Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

Financial Accounting

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

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Multiple Choice

Which of the following actions is most likely to violate the AICPA Code of Professional Conduct?

Refusing to perform an audit due to a conflict of interest

Disclosing a client’s confidential information with their written consent

Maintaining independence from a client during an engagement

Knowingly issuing a misleading financial statement to benefit a client

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Verified step by step guidance

Step 1: Understand the AICPA Code of Professional Conduct, which sets ethical standards for accountants, including principles such as integrity, objectivity, independence, and confidentiality.

Step 2: Analyze each action listed in the problem to determine whether it aligns with or violates the AICPA Code of Professional Conduct. For example, refusing to perform an audit due to a conflict of interest demonstrates adherence to ethical standards, as it avoids compromising objectivity.

Step 3: Evaluate the action of disclosing a client’s confidential information with their written consent. This is permissible under the AICPA Code, as written consent ensures the client’s approval and does not breach confidentiality rules.

Step 4: Consider the action of maintaining independence from a client during an engagement. Independence is a fundamental principle of the AICPA Code, ensuring unbiased and objective judgment during professional services.

Step 5: Examine the action of knowingly issuing a misleading financial statement to benefit a client. This violates the AICPA Code of Professional Conduct, as it breaches integrity and objectivity, and undermines the trustworthiness of financial reporting.