3.4 Final Accounts - Ethics

Having accounting principles makes it easier to compare financial data amongst competitors

• True

• False

Governments are interested in financial statements to determine taxes.

• True

• False

Final accounts are often used to show a predetermined result

• True

• False

People who prepare final accounts must be competent and trained.

• True

• False

It is ethical for public companies to hire family members or friends to audit financial statements

• True

• False

Past performance of a business determines the future performance of the same business

• True

• False

Final accounts are only prepared for the benefit of shareholders

• True

• False

When preparing final accounts, valuing assets is simple and completely objective

• True

• False

Avoiding conflicts of interest when preparing final accounts can be difficult

• True

• False

Financial information must be kept confidential and not disclosed unless required by law

• True

• False