Ethics and Professionalism in Accounting

AC 216 morality and Professionalism in Accounting Exam 1 remark SOLUTIONS Part I. Multiple Choice (2 pts each, 40 pts total) Instructions Select the sensation best answer to each question. 1. The insufficient anchor ad skillfulment cognitive bias refers to a. placing too much logical implication on the average value. b. placing signification on an err unmatchedous prior value. c. overconfidence in ones decision based on insufficient information. d. placing too much significance on a value which is the hardest to rec exclusively(prenominal). 2. Which of the undermentioned characteristics typifies a complicated surroundings? . good practice. b. process reengineering. c. exclusive use of experts. d. best practice. c arguably makes sense merely the word exclusive makes it less than the best answer. 3. Which of the avocation statements is correct a. Problems can be universally agreed upon, while exposes ar subject to greater depth of debate. b. Problems and caters be twain eternally universally agreed upon. c. Issues can be universally agreed upon, while problems atomic number 18 subject to greater depth of debate. d. Problems argon exactly the selfsame(prenominal) as issues. 4.Deciding whether to use strawberry or grape jam on ones sandwich is a. non a moral issue because no real decision needs to be made. b. a moral issue because a choice between alternatives is required. c. not a moral issue because no component of harm exists. d. a moral issue because consequences ar important. 5. Ksenia believes that success is under her own ascertain. She roughly likely has a/an a. broad(prenominal) internal locus of incorporate b. high external locus of control c. high locus of control d. a lack of locus of control 6. Kohlbergs theories on ethical cognizance state that . differing levels of ethical aw beness exist. b. locus of control determines ones level of ethical awareness. c. close to individuals reach a stage 3 level of ethical awareness. d. b oth A and C are correct. 7. Which of the following statements regarding Trevinos eight stairs to ethical decision making are incorrect? a. The simulation starts dark with mechanical steps followed by personal ones. b. Identification of stakeholders and weighing alternatives are two separate steps. c. In real life decision making, not all eight steps are always followed. d.The role of hunch is not considered. 8. Which of the following ethical glide slopees is considered to be a combine framework? a. Kant morality. b. Sidgwicks dualism. c. Love ethic. d. Existentialism. 9. The Existentialism approach is similar to the egoism approach in what regard? a. Both are teleological approaches. b. Both are deontological approaches. c. Both have a narrow individual focus. d. Both counterweight individual and group considerations. 10. Which of the following statements is correct? a. Business ethics deals altogether with the theory behind right and wrong. b.Business ethics deals with the a pplication of standards of right and wrong. c. Ethics and law are synonymous. d. Ethics and morality are exactly the same since both deal with application of right and wrong. 11. Which of the following describes law and ethics. a. They are exactly the same. b. Some legal actions may not be ethical. c. totally ethical actions are too legal. d. All legal actions are also ethical. 12. According to the textbook and class discussion, U. S. Federal Sentencing Guidelines a. Treat all firms as despite their attempts to act ethically. b.Increase the severity of penalties for firms that seek to act ethically but failed to do so. c. Attempt to reduce the severity of penalties when a firm has tried to act ethically. d. Treat misconduct as a clear turn out matter of right or wrong. 13. The argument for extreme ethical relativism fails because a. It is illogical. b. It advocates a consequentialist decision making framework. c. It advocates a mixed framework approach. d. Both A and C are corr ect. 14. Ethical conduct depends largely on a. skinny decision making. b. Practical application of standards of right and wrong. . Making decisions when not all facts are known. d. All of the above. 15. Which of the following best typifys a Contractarian Ethics approach? a. Treating like cases in a consistent and reasonable manner. b. Focusing on overall collective benefit for society. c. Balancing just actions for individuals only. d. Everyone should look out for themselves only. In this way, overall society benefits. 16. A delimit of practices, for polite society, common to a particular group is called a. etiquette. b. custom. c. law. d. professionalism. 17. According to Jim collins great companies focus on a.Short-term goals only. b. Long-term goals only. c. Both short and grand term goals. d. Neither short nor long term goals. 18. Intuitionalism a. is a mixed framework. b. emphasizes rules and exceptions to the rule. c. a deontological framework. d. Both a and b 19. Which of the following is correct regarding the definitions of the following terms? Morality Ethics a. divinatory Practical b. Practical Theoretical c. Theoretical Theoretical d. Practical Practical 20. Which of the following statements regarding business ethics is incorrect? a. The mechanics of thinking and decision making are light upon components. b. Use of different approaches and frameworks always yields the same decision since there is always a best option. c. Decisions often need to be made when all facts are not known. d. Just because more than one option exists, it does not mean that all options are acceptable. Part II. Essay (20 points each 60 points total)Prepare a proper essay response to all three of the questions appearance below. 1. Define the notion of an ethical dilemma. What tests are available which help to aim the presence of an ethical dilemma? 2. If you had to choose just one of the philosophic approaches discussed in this chapter to guide your decision ma king, which would you choose? Why? Or, if you had to rank them from most to least helpful, how would you rank them? 3. Citing an example to help illustrate your point, define and ease up the 8 steps recommended in ethical decision making as discussed by Trevino.