Which of the Following Is Not a Fundamental Principle in Codes

question 14

Multiple Choice

Which of the following is not a fundamental principle in codes of conduct for professional accountants?

• A)Act in the client's best interest
• B)Objectivity and independence
• C)Maintain the good reputation of the profession
• D)Maintain confidentiality
• E)Not to be associated with misleading information

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Definitions:

Most Efficient Output

The level of production where average total costs are minimized.

Explicit Costs

These are direct monetary payments a firm makes to purchase inputs for its production, such as wages, rent, and materials.

Implicit Costs

The opportunity costs of using resources already owned by the firm for production, as opposed to external spending.

Economic Profit

The difference between revenue generated from output and the opportunity costs of inputs used, considering both explicit and implicit costs.