In Research on Ethical Issues Faced by Accountants in Australia,it

question 26

Multiple Choice

In research on ethical issues faced by accountants in Australia,it was found that the three most common ethical issues faced were:

• A) overcharging, professional competence, conflicts of interest
• B) confidentiality, honesty, admitting to mistakes
• C) conflicts of interest, client proposals to manipulate financial statements and client proposals for tax evasion
• D) using inside information for personal gain, client proposals for tax evasion, whistle blowing

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Definitions:

Prepaid Expenses

Expenses paid in advance for goods or services to be received in the future.

Insurance Expense

The cost associated with purchasing insurance to protect against various risks, recorded as an expense.

Unearned Revenue

Money received by a company for goods or services yet to be provided. It is considered a liability until the service is delivered or the product is provided.

Investments

Assets purchased with the aim of generating income or appreciation, including securities, real estate, and other financial assets.