3.Proffessional ethics and introduction to accounting concepts

Question 1

What are the 6 professional ethics that a accountant must follow?

Answer 1

• Integrity.
• Objectivity.
• Professional competence and due care.
• confidentiality.
• adopt professional behavior
• Public Interest.

Question 2

What is confidentiality?

Answer 2

this include not giving private key information to third parties.

Question 3

What is Integrity?

Answer 3

this refers to fair dealing and trustwortiness.

Question 4

What is objectivity?

Answer 4

All accountants must make their own judgements.

Question 5

What are the 5 accounting roles and functions?

Answer 5

• Accounts payable.
• Accounts receivable.
• Payroll.
• Reporting and financial statements.
• checking accounts.

Question 6

Who is the ‘public’ of public interest that accountants need to behave to ?

Answer 6

• investors.
• owners.
• customers.
• competitors.
• Tax payers.