ETH557 – ACCOUNTING ETHICS Final exam
In 2003, FASB and IASB met and established four criteria for establishing revenue recognition. To recognize revenue, which of the following conditions must be present?
Need Help Writing an Essay?
Tell us about your assignment and we will find the best writer for your paper.
Write My Essay For Me·
A change in assets has occurred and can be appropriately measured.
·
Payment for the sale must be received prior to recognizing the revenue.
·
The product or deliverable, in the case of a service business, has been received by the customer.
·
A promise to deliver has been established.
2
Failure to provide any care in fulfilling a duty owed to another is called
·
gross negligence
·
constructive fraud
·
breach of contract
·
negligence
3
Which of the following is a fundamental characteristic of the market system?
·
Unselfish behavior
·
Central planning by government
·
Government-set wages and prices
·
Property rights
4
The income effect indicates that
·
consumers should substitute among various products until the marginal utility from the last unit of each product purchased is the same
·
a rise in money income will cause consumers to buy smaller quantities of normal goods
·
when the price of a product falls, a consumer will be able to buy more of it with a specific income
·
when the price of a product falls, the lower price will induce the consumer to buy more of that product now that it is relatively cheaper
5
The price elasticity of demand coefficient measures
·
the slope of the demand curve
·
how far business executives can stretch their fixed costs
·
buyer responsiveness to price changes
·
the extent to which a demand curve shifts as incomes change
6
A normative statement is one that
·
applies only to microeconomics
·
is based on the law of averages
·
is based on value judgments
·
applies to macroeconomics
7
Many conflicts of interest in business contracts can be remedied ethically by which of the following?
·
Deception and disclosure
·
Camouflage and consent
·
Disclosure and consent
·
Conflicts of interest can never be remedied ethically
8
Four professional general standards and responsibilities for Certified Public Accountants are quality control and assurance, professional judgment, competence, and:
·
integrity
·
diligence
·
independence
·
knowledge
9
In 2002, Adelphia Cable filed bankruptcy when it was discovered that
·
excess fictitious expenses of $1 million were added to the income statement
·
bank debt in excess of $2.3 billion was not shown on the financial statements
·
Welcome to one of the most trusted essay writing services with track record among students. We specialize in connecting students in need of high-quality essay writing help with skilled writers who can deliver just that. Explore the ratings of our essay writers and choose the one that best aligns with your requirements. When you rely on our online essay writing service, rest assured that you will receive a top-notch, plagiarism-free A-level paper. Our experienced professionals write each paper from scratch, carefully following your instructions. Request a paper from us and experience 100% originality.
From stress to success – hire a pro essay writer!
