Which of the Following Is Correct with Respect to Accounting

question 211

Short Answer

Which of the following is correct with respect to accounting ethics?
It is difficult for one person to make a difference; rather, what is required is organization-wide action to ensure ethical accounting behaviour.
The ultimate purpose of strong ethical standards in accounting is to maintain public confidence in business institutions and financial markets.
The U.S. CPA Code of Ethics does not address the conflict of interest problem.
To date, there has been no legislation passed in either the U.S. or Canada which is designed to ensure that the general public has confidence in the work of accountants.
All of these are correct.

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Definitions:

Industrialized Countries

Nations characterized by a significant level of industrialization, with a major portion of the economy based on manufacturing and services.

Democracy

A form of government in which power is held by the people, either directly or through elected representatives.

Postmaterialist Argument

This argument suggests that as societies become more economically developed, their citizens increasingly prioritize values such as environmentalism, equality, and personal freedom over material or economic concerns.

Liberal Democracies

Political systems characterized by free and fair elections, rule of law, protection of rights and freedoms, and the separation of powers.