The Duty of Confidentiality Arises When

question 14

Multiple Choice

The duty of confidentiality arises when:

• A) A professional accountant and client agree to it in their contract for services
• B) A professional accountant expressly agrees to abide by the AICPA's Code of Professional Conduct
• C) Automatically for a professional accountant under the IFAC Code of Conduct, but not under the AICPA's Code of Professional Conduct
• D) Automatically for a professional accountant, under both the IFAC and AICPA Codes of Conduct

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Definitions:

Price Floor

A government- or authority-imposed minimum price that can be charged for a good or service to prevent prices from dropping too low.

Equilibrium Price

The price at which the quantity of a good or service demanded by buyers equals the quantity supplied by sellers.

Rationing Mechanism

A system designed to allocate goods or services among interested users, often used when demand exceeds supply.

Discrimination

The unjust or prejudicial treatment of different categories of people or things, especially on the grounds of race, age, or sex.