Which of the Following Statements Is True of the Standards

question 29

Multiple Choice

Which of the following statements is true of the standards of professional organizations?

• A) NACVA's Professional Standards, which are applicable to its members when providing any taxation services, require compliance with the ten fundamental rules.
• B) AICPA, the world's largest valuation services organization, requires its members to comply with six fundamental principles as per AICPA's Code of Professional Standards.
• C) Seven consulting service standards are contained in Statement on Standards for Consulting Services No. 1, including the four general standards provided by Rule 203 of the ACFE Rules of Professional Conduct.
• D) Six principles are identified in the AICPA Code of Professional Conduct and they call for a commitment to moral behavior and an emphasis on maintaining the public's trust.

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Definitions:

Expected Life

The estimated duration over which an asset is anticipated to be usable for its intended purpose, often affecting depreciation calculations.

Accrued Salaries

Salaries that have been incurred but not yet paid, representing a liability for the employer.

Salaries Expense

An expense recorded to represent wages or salaries paid to employees.

Salaries Payable

The liability account that contains the amounts of any salaries owed to employees, which have not yet been paid.