Accounting Multiple Choice Question – 19 January 2024

There are two main approaches to a code of professional ethics: a rules-based ethical code and a code based upon a set of principles.

Indicate whether the following statements are false.

1. A code based upon a set of principles requires a professional accountant to comply with a set of specific rules.
2. A rules-based code requires a professional accountant to identity, evaluate and address threats to compliance with fundamental ethical principles.
3. The ICAEW uses a rules-based approach.

Select ONE answer:

1. 1 and 2
2. 1,2 and 3
3. 2 and 3
4. None of them

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

1. Not correct
2. Correct
3. Not correct
4. Not correct

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