AICPA Ethics, Governance & Business Law

Question 1

What is a core principle of professional ethics in accounting?

Accepted Answer

Integrity

Answer

Maximization of profit

Answer

Ambiguity

Answer

Aggressiveness

Question 2

Which act primarily governs securities fraud in the U.S.?

Accepted Answer

Securities Exchange Act of 1934

Answer

Sarbanes-Oxley Act

Answer

Dodd-Frank Act

Answer

Federal Reserve Act

Question 3

What is the role of a corporate board of directors?

Accepted Answer

Ensure stakeholder oversight

Answer

Manage day-to-day operations

Answer

Supervise suppliers

Answer

Conduct internal audits

Question 4

Which of the following is an example of a conflict of interest?

Accepted Answer

Auditing a relative's business

Answer

Using company software

Answer

Attending required training

Answer

Following workplace policies

Question 5

Which of the following is considered a fiduciary duty of corporate directors?

Accepted Answer

Duty of loyalty

Answer

Duty of profit

Answer

Duty of secrecy

Answer

Duty of convenience

Question 6

What is a key feature of corporate governance?

Accepted Answer

Oversight and accountability

Answer

Short-term gains

Answer

Managerial independence

Answer

Personal incentives

Question 7

Which law aims to protect whistleblowers in the corporate environment?

Accepted Answer

SOX

Answer

Gramm-Leach-Bliley Act

Answer

ADA

Answer

FCPA

Question 8

Which term refers to following all applicable laws and regulations in business?

Accepted Answer

Compliance

Answer

Governance

Answer

Profitability

Answer

Arbitration

Question 9

Which document outlines ethical conduct expectations for professionals?

Accepted Answer

Code of Ethics

Answer

Job description

Answer

Employment contract

Answer

Strategic plan