Ethics Definitions
Ethics in Finance Quiz
Test your knowledge on the essential ethical principles that underpin financial practices. This quiz covers various topics related to ethics definitions and safeguards in the finance industry.
Whether you're a student, professional, or just curious, this quiz will help you enhance your understanding of finance ethics.
Please define 'Self-Interest' Threat
A threat to objectivity if any product or judgement of the member or the firm needs to be re-evaluated
A threat to a member's integrity or objectivity may stem from a financial or other conflict
A threat because of a close or personal relationship
Member may be deterred from acting objectively by threats actual or perceived
Name the two fundamental qualitative characteristics of financial statements
Comparability
Timeliness
Relevance
Faithful Representation
Please select two safeguards in the work environment
Employ unskilled workers
Appropriate disciplinary processes
Leadership that stresses the importance of ethical behaviour
Leadership that focuses on getting the work complete
What does Integrity mean?
Not allow bias
Duty to maintain professional knowledge
Should not disclose information to third parties
Being straightforward and honest
Please define 'Familiarity Threat'
A threat to objectivity if any product or judgement of the member or the firm needs to be re-evaluated
A threat to a member's integrity or objectivity may
A threat because of a close or personal relationship
Member may be deterred from acting objectively
What is a going concern?
Assumes there are financial concerns for the entity
Assumes the entity will continue
Assumes the entity will continue in operation for the foreseeable future
Assumes the entity will continue at the moment but cannot continue forever
What is 'the accounting equation'?
Total assets = current assets + non-current assets
Total liabilities = non-current liabilities + current liabilities
Assets = equity + liabilities
Total = equity + liabilities
What is the definition of Confidentiality?
Should not disclose information to third parties
Straightforward and honest
Not allow bias, conflict or interest or undue influence of others
Should not act unprofessional or does not comply with relevant laws and regulations
What is the definition of Understandability?
Users can compare with previous years and with similar businesses
Information is presented clearly and concisely
Users are assured of information
Users receive information in time to make decisions
What does 'Professional Competence and due care' mean?
Should not act unprofessionally
Duty to maintain professional knowledge
Straightforward and honest
Not allow bias
What is the meaning of 'Advocacy Threat'?
Member promotes a position or opinion to the point that subsequent objectivity may be compromised
Threat to objectivity if any product or judgement of the member or the firm needs to be re-evaluated
A threat to a member's integrity or objectivity may stem from a financial or other self-interest conflict
Because of close or personal relationship
When measuring the elements of financial statements, what is current cost?
Assets are recorded at the amount of cash paid to acquire them
Assets are carried at their price now; not their original price purchased
Amount which could currently be obtained by an orderly disposal
Present discounted value of the future net cash inflows that the item is expected to generate in normal cause of business
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