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Ethics - Quiz 2 Flashcards | Quizlet. Get a hint. 1) The following duties are essential to maintaining a fiduciary relationship in the accounting profession: a. Development and maintenance of required knowledge and skills. b. Maintenance of trust. c. Maintenance of an acceptable personal reputation. d. All of the above. e. (a) and (b) only.
Study with Quizlet and memorize flashcards containing terms like The Public Interest Principle in the AICPA Code of Professional Conduct recognizes:, The method of ethical reasoning that requires selecting the correct moral rule that produces the greatest benefits over harm is:, Deontology deals with: and more.
example of ethics of accounting. a. Reporting a contingent liability as probable and recording a loss or not reporting as probably to avoid recording a loss. b. Maintaining relationships with lucrative clients who want aggressive tax reporting.
20 Φεβ 2023 · The prudence principle of accounting, also known as the conservatism principle, states that a business should exercise a good degree of caution when booking incomes and expenses. In particular, is considered wise to book an income only when it is realized.
Prudence Concept requires accountants to exercise a degree of caution in the adoption of policies and significant estimates so that the assets and income of the entity are not overstated whereas liability and expenses are not under stated.
21 Αυγ 2024 · Prudence Concept or Conservatism principle is a key accounting principle that makes sure that assets and income are not overstated, and provision is made for all known expenses and losses whether the amount is known for certain or just an estimation, i.e., expenses and liabilities are not understated in the books of accounting.
Study with Quizlet and memorize flashcards containing terms like The basis of the accounting profession, Integrity, Ethics and more.
