Prudence includes and prudence is the virtue

Assignment Help Financial Management

Reference no: EM131943585

1. A CPA in public practice may NOT disclose confidential client information regarding audit services without the client’s consent in response to which of the following situations (Bisk 32-39):

A court-ordered subpoena or summons

A review of the CPA’s professional practice by a state CPA society

An inquiry from the professional ethics division of the AICPA

A letter to the client from the IRS

2. People develop a positive reputation with their peers by all of the following except:

Telling the truth

Keeping commitments

Being expert in your profession

Hoarding money

3. Prudence includes:

Cutting corners where necessary to meet budgets

Stabbing competitors in the back

Helping others by giving away money

Carefully planning for the future

4. The “invisible hand” uses the prudent efforts of market participants to:

Make a few people wealthy

Produce unwanted goods and services

Better the economic condition of society as a whole

Drive up prices

5. Prudence is the virtue that:

Focuses on benefitting other people

Focuses on the security, reputation, comfort and happiness of the individual

Focuses on refraining from harming others

6. Prudence may be describes as:

A popular virtue

A superfluous virtue

A commercial virtue

A glamorous virtue

7. Virtues are:

Characteristics which are worthy of admiration

Characteristics which are guaranteed to bring financial success

Habits which we develop from memorizing the rules of morality

Characteristics of Hollywood stars

8. The primary virtues identified by Adam Smith in “Theory of Moral Sentiments” are:

Prudence, Justice, Sympathy, Courage

Prudence, Wisdom, Courage, Self-Command

Prudence, Justice, Benevolence, Self-Command

Justice, Sympathy, Self-Command, Intelligence

9. “Due Care” means:

Doing whatever it takes to keep the client happy

Being ambitious

Always staying within budget

Being competent and diligent, doing the job right

10. The education of an accountant includes:

On-the-job-training

Continuing professional education

150 hours of college credit hours

All of the above

Reference no: EM131943585

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