Practice Test

Q1) Obey certain ethical rules no matter what the results are Show Answer

Q2) Ethical decisions must consider the consequences Show Answer

Q3) Ethics are unchanging over time and place Show Answer

Q4) Ethics vary between different ages and different communities Show Answer

Q5) Under the Companies Act, 2013, minimum CSR expenditure must be incurred by every company Show Answer

Q6) Under the Companies Act, 2013, minimum CSR expenditure must be incurred by every company Show Answer

Q7) Under the Companies Act, 2013, minimum CSR expenditure must be incurred by every company Show Answer

Q8) Under the Companies Act, 2013, every company must spend in every financial year Show Answer

Q9) Corporate Governance provision in India are to be found in Show Answer

Q10) Business Responsibility Reporting is mandatory Show Answer

Q11) The IFAC Code has ______ Parts(s). Show Answer

Q12) Conceptual Framework laid down in IFAC Code is applied when- Show Answer

Q13) Confidentiality is a Show Answer

Q14) Due to a long or close relationship with a client or employer, a Chartered Accountant will be too sympathetic to their interests is a Show Answer

Q15) Continuing professional development requirements is a Show Answer

Q16) Whistle blowing is a Show Answer

Q17) Ethics education at ____ stage instills in accountants fundamental knowledge on matters concerning professional values, ethics and attitudes. Show Answer

Q18) Ethics Knowledge is the focus of the _____ stage in Ethics Education Show Answer

Q19) The ______ stage in Ethical education is concerned with Ethical judgement Show Answer

Q20) The _____ stage in Ethical education is concerned with Ethical behaviour. Show Answer

Q21) Unethical behaviour is always illegal. Show Answer

Q22) Corporate governance is the same as Corporate management. Show Answer

Q23) The word ‘ethics’ is derived from the Greek word ‘ethos’. Show Answer

Q24) According to Teleological ethics, certain ethical rules must be obeyed irrespective of consequences. Show Answer

Q25) According to Deontological ethics, ethical decisions must consider the consequences. Show Answer

Q26) In Ethical absolutism, Ethics are unchanging over time and place. Show Answer

Q27) In Ethical relativism, Ethics change with time and place. Show Answer

Q28) Ethical views are the same between cultures. Show Answer

Q29) According to the traditional view of corporate governance, Companies must consider the interests of not just the shareholders but also others. Show Answer

Q30) Stakeholders means individual or group concerned with or impacted by the activities of the business. Show Answer

Q31) CSR needs to address the well-being of all stakeholders and not just company’s shareholders. Show Answer

Q32) Section 135 of the Companies Act, 2013 deals with CSR. Show Answer

Q33) CSR activities to be undertaken by the company are specified in Schedule III to the Companies Act, 2013. Show Answer

Q34) The professional puts the client before himself. Show Answer

Q35) Public interest is considered to be the collective well-being of the community of people and institutions the professional accountant serves. Show Answer

Q36) The IFAC Code establishes the minimum world-wide code of ethical conduct for accountants. Show Answer

Q37) The Professional Code of Ethics is voluntary for all the members. Show Answer

Q38) Part A of IFAC Code establishes the fundamental principles of professional ethics for Chartered Accountants. Show Answer

Q39) Part B of IFAC Code provides a conceptual framework. Show Answer

Q40) Part B of IFAC Code applies to Chartered Accountants in practice. Show Answer

Q41) Part C of IFAC Code applies to Chartered Accountants not in practice. Show Answer

Q42) The IFAC Code is basically a rules-based code of ethics. Show Answer

Q43) The Principle of Integrity requires the member to be straightforward and honest in all professional and business relationships. Show Answer

Q44) The Principle of Integrity requires the member to the allow bias, conflict of interest or undue influence of others to override professional or business judgements. Show Answer

Q45) Principle of Professional Behaviour requires a member to company with relevant laws and regulations. Show Answer

Q46) Principle of Professional Behaviour requires a member to avoid any conduct that discredits the profession. Show Answer

Q47) A conflict of interest creates a threat to objectivity. Show Answer

Q48) A principle-based approach requires the professionals to adhere to the spirit rather than the letter of the code. Show Answer

Q49) The rules-based approach focuses on mechanism. Show Answer

Q50) The principle-based approach focuses on objectives. Show Answer

Q51) The IFAC develops International Financial Reporting Standards. Show Answer

Q52) Transparency, Consultation and Accountability are the three main principles of the Due Process to be followed for developing Accounting Standards. Show Answer

Q53) IFRS Standards are created to server public interest. Show Answer

Q54) Standard setting helps to keep capitalism honest. Show Answer

Q55) Highest degree of ethical behaviour of accountants leads to faithful representation of financial statement. Show Answer

Q56) Lowest degree of accountants’ ethical behaviour leads to creative accounting. Show Answer

Q57) Whistle blowing means reporting suspicions of illegal behaviour to a person in authority. Show Answer

Q58) Whistle blowing Mechanism under the Companies Act, 2013 is known as CSR Mechanism. Show Answer

Q59) An Accountant need not maintain confidentiality of information disclosed by a prospective client or employer. Show Answer

Q60) Confidential information may be disclosure is permitted by law and is authorized by the client or the employee. Show Answer

Q61) Confidential information cannot be disclosed even if disclosed even if disclosure is required by law. Show Answer