Ethics in Accounting Flashcard

Front

What is the definition of ethics?

Back

Guidelines for moral conduct and decision-making

Front

What are professional ethics?

Back

Standards of behavior expected in a professional context

Front

In the context of accounting, what is a code of ethics?

Back

A set of principles guiding accountants' professional conduct

Front

Which organization is known for setting international ethical standards for accountants?

Back

International Federation of Accountants

Front

Which of the following is NOT a fundamental ethical principle of accounting? Integrity, Confidentiality, Flexibility, Objectivity

Back

Flexibility

Front

What is the appropriate application of the principle of integrity in accounting?

Back

Maintaining honesty in all financial reporting

Front

What could be a result of inappropriate application of accounting principles?

Back

Legal consequences and loss of credibility

Front

Which ethical issue might arise if an accountant shares client data without permission?

Back

Confidentiality breach

Front

What factor might influence an individual's ethical views? Options: Personal financial gain, Cultural background and upbringing, Market trends, Technological advancements

Back

Cultural background and upbringing

Front

How can ethical codes benefit accountants?

Back

By offering clear guidelines for ethical dilemmas