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Exam 1: Ethical Reasoning Implications for Accounting

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Question 51

Multiple Choice

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"Treating others fairly" encompasses treating them:

A) Equally, impartially, and responsibly
B) Equally, responsibly, and openly
C) Impartially, openly, and diligently
D) Equally, impartially, and openly

E) None of the above
F) B) and D)

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Question 52

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"Do that action which will bring about the greatest good for the greatest number of people," is the basic concept of which ethical theory?

A) egoism
B) deontology
C) utilitarianism
D) virtue ethics

E) A) and C)
F) None of the above

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Question 53

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Why do ethicists consider integrity to be the foundation of ethical behavior?

Cheating on the GMAT test raises which of the following ethical issues?

Explain the steps that should be taken by an internal accountant when there is a difference of opinion with one's supervisor on an accounting or financial reporting manner.

Susie, a newly graduated BBA in accounting, has started job with the state budgeting office.Susie has been placed over expense accounts.The state has a travel policy stating that a state employee may be reimbursed up to $90 per night for a hotel room and up to $40 per day for meals, as long as the employee turns in food receipts.On the first expense account Susie works on the employee has a hotel receipt for $130 a night but no food expenses.Susie processes the reimbursement for $90.The employee becomes irate as his reading of the travel policy is that he can be reimbursed for $130 a night for hotel and food with a receipt.The employee claims this has never been a problem in the past and has always been reimbursed $130 a night whether for hotel only or both hotel and food. Discuss which ethical theory supports Susie and the employee's take on the travel policy.Which would you choose and why? This is written to have no right answer, but rather to have the student display his grasp of the theory and critical thinking skills.The employee is using egoism to try to justify his position.Susie is using Kant to justify following the rules of the state.Some students may mention that using utilitarianism the state and employees will all be better off if the rule is $130 per night on travel.Could the student give any examples where that might cause problems?

Your manager asks you to "cook the books" to make the company look better for a bank that your company is trying to get a loan through.The manager stresses that nothing and no one will be harmed because the company will come out on top, the shareholders will be happy, and the bank will get their money back with interest.Which theory is the manager employing?

A difficult choice between two moral principles that are in conflict with one another is known as a/an:

If one's reputation is tainted it may create a:

In the Faulty Budget case, the primary ethical issue can be stated as:

Responsibility goes hand in hand with:

Steve is deep in debt due to a gambling problem.He is the bookkeeper for a family-owned business, Cal Poly Greenery.The company has only three employees - Steve, the husband, and the wife.All three have been friends for many years.One day the loan shark who lent Steve $20,000 comes knocking at his door asking for repayment of the loan.Steve convinces the loan shark to give him another day.The following day Steve writes a check on the company's books to himself for $20,000.Since he reconciles the bank accounts and prepares the financial statements, Steve knows it's unlikely the owners will ever know about what he has done.From an ethical perspective, Steve has

Objectivity requires that a CPA should:

Assume you are taking an exam and you see that your friend is cheating.Your professor does not notice it.What should you do if you are ethical person?

The ethical issue in the Telecommunications case can best be described as:

Under the IMA's standards of ethical practice, an accounting professional can consider informing authorities or individuals not employed by the organization when an ethical dilemma occurs about an accounting or financial reporting matter if he/she:

Respect is an important character of behavior because: