Question 1 Which three of the following are traditionally recognised as being attributes of a profession? A the service ideal B extensive preparatory education substantial financial remuneration application of professional judgment Question 2 Which one of the following is a likely implication for the accounting profession following the collapse of large companies such as Enron, HIH Insurance and Lehman Brothers? A. an increase in the profession's autonomy B. increased regulation and greater scrutiny by the regulators C. a tendency for the community to have more faith in the accounting profession D. a further reduction in the number of large accounting firms resulting from a merger process Question 3 Which three of the following statements correctly describes a profession? A Professions exist mainly to serve society. B Professions are strictly regulated by external bodies. C Professions have a substantial degree of independence and autonomy. D Professions are given permission to provide services to the public through some regulatory process. Question 4 Which three of the following features are included in the concept of 'service ideal"? A the efficient and effective use of society's resources B the provision of accounting-related services as cheaply as possible C the pursuit of excellence in accounting practice by the individual professional accountant D the responsibility to behave in a manner that maintains the good reputation of the profession Question 5 Which one of the following best describes professional judgment