One Mark of a Professional Is Adherence to a Code

question 10

Multiple Choice

One mark of a professional is adherence to a code of ethical behavior. Which of the following statements is most true?

• A)As the phrase is used in accounting, "code of ethical behavior" refers to utilitarianism and other schools of ethical thought.
• B)As the phrase is used in accounting, " code of ethical behavior" refers to meta-ethics.
• C)Both A and B are true.
• D)Neither A nor B is true.

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Definitions:

Fair Market Value

The price at which an asset would sell in an open and competitive market where both buyer and seller are knowledgeable, willing, and under no pressure to buy or sell.

Partnership Agreements

Legal documents outlining the terms, conditions, and operational procedures among partners in a partnership.

Admission of New Partners

The process through which a new individual is accepted into a partnership, often involving changes to the partnership agreement.

Withdrawals

Money taken out from a bank account or the act of removing assets from a business by the owner for personal use.