The Concept of Accounting Ethics - SS1 Accounting Past Questions and Answers - page 1
What is accounting ethics?
The principles and values that guide the behaviour of accounting professionals in their work.
The process of preparing financial statements.
The art of recording financial transactions.
The practice of tax planning.
Why is accounting ethics important?
It helps accounting professionals to be popular in their field
It ensures that organizations and individuals make more profits.
It promotes transparency, accuracy, and reliability in financial reporting.
It reduces the amount of work that accounting professionals need to do.
Which of the following is an example of accounting ethics?
Dishonesty
Disrespect
Selfishness
Honesty
What are some of the ethical principles that accounting professionals are expected to adhere to?
Honesty, integrity, objectivity, confidentiality, and professional competence.
Dishonesty, laziness, selfishness, incompetence, and disrespect.
Efficiency, timeliness, self-promotion, accuracy, and speed
None of the above.
What does ethical accounting practice help to build?
Competitiveness among accounting professionals.
Mistrust and lack of confidence in financial information.
Trust and confidence in financial information.
None of the above.
Give an example of an ethical principle in accounting.
Honesty, integrity, objectivity, confidentiality, or professional competence.
Why is ethical accounting practice important?
Ethical accounting practice promotes transparency, accuracy, and reliability in financial reporting, which helps build trust and confidence in financial information.