Which of the Following Statements Best Defines the Principle of Independence

question 17

Multiple Choice

Which of the following statements best defines the principle of independence as per AICPA's Code of Professional Conduct,ET Sec.55,Article IV?

• A) It requires a member to discharge professional responsibilities with competence and diligence.
• B) It imposes the responsibility to render services promptly and carefully, to be thorough, and to observe applicable technical and ethical standards.
• C) It precludes relationships that may appear to impair a member's objectivity in rendering various professional services.
• D) It induces members to disclose any confidential client information without the specific consent of the client.

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Definitions:

Costs And Benefits

This is an analysis approach that compares the potential outcomes and implications, in terms of costs and benefits, of an action or decision.

Marginal Social Benefit

The extra advantage to society that comes from using an additional unit of a product or service.

Marginal Social Cost

The total cost to society of producing one additional unit of a good, including both private costs and externalities.

Pollution

The presence in or introduction into the environment of substances or things that have harmful or poisonous effects.