A Professor Asked a Student, "Did You Have a Chance

question 264

Multiple Choice

A professor asked a student, "Did you have a chance to look at the reading?"   The student responded, "Yes." The professor commended the student for keeping up with assignments in the course and awarded participation points to the student. The student had, in fact, looked at the reading, but he had not actually done the reading. "Hey, he just asked me if I had a chance to look at the reading, and I told the truth." The student:

• A) Has not committed an ethical violation.
• B) Has given or allowed a false impression.
• C) Is to be commended for finding a loophole.
• D) Both a and b

---

Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) for global use.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, which are a set of accounting standards used for financial reporting.

Norwalk Agreement

An agreement between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to make their existing financial reporting standards fully compatible as soon as practicable and to coordinate their future work programs to ensure compatibility.

SEC

The Securities and Exchange Commission (SEC) is a U.S. government agency responsible for regulating the securities markets and protecting investors by ensuring transparency, fair dealing, and enforcement of securities laws.