Which of the Following Items Is the Most Important Principle

question 37

Multiple Choice

Which of the following items is the most important principle in the "fundamental statements of accepted conduct"?

• A)Maintain the reputation of the profession.
• B)Act with due care.
• C)Maintain independence.
• D)Act with professional courtesy.

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Definitions:

Uncollectible Accounts

Accounts receivable that are considered unlikely to be collected and thus written off as a bad debt expense.

Idle Cash

Idle cash refers to funds that are not currently invested, earning interest, or being used in operations, often representing missed opportunities.

Treasury Bills

Short-term government securities with maturities ranging from a few days to 52 weeks, often considered risk-free investments.

Commercial Paper

An unsecured, short-term debt instrument issued by corporations, typically used for the financing of payroll, accounts payable, and inventories.