Which of the Following Is a Correct Statement Regarding the Code

question 7

Multiple Choice

Which of the following is a correct statement regarding the Code of Ethics of the International Ethics Standards Board for Accountants (IESBA) ?

• A)The IESBA Code applies only to members in public practice.
• B)The five fundamental principles of the IESBA Code are identical to the AICPA's principles of professional conduct.
• C)The IESBA Code contains specific standards addressing many of the same issues addressed in the AICPA Code of Professional Conduct.
• D)All of the above statements are correct.

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Definitions:

Bearer

An individual in possession of a negotiable instrument or security that is payable to whomever holds the document.

Holder in Due Course

A legal term referring to a party that has acquired a negotiable instrument in good faith and for value, with certain protections against previous claims.

Good Faith

An implied promise to act honestly and not take unfair advantage in transactions.

Primarily Liable

Refers to the party or entity that bears the main responsibility in fulfilling an obligation or debt, without dependence on the failure of another party.