The Fundamental Ethical Principles Identified Under Generally Accepted Government Auditing

question 26

Multiple Choice

The fundamental ethical principles identified under generally accepted government auditing standards (GAGAS) include all of the following except:

• A) Public interest.
• B) Proper use of government information, resources, and position.
• C) Oath of office.
• D) Professional behavior.

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Definitions:

Just-In-Time Performance

A strategy focusing on minimizing inventory and producing goods exactly when needed to meet demand, aiming for efficiency and waste reduction.

Mass Customization

An approach to manufacturing that combines the flexibility and personalization of custom-made products with the low unit costs associated with mass production.

Tax Losses

Financial losses that can be offset against other gains or income for tax purposes, potentially reducing the overall tax liability.

Cash Flow

The aggregate of funds entering and exiting a corporation, significantly impacting its liquidity levels.