Under the Code of Ethics for CPAs, what should a CPA do in regards to their responsibilities as a professional?
A) The CPA should demonstrate commitment to the profession by respecting and maintaining the public trust.
B) The CPA should perform all professional activities with highest regards for integrity.
C) The CPA should exercise "due care," through professional improvement.
D) The CPA should avoid conflicts of interest and the appearance of conflicts of interest in performing their professional responsibilities.
E) The CPA should use a high level of morality that is sensitive to bringing credit to their profession.
Answer: E
Explanation: E) Under Responsibilities as a Professional, the CPA should exercise their duties with a high level of morality and in a manner that is sensitive to bringing credit to their profession.
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The sale price of a property is $100,000. The buyer pays $10,000 down and makes one payment of $268 on the existing loan balance of $50,000, bearing interest at 5%. The buyer then makes a second (monthly) payment of $253 to the seller on $40,000 owner-carried financing, bearing interest at 6.5%. What type of land contract is this an example of?
a. Straight b. Wrap-around c. Power of sale d. All of the above
States that limit the freedom of religious expression with laws based on religious principles most likely follow the political system of:
A. theocratic totalitarianism. B. communist totalitarianism. C. right-wing totalitarianism. D. pure democracy. E. representative democracy.