Accountants Owe a Fiduciary Duty to Their Clients Based on Elements

question 13

Multiple Choice

Accountants owe a fiduciary duty to their clients based on elements of trust and confidence.Which of the following would also be strongly supported by an accountant's fiduciary duty?

• A) reliance on skill,knowledge,and advice
• B) fulfilling a public function
• C) reliance on honesty and integrity
• D) reliance on professional-client privilege

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Definitions:

Peace Conference

A meeting held with the aim of resolving conflicts and establishing peace between disagreeing or warring parties.

Committee on Public Information

An independent agency of the U.S. government created during World War I to influence public opinion and promote support for the war through propaganda.

Civil Liberties

Fundamental rights and freedoms protected by law from governmental interference or deprivation.

Socialist Party

Political party demanding public ownership of major economic enterprises in the United States as well as reforms like recognition of labor unions and woman suffrage; reached peak of influence in 1912 when presidential candidate Eugene V. Debs received over 900,000 votes.