant will be [blank_start]deterred[blank_end] from acting [blank_start]objectively[blank_end] because of actual or perceived [blank_start]pressures[blank_end], including attempts to exercise undue [blank_start]influence[blank_end] over professional accountant
Answer
  • intimidation threat
  • deterred
  • objectively
  • pressures
  • influence

Question 13

Question
Safeguards are [blank_start]actions[blank_end] or other measures that may [blank_start]eliminate[blank_end] threats or reduce them to an [blank_start]acceptable[blank_end] level. They fall into two categories which include: safeguards created by [blank_start]profession[blank_end], [blank_start]legislation[blank_end] or [blank_start]regulation[blank_end] & safeguards in [blank_start]work environment[blank_end]
Answer
  • actions
  • eliminate
  • acceptable
  • profession
  • legislation
  • regulation
  • work environment

Question 14

Question
Two safeguards created by profession, legislation or regulation are: [blank_start]educational[blank_end], [blank_start]training[blank_end] & [blank_start]experience[blank_end] requirements for [blank_start]entry[blank_end] into profession & continuing professional [blank_start]development[blank_end] requirements
Answer
  • educational
  • training
  • experience
  • entry
  • development

Question 15

Question
Another two safeguards created by profession, legislation or regulation are: [blank_start]corporate governance[blank_end] regulations & [blank_start]professional standards[blank_end]
Answer
  • corporate governance
  • professional standards

Question 16

Question
Final two safeguards created by profession, legislation or regulation are: professional or regulatory [blank_start]monitoring[blank_end] & [blank_start]disciplinary[blank_end] procedures & external [blank_start]review[blank_end] by legally empowered third party of [blank_start]reports[blank_end], returns, communications or [blank_start]information[blank_end] produced by professional accountant
Answer
  • monitoring
  • disciplinary
  • review
  • reports
  • information

Question 17

Question
One safeguard in work environment is [blank_start]leadership[blank_end] that stresses importance of [blank_start]compliance[blank_end] with fundamental [blank_start]principles[blank_end], [blank_start]laws[blank_end], [blank_start]rules[blank_end] & [blank_start]regulations[blank_end]
Answer
  • leadership
  • compliance
  • principles
  • laws
  • rules
  • regulations

Question 18

Question
Another safeguard in work environment is documented internal [blank_start]policies[blank_end] & [blank_start]procedures[blank_end] requiring [blank_start]compliance[blank_end] with fundamental [blank_start]principles[blank_end], [blank_start]laws[blank_end], [blank_start]rules[blank_end] & [blank_start]regulations[blank_end]
Answer
  • policies
  • procedures
  • compliance
  • principles
  • laws
  • rules
  • regulations

Question 19

Question
Third safeguard in work environment is documented [blank_start]policies[blank_end] regarding need to identify [blank_start]ethical threats[blank_end] such as [blank_start]relationships[blank_end] with third parties
Answer
  • policies
  • ethical threats
  • relationships

Question 20

Question
Steps in identifying & dealing ethical dilemmas include: Check all facts & [blank_start]document[blank_end] where possible. Then ask ‘is it [blank_start]ethical[blank_end]?' 'Is it [blank_start]legal[blank_end]?' After that [blank_start]identify[blank_end] which fundamental [blank_start]principles[blank_end] are affected & affected [blank_start]parties[blank_end]. Next seek professional or legal [blank_start]advice[blank_end]. Finally, [blank_start]refuse[blank_end] to remain associated with conflict
Answer
  • document
  • ethical
  • legal
  • identify
  • principles
  • parties
  • advice
  • refuse

Question 21

Question
First few steps for resolution of ethical conflict are: follow your [blank_start]organisation’s[blank_end] established policies on [blank_start]resolution[blank_end] of ethical conflict. If this does not resolve conflict/organisation has no such policy, discuss [blank_start]issue[blank_end] with your immediate [blank_start]supervisor[blank_end] except when supervisor is involved. If your supervisor is involved, present issue to next level (until audit committee/board of directors, if necessary)
Answer
  • organisation’s
  • resolution
  • issue
  • supervisor

Question 22

Question
Next few steps for resolution of ethical conflict if not resolved are: clarify relevant [blank_start]ethical issues[blank_end] by initiating [blank_start]confidential discussion[blank_end] with an [blank_start]independent[blank_end] or [blank_start]impartial[blank_end] advisor to obtain better [blank_start]understanding[blank_end] of possible courses of action. Seek legal [blank_start]advice[blank_end] as to legal obligations & rights concerning ethical conflict
Answer
  • ethical issues
  • confidential discussion
  • independent
  • impartial
  • understanding
  • advice

Question 23

Question
Final step for resolution of ethical conflict if not resolved is [blank_start]refuse[blank_end] to remain [blank_start]associated[blank_end] with matter creating [blank_start]conflict[blank_end] (could include [blank_start]resignation[blank_end])
Answer
  • refuse
  • associated
  • conflict
  • resignation
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