Financial Reporting and Ethics - The Institute of Chartered ...

FINANCIAL REPORTING AND ETHICS6.17 REVISION QUESTIONS6.17.1 MULTIPLE-TIPLE-CHOICE QUESTIONS1. Ethics is a science ofA. morals.B. physiology.C. philosophy.D. psychology.E. religion.2. Which of the following best describes ‘accounting?’I. Recording, classifying and summarizing transactionsII. Identifying, measuring and communicating financial informationIII. Extracting trial balance.A. (i)B. (ii)C. (iii)D. (i) and (ii)E. (ii) and (iii).3. The Virtue Ethics Theory was propounded byA. Hegel.B. Socrates.C. Immanuel Kant.D. Plato.E. Aristotle.4. Where a member is found guilty by the ICAN disciplinary tribunal, hemay face one or more of the following sanctions, EXCEPTA. Suspension or total expulsion from membershipB. Prosecution in a court of lawC. If in practice, withdrawal of rightsD. ReprimandE. Payment of fine.5. The ethical approach which is concerned with the issue of obligation orduty isA. Utilitarianism.B. Teleology.C. Deontology.D. Dilemma.E. Ethical Balance.6.17.2 SHORT ANSWER QUESTIONS1. As a means of resolving the problem of ethical requirements, The Instituteof Chartered Accountants issued for its members a…………………..2. W. Michael Hoffman states that “the ethical thing to do is not always in thebest interest of the………………..”3. According to Section 12(5) of the ICAN Act, a member has a right to proceedfrom the disciplinary tribunal to …………………….144