Which Is Not a Key Principle in the MRS Code

question 21

Multiple Choice

Which is not a key principle in the MRS code of conduct?

• A) Respect the confidentiality of information collected in their professional activities.
• B) Balance the needs of individuals, clients, and their professional activities.
• C) Do not be straightforward and honest in all professional and business relationships.
• D) Protect the reputation and integrity of the profession.

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Definitions:

Time Value

The concept that money available at the present time is worth more than the same amount in the future, due to its potential earning capacity.

Fair Value Allocation

The process of estimating the market value of assets and liabilities acquired in a business combination for the purpose of financial reporting.

Intangible Asset

An intangible asset is a non-physical asset possessed by a company, such as patents, trademarks, and goodwill, that can produce future economic benefits.

Impairment

This term refers to a permanent reduction in the value of a company's asset, typically as a result of a change in market conditions or damage to the asset.