Which Ethical Standard Has Been Violated If an Accountant Fails

question 34

Multiple Choice

Which ethical standard has been violated if an accountant fails to prepare financial statements according to industry standards?

• A)Competence
• B)Confidentiality
• C)Integrity
• D)Credibility

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Definitions:

Nominal Damages

Monetary damages awarded to a plaintiff in a very small amount, typically $1 to $5, to signify that the plaintiff has been wronged by the defendant even though the plaintiff suffered no compensable harm.

Actual Damages

Financial compensation awarded to a plaintiff to recover losses directly resulting from a defendant's actions.

Substantial Performance

A level of performance of a contract deemed acceptable even if it does not comply with all terms, due to substantial compliance with the contract.

Conditions Precedent

Specific conditions outlined in a contract that must be met before a party is required to fulfill their part of the agreement.