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Acct 424 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

What is the basis of accounting?

A

Integrity

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2
Q

A person with integrity will act out of what instead of expediency?

A

Moral principle

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3
Q

What does integrity mean?

A

Person acts on principle — a conviction that there is a right way to act when faced with an ethical dilemma.

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4
Q

What is key to carrying out the golden rule?

A

Integrity

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5
Q

In western tradition of ethics it is sometimes called what?

A

Moral philosophy

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6
Q

Ethics and morals are sometimes used interchangeably but they are different. What is the difference between the two?

A

Ethics — refer to rules provided by an external source such as codes of conduct for a group of professionals
• involves the study and application of standards and judgements

Morals — refer to an individuals own principles regarding right and wrong and may be influenced by an religion or societal mores
•employ moral standards/principles against which we compare what we see in order to form a conclusion

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7
Q

Ethics consists of

A

(1) accepted standards for proper behavior
(2) practices a profession follows
(3) laws established and enforced in society
(4) expectations of those live and behave in society

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8
Q

Ethics indicates how people should act and it is prescriptive

A

True

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9
Q

What are values?

A

Basic and fundamental beliefs that guide or motivate attitudes or actions

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10
Q

Values is concerned with how a moral person should behave to act in an ethical manner.

T OR F

A

FALSE

Ethics is concerned with HOW people should behave to act in a ethical manner

Values is concerned with how a person behaves in certain situations and is predicted on a person beliefs that may or may not be ethical

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11
Q

Being ethical is the same as following the law

T OR F

A

FALSE IT IS NOT

Ethical people always try to be law abiding, there may be instances where their sense of ethics tells them to not follow the law

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12
Q

Laws create a minimum of standards.

A

True

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13
Q

What is known as the moral point of view?

A

Is where the decision maker is willing sometimes to take action that may not be in his or her best interest

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14
Q

What is ethical relativism?

A

Is a philosophical view that what is right or wrong and good or bad is not absolute but variable and relative depending on person or social situation

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15
Q

What is situation ethics?

A

Takes normative principles such as virtual, law and Kant’s categorical imperative that relies on actions and generalized them so the agent can make sense of ones experience when confronting ethical dilemma

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16
Q

Ethical relativism uses universal moral principles, claiming moral codes are strictly subjective and situational ethics do recognize existence of normative principles but do not question whether it should be applied as directives or used as guidelines instead

T or F

A

Partial of this statement is FALSE

Ethical relativism DOES NOT USE

Situational ethics DOES QUESTION

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17
Q

Hofstede identified 4 cultural dimensions, what are the 4?

A

1) power distance
2) individualism
3) masculinity
4) uncertainty avoidance

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18
Q

What is individualism ?

A

Focuses on the degree that society reinforces individual or collective achievement and interpersonal relationships

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19
Q

In individualistic societies people with high IDV look after who?

In collectivist societies, people with low IDV belong in what?

A

Themselves and direct family

In groups that take care of them in exchange for loyalty

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20
Q

What is uncertainty of avoidance?

A

Describes the tolerance for uncertainty and ambiguity within society

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21
Q

Someone with high UAI, has high or low tolerance for uncertainty and ambiguity?

A

Low

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22
Q

Someone with Low UAI, has high or low tolerance for variet if opinions

A

High

23
Q

What are virtues?

A

Are attitudes, dispositions or character traits that enable us to be and to act in ways that develop this potential

24
Q

What are the six pillars of character?

A

1) trustworthiness
2) respect
3) responsibility
4) fairness
5) caring
6) citizenship

25
Q

Dimensions of trustworthiness include what?

A

1) honesty
• express truth as we know it

2) integrity
• essential element in trusting that person
• act on principle rather than expediency

3) reliability
•promises we make are relied on and must follow
through

4) loyalty
• requires to keep financial and other info
confidential when deals with employer or client

26
Q

Integrity means to act on what?

A

Principle rather than expediency

27
Q

6 pillars

  1. Respect
  2. Responsibility
  3. Fairness
  4. Caring
  5. Citizenship
  6. Trustworthiness
A

2) responsibility
• accountable for what we do and who we are

3) fairness
• treat others equally
• can be equated with objectivity

4) caring
• caring is empathy

5) citizenship 
   • includes civic virtues and duties that prescribe on how we ought to behave as a part of the community
   • must obey laws 
  • be informed 
   • volunteer 
   • vote
28
Q

What is objectivity?

A

Means financial and accounting information needs to be presented free from bias that is consistent with the evidence and not based on ones opinion

29
Q

What is empathy?

A

The ability to understand be sensitive to and care about the feelings of others

Caring and empathy support each other and

30
Q

Caring and empathy support each other and allows a person to what?

A

To our herself in the position of another. This is essential to decision making

31
Q

Can u be civil and not entirely ethical?

A

Yes

Can be well behaved and gracious to others but still be motivated by non ethical values

32
Q

Can you be ethical and not terribly civil?

A

Treating others badly and disrespect means u have not confirmed to the pillars of character

33
Q

Professionalism and work ethic are important qualities of accounting professionals

T OR F

A

True

34
Q

What are the two important teleological philosophies that typically guide decision making in an individual business decisions?

A

1) egoism

2) utilitarianism

35
Q

What is egoism

A

Defines right or acceptable behavior in terms of its consequences for the individual

36
Q

What do egoists believe?

A

They believe that they should make decisions that maximize their own self interest

37
Q

What is Enlightened egoism?

A

Emphasizes more of a direct action to bring about the best interests of a society

Allow for well being of others because they help achieve some ultimate goal for decision makers while self interest is still paramount

38
Q

What is utilitarianism?

A

Follows a relatively straightforward method for deciding the morally correct course of action for any particular situation

39
Q

What are the steps that utilitarians follow?

A

1) identify various courses of action

2) determine the consequences of all alternatives and select one that provides greatest benefit

40
Q

What are act utilitarians?

A

Examine the action itself rather than general rules governing actions to asses whether it will result in greatest utility

41
Q

What are rule utilitarians?

A

Must choose action that conforms to general rule that would have best consequences

42
Q

What is deontology?

A

Refers to moral philosophies that focus on rights of individuals and on the intentions associated with a particular behavior rather than on consequences

43
Q

What do deontologsts believe?

A

Believe moral norms establish the basis for action

Based on reasons not outcome

44
Q

What is a right?

A

Justified claim on others

45
Q

Justice is associated with what?

A

Rights
Fairness
Equality

46
Q

Justice and fairness are used interchangeably but there are some differences.

What are the differences?

A

1) justice —> used with reference to standards rightness

2) fairness —> used with regard to an ability to judge without reference to ones feelings or interests

47
Q

Virtue theorists place emphasis on learning rules and stress less on importance of developing good habits of character?

T or F

A

F

LESS ON RULES AND STRESS MORE ON habits

48
Q

Cardinal values consist of?

A

1) wisdom
2) courage
3) temperance
4) justice

49
Q

Other important virtues consist of?

A

1) fortitude
2) generosity
3) self respect
4) good temper
5) sincerity

50
Q

Are CPAS legally held to principles?

A

No

51
Q

The principles of the AICPA code are based on what?

A

Values of the profession and traits of character (virtues) that enable CPAs to meet their obligations to the public

52
Q

Principles include?

A

(1) responsibilities
(2) public interest
(3) integrity
(4) objectivity and independence
(5) due care
(6) scope and nature of services

53
Q

Objectivity applies to all CPAs or just some CPAs?

A

ALL CPA

54
Q

Independence applies to some CPA or all CPA?

A

Applies to only CPA who provide attestation services ( auditing and other assurance services) not tax and advisory services)

Acct 424 (4 decks)

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