Read "It's Time for Principles-Based Accounting Ethics" which can be accessed through theDeVry Library Services(Links to an external site.)

. In answer the following questions:

1. Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards? Why or why not?
2. Describe the five cardinal virtues of professional accountants that the article's authors discuss.
3. We've talked about rules-based versus principles-based accounting standards. Should we have rules-based ethics standards? Why or why not? Should they tell you exactly what to do in specific ethical situations?
4. Read theAICPA Code of Professional Conduct(Links to an external site.)
5. (pdf version) and summarize any TWO of thebelow contents of Part I of the Code of Conduct.

• Introduction
• 1.100 Integrity and Objectivity
• 1.200 Independence
• 1.300 General Standards
• 1.310 Compliance with Standards
• 1.320 Accounting Principles
• 1.400 Acts Discreditable