1. A professional accountant’s most important assets are:

Professional knowledge and perseverance

Professional knowledge and a good reputation

A good location and well-known name

A good client list and professional connections

2. Should we pursue personal success:

We should not pursue personal success because that would be selfish

Prudence allows us to use all of our talents and resources, but justice dictates that we cannot harm or treat others unfairly in our pursuit of success

Prudence dictates that we use every means at our disposal to achieve success

Justice demands that we pursue personal success

3. The Code of Conduct indicates that integrity is measured in terms of what is:

Convenient and profitable

Written down as ethical rules

Right and just

Wise and appropriate

4. The relationship between justice and society is be described as follows:

In the absence of justice, society will crumble

Justice is unimportant for society

Justice is important to help society flourish

Justice is an essential feature of most societies

5. Which virtue(s) can be compelled by force?

Prudence and Justice

Justice

Justice and Benevolence

None of them

6. Per the Code of Professional Conduct, Integrity cannot accommodate

Differences of professional opinion

Divulging a client’s confidential information

Insubordination to one’s superiors

Deceit or subordination of principle

7. If no one could rely on the accuracy of financial reporting

There would be some negative impact to our capital markets

There would be no impact to our capital markets

There would be a severe negative impact to our capital markets

Financial reporting has nothing to do with our capital markets

8. Per Adam Smith, most people have a strong sense of justice because:

They sympathize with the resentment of the victim

They realize that justice is important for a successful society

They fear for their own safety

They have a natural inclination to inflict punishment on others

9. The Code of Professional Conduct Article III requires:

Observing the form of technical and ethical standards

Observing the spirit of technical and ethical standards

Observing the form and spirit of technical and ethical standards

None of the above

10. Per Adam Smith, Justice is the virtue that:

Gives each person what is due to them

Refrains from harming others under any circumstances

Consciously refrains from doing harm to another person from motives that are not naturally approved of

Focuses on the comfort and safety of the individual