A Violation of the Profession's Ethical Standards Would Least Likely

question 71

Multiple Choice

A violation of the profession's ethical standards would least likely have occurred when a CPA in public practice

• A) Used a records-retention agency to store the CPA's working papers and client records.
• B) Served as an expert witness in a damage suit and received compensation based on the amount awarded to the plaintiff.
• C) Referred life insurance assignments to the CPA's spouse, who is a life insurance agent.
• D) Failed to file his personal tax return.

Recognize the importance of secure transactions and the technologies that enable them, such as Transport Layer Security (TLS).

Understand the different types of disaster recovery sites and their roles in business continuity.

Differentiate between legal and illegal activities in the context of competitive intelligence and cyber activities.

Recognize social engineering techniques and the importance of vigilance in organizational security.

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Definitions:

Service Department Costs

Expenses associated with departments that do not directly produce goods but provide essential services to those that do, like maintenance and security.

First-In, First-Out Method

An inventory valuation method where goods first received are the first to be sold or used, assuming that older inventory is sold before newer stock.

Cost Reconciliation Report

A document that analyzes and reconciles the differences between the cost of beginning inventory, the cost of goods manufactured, and the cost of goods sold.

Work in Process Inventory

Goods that are in various stages of completion in the production process but are not yet finished products.