Which Principle of Accounting from the AICPA Addresses the Standard

question 11

Multiple Choice

Which principle of accounting from the AICPA addresses the standard that professionals should serve the public, honor the public trust, and demonstrate professionalism?

• A) principle 1: responsibilities
• B) principle 2: serve the public interest
• C) principle 3: integrity
• D) principle 4: objectivity and independence

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Definitions:

Charitable Contribution

Donations of money, goods, or services to nonprofit organizations or charities to support their causes and obtain potential tax benefits.

Tax Deduction

An allowable expense that can be deducted from taxable income, thus reducing the overall tax liability.

Fiscal Year

A one-year period used for financial reporting and budgeting that does not necessarily align with the calendar year; the start and end dates are chosen by the company or government entity.

Public Causes

Social or community issues and initiatives that aim to promote the public's interest or welfare.