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CA Final Ethics with Accounting Concepts — practice questions

Explore 38 free Ethics with Accounting Concepts questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

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Ethics with Accounting Concepts questions and exercises with answers

Showing questions 1–30 of 38.

Which author of Summa de arithmetica is called the Father of Accounting?Read the answer and worked solution →In which year was Pacioli's Summa de arithmetica, which touched on accounting ethics, published?Read the answer and worked solution →Which accounting firm signed off Enron's accounts despite the inaccuracies in them?Read the answer and worked solution →The Sarbanes-Oxley Act, a response to accounting scandals, was passed in which year?Read the answer and worked solution →Which body, created under Sarbanes-Oxley, replaced the Public Oversight Board?Read the answer and worked solution →Which group of people does the Sarbanes-Oxley Act specifically protect?Read the answer and worked solution →The Dodd-Frank Wall Street Reform and Consumer Protection Act came into effect in which year?Read the answer and worked solution →The SEC whistleblower awards range between what share of the sanction amount collected?Read the answer and worked solution →A whistleblower is eligible for an SEC award only if the sanction is at least what amount?Read the answer and worked solution →The Public Interest Oversight Board was established on 1 March of which year?Read the answer and worked solution →Which standard setter for accountants' ethics is overseen by the PIOB?Read the answer and worked solution →Which approach do the IFRS issued by the IASB follow?Read the answer and worked solution →How is the framework of United States GAAP best described?Read the answer and worked solution →Compared with a rules-based approach, a principles-based approach demands more of what?Read the answer and worked solution →IFRS is used by roughly how many countries or areas?Read the answer and worked solution →Which one of these is a quality on which IFRS is based, along with relevance and reliability?Read the answer and worked solution →In August 2008 the SEC proposed that the US switch from GAAP to IFRS, starting in which year?Read the answer and worked solution →In Stuart's ethics model, what follows identifying the parties interested in the outcome?Read the answer and worked solution →Who proposed in 1988 that accounting ethics education should include seven goals?Read the answer and worked solution →The first US centre devoted to ethics in the accounting profession opened in 1993 at which university?Read the answer and worked solution →From 1999, several US states required ethics classes before candidates could take which exam?Read the answer and worked solution →Until 1977, ethics rules in accounting stopped firms from doing what?Read the answer and worked solution →As advertising and consulting grew, critics said audit firms became more like what than auditors?Read the answer and worked solution →Which approach did critics blame partly for the many US accounting scandals?Read the answer and worked solution →Which modern issue has widened the scope of accounting ethics beyond fraud and compliance?Read the answer and worked solution →To whom do accountants owe their primary obligation as intermediaries in the capital markets?Read the answer and worked solution →How long is the foreseeable future usually taken to be under the going concern assumption?Read the answer and worked solution →On which basis are financial statements prepared once an entity's liquidation becomes imminent?Read the answer and worked solution →An entity that is a going concern is usually worth more than its what?Read the answer and worked solution →If an auditor doubts an entity can continue, what must the auditor's report do?Read the answer and worked solution →

Worked practice questions

Which author of Summa de arithmetica is called the Father of Accounting?

  1. Benjamin Franklin
  2. Frederick Taylor
  3. Alfred Marshall
  4. Luca Pacioli
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Correct answer: D. Luca Pacioli

Luca Pacioli, the Italian who wrote Summa de arithmetica, is regarded as the Father of Accounting and even wrote on accounting ethics in it.

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In which year was Pacioli's Summa de arithmetica, which touched on accounting ethics, published?

  1. 1394
  2. 1694
  3. 1594
  4. 1494
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Correct answer: D. 1494

The book appeared in 1494, which makes it one of the earliest printed works to discuss ethics in accounting.

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Which accounting firm signed off Enron's accounts despite the inaccuracies in them?

  1. Arthur Andersen
  2. Grant Thornton
  3. Moore Stephens
  4. BDO Seidman
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Correct answer: A. Arthur Andersen

Arthur Andersen, then one of the Big Five, approved Enron's accounts and went out of business after the fraud came out.

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More Financialreporting topics

Ind AS 116 LeasesInd AS 36 Impairment of Assets and Ind AS 38 Intangible AssetsInd AS 24 Related Party Disclosures and Ind AS 108 Operating SegmentsInd AS 1 Presentation of Financial StatementsInd AS 12 Income TaxesInd AS 113 Fair Value MeasurementInd AS 109 Financial InstrumentsInd AS 23 Borrowing Costs and Ind AS 40 Investment Property