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ETH 557 Final Exam

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ETH 557 Final Exam

1. In 2003, FASB and IASB met and established four criteria for establishing revenue recognition. To recognize revenue, which of the following conditions must be present?

2. Failure to provide any care in fulfilling a duty owed to another is called

3. Which of the following is a fundamental characteristic of the market system?

4. The income effect indicates that

5. The price elasticity of demand coefficient measures

6. A normative statement is one that

7. Many conflicts of interest in business contracts can be remedied ethically by which of the following?

8. Four professional general standards and responsibilities for Certified Public Accountants are quality control and assurance, professional judgment, competence, and:

9. In 2002, Adelphia Cable filed bankruptcy when it was discovered that

10. When budgets are used to measure performance, there is a danger that budgetary slack may occur. This happens when

11. ABC Company owes XYZ Enterprises $1 million for goods purchased from XYZ over a year ago. XYZ Enterprises continues to list the $1 million in their accounts receivable balance and does not record any allowance for doubtful accounts. XYZ Enterprises is failing to follow

12) The EU Privacy Directive presents problems for the United States in that

13) When revenue is recognized and shipment has not been made and the criteria for recognizing revenue on bill-and-hold transactions set out in SEC Staff Accounting Bulletin No. 101 have not been met, this is known as

14. According to the Agency Theory, in a corporation there are two types of information consumers known as

15. Tom Donaldson and Tom Dunfee are proponents of ethical guidelines related to technology that are based on differentiating hypernorms from nonhypernorms. This theory is known as

16. When the economist says that economic wants are insatiable, this means that

17. The pursuit of self-interest

18) The bankruptcy of WorldCom in 2002 was due to the company’s actions in

19) Productive efficiency refers to

20. Agency costs arise when agents fail to act in the best interests of the principals. One example of losses from poor decisions would be

21) If the price of normal good X rises, the income

22) Section 55 of the Principles of Professional Conduct of the AICPA states that

23) The concept of economic efficiency is primarily concerned with

24. Which of the following is a normative statement?

25. Suppose that as the price of Y falls from $2.00 to $1.90 the quantity of Y demanded increases from 110 to 118. Then, the price elasticity of demand is

26) Other things equal, an excise tax on a product will

27) If a conflict of interest arises prior to entering into a business contract, the parties should

28) Assuming an economy has fixed quantities of resources, that economy

29) When evaluating the performance of managers in investment centers, performance metrics should be based on

30. When applying for a bank loan or trade credit, one way a company can appear to be in a healthier financial position would be to

ETH 557 Final Exam 1. In 2003, FASB and IASB met and established four criteria for establishing revenue recognition. To recognize revenue, which of the following conditions must be present? 2. Failure to provide any care in fulfilling a duty owed t
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