Which One of the Following Is Not True of the Principles

question 22

Multiple Choice

Which one of the following is not true of the Principles in the AICPA's Code of Professional Conduct?

• A) They provide a framework for the Rules.
• B) They are set forth as enforceable standards.
• C) They express the basic tenets of ethical conduct.
• D) They are expressions of ideals of professional conduct.
• E) They are minimum standards of acceptable conduct.

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Definitions:

Warranty

A guarantee, typically from a manufacturer or seller, that a product will meet certain standards of quality and reliability or that specific repair or replacement actions will be taken if it does not.

Condemned

Property that has been officially taken by a government for public use, or deemed unsafe or unfit for use, often through the process of eminent domain or as a result of health and safety inspections.

Fair Market Value

Fair market value is the price at which an informed, willing, but not compelled buyer would pay to an informed, willing, but not compelled seller in an arm's-length transaction.

Adverse Possession

A principle in property law where a person who does not have legal title to a piece of property acquires legal ownership based on continuous possession of the property for a certain period of time.