One of the Fundamental Principles of the Code of Ethics

question 70

Multiple Choice

One of the fundamental principles of the Code of Ethics for Professional Accountants deals with professional behaviour. This requires accountants to:

• A) be straightforward and honest.
• B) maintain their knowledge and skill at an appropriately high level.
• C) refrain from any conduct that may bring discredit to their profession.
• D) all of the above

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Definitions:

Product Differentiation

A strategy used by companies to distinguish their products from those of competitors based on features, quality, or design.

Economic Welfare

The overall well-being and standard of living of individuals and societies, often measured by factors such as income, health, and education.

Economies of Scale

Businesses enjoy cost savings resulting from their size of operations, wherein the cost per unit produced usually drops with greater scale.

Barriers to Entry

Obstacles that make it difficult for new competitors to enter a market, such as high startup costs, access to technology, and strict regulations.