An action against an accountant for failing to properly perform the job for which the accountant was hired is referred to as a _________ action

An action against an accountant for failing to properly perform the job for which the accountant was hired is referred to as a _________ action. 
A. Malfeasance
B. Malpractice
C. Impropriety
D. Misguidance
E. Misjudgment

Actions brought against attorneys, lawyers, real estate brokers, doctors, architects, and other professionals are referred to as malpractice actions.

After a significant amount of responsibility for the bankruptcy of ____________ Corporation was placed on the firms that provided accounting services for the corporation, the role of accountants became a question of significant public interest. 
A. Enron
B. Acron
C. Selinas
D. Prolific
E. Deltoid

After a significant amount of responsibility for the bankruptcy of the Enron Corporation was placed on the firms that provided its accounting services, accountants' role and accountability became a matter of significant public interest.

Which of the following is not one of the three primary types of liability assessed against accountants under common law? 
A. Negligence
B. Breach of contract
C. Fraud
D. Breach of contract and fraud
E. Accounting misalignment

Three primary types of liability are assessed to accountants under the common law: negligence, breach of contract, and fraud.

At a minimum, the duty of care of the accountant entails compliance with which of the following? 
A. Generally acknowledged accounting principles only.
B. Generally acknowledged auditing standards only.
C. Generally accepted accounting principles only.
D. Generally accepted auditing standards and generally acknowledged accounting principles.
E. Generally accepted accounting principles and generally accepted auditing standards.

At minimum, the duty of care of the accountant entails compliance with the generally accepted accounting principles (GAAP), established by the Financial Accounting Standards Board (FASB) and the generally accepted auditing standards (GAAS), established by the American Institute of Certified Public Accountants (AICPA).

Which of the following established GAAP? 
A. The American Institute of Certified Public Accountants
B. The American Institute of Auditors
C. The Financial Accounting Standards Board
D. The American Accounting and Auditing Standards Board
E. The Federal Accounting Standards Board

The generally accepted accounting principles (GAAP) were established by the Financial Accounting Standards Board (FASB).

GAAS was established by which of the following? 
A. The American Institute of Certified Public Accountants
B. The American Institute of Auditors
C. The Financial Accounting Standards Board
D. The American Accounting and Auditing Standards Board
E. The Federal Accounting Standards Board

The generally accepted auditing standards (GAAS) were established by the American Institute of Certified Public Accountants (AICPA).