Why is professional judgment important in accouting?

Q: Why is continuing education required to maintain certification?

A: Auditing is the process by which assertions made by management about financial transactions of a…

Q: Do you believe Gallant’s actions are ethical? Why or why not?

A: Complete data is assumed and referred to a source.

Q: How would you interpret this situation? Is John behaving in an ethical and professional manner?

A: In this case, Lucas believes that reporting operating cash flows per share on the income statement…

Q: definitions

A: Ans. For individuals belonging to various professions their are few code of conducts or ethics which…

Q: Why can’t legal considerations resolve every ethicalquestion?

A: Legal standards are those standards that are set forth in governmental laws. Ethical standards are…

Q: Question: Are count standards and ethical standards the same? TRUE OR FALSE

A: Ethical standards are a set of principles developed by the organization's founding members  to…

Q: What is the difference between best efforts and underwriting?

A: The term best efforts allude to a specialist organization's consent to take the necessary steps to…

Q: What are three ethical principles that may provide some guidance for ethical responsibility?

A: Definition: Ethics can be defined as a conduct adopted by an individual in making the selection…

Q: What is a reasonableness test?

A: Reasonableness tests is an analytical procedure used to examine the validity of the accounting…

Q: Who are the CPAs who encounter Ethical Dilemmas?

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

Q: Which of the following would be an example of a reasonable assurance engagement?

A: The audit is done in order to review the financial statement and finds the errors and misstatement…

Q: difference morality and ethics?

A: Ethics are principles that regulate the behavior of employees while conducting any activity. It is…

Q: How should recommendations and suggestions by a covered member to a client be handled?

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: on based

A: There are three main models of the judicial decision-making that explain how judges come to a…

Q: What is CPA?

A: CPA is certified public accountant.

Q: Should standards be used to identify whom to blame for problems?

A: Standards are set to identify whether the actual activity is performed efficiently. The variances…

Q: What does Internal Control provide reasonable assurance for?

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: What are the differences between engineers and other people?

A: Engineers are Ambitious and determined They will dream big and push themselves  They have a growth…

Q: Ethical Character Traits are?

A: A set of principles that dictate a person's behavior and actions are known as ethics.

Q: Why is a policy statement important?

A: A policy statement or an investment policy statement is a document created by the investment…

Q: Should standards be used to identify who to blame for problems?

A: Standards are set to identify whether the actual activity is performed efficiently. The variances…

Q: Do you believe that our beliefs trigger our actions, or do we act and then justify our actions by…

A: Set of beliefs means person's opinion related to any aspect of life.Beliefs can be…

Q: Would it be easy for Perlman to take the ethical action in this situation?

A: Ethics: Ethics can be defined as a conduct adopted by an individual in making the selection between…

Q: Ethical behavior is most likely to be compromised when the

A: Ethical Behavior is most likely to be compromised when the personal ethics of businesspeople are…

Q: What is underpricing? Why is it used? What evidence do we have to support the belief that…

A: Underpricing is a common term used in Initial public offering of shares of a private company which…

Q: What is a postaudit? What are its potential benefits?

A:

Q: Which of the following statements is incorrect with respect to the ethical branch of stakeholder…

A: Stakeholder theory is the theory which states how well an organization can do better in their…

Q: Are you able to differentiate between risks that are inherent and those that can be controlled?

A: Inherent risk- A material mis-statement that occurs due to error or due to omission  in the…

Q: Why should you discuss the rights and responsibilities of all parties with a client?

A: A customer who enters into a service contract must furnish the provider with all information he…

Q: Professional skepticism is

A: Answer with explanation related to Professional Skepticism is given below,

Q: Distinguish between ethical issues and legal issues.

A: Definition:   Ethics: Ethics are moral obligations that are enforced by society or personal beliefs.…