Day: November 9, 2026

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

Indicate whether the following statement is true, false, not relevant or depends on the situation.

• A principles-based code requires a professional accountant to comply with a set of specific rules.

Select ONE answer:

1. False
2. True
3. Is not relevant
4. Depends on the situation

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 1

1. Correct – A principles-based code does not contain specific rules for auditor compliance.
2. Not correct
3. Not correct
4. Not correct

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