The AICPA's Code of Professional Conduct

question 9

Multiple Choice

The AICPA's Code of Professional Conduct:

• A) Applies only to accountants who work in public accountant practice as licensed CPAs
• B) Potentially applies to all licensed CPAs, whether they work in government, industry, academia, or public practice
• C) Provides a comprehensive definition of the accounting standards that collectively comprise GAAP
• D) Provides a comprehensive set of the accounting standards that comprise both GAAP and GAAS

Comprehend the various approaches to managing and analyzing product costs that include joint costs.

Assess the use and impact of subjective determinations in cost allocation methods.

Understand the role and accounting for support department costs.

Identify and evaluate the methods for allocating joint costs and their appropriateness given the context.

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Definitions:

Uncertified Check

A check that the bank has not guaranteed or verified regarding the availability of funds, standing in contrast to a certified check.

Presented For Payment

The act of submitting a financial instrument, such as a check or draft, to the responsible party for the transfer of funds as specified.

Negotiable Instrument

A written document guaranteeing the payment of a specified amount of money, either on demand or at a set time, with the payer named on the document.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, including sales of goods and secured transactions.