Author Question: Which of the following classifications of accounts has/have a normal credit balance? a. Drawing b. ... (Read 81 times)

Chelseaamend · **on:** Jul 6, 2018

Which of the following classifications of accounts has/have a normal credit balance?
a. Drawing
b. Revenues
c. Liabilities
d. Revenues and liabilities
e. All of these

Question 2

Briefly explain the term professional responsibility. Identify three obligations that relate to professional responsibility.

What will be an ideal response?

1_Step_At_ATime · **Reply #1 on:** Jul 6, 2018

Answer to Question 1

D

Answer to Question 2

A professional is a person who practices a profession that requires advanced education and training, while responsibility involves a condition of accountability, obligation, or duty. Black's Law Dictionary defines responsibility as being held accountable for one's duty, action/inaction, or obligation. Thus, professional responsibility refers to the accountability of professionals for towards their duty.
Professional responsibility includes the following obligations:
To employ the degree of knowledge, skill, and judgment ordinarily possessed by members of the profession
To follow the highest standards of conduct prescribed by each of the organizations to which the professional or firm belongs
To adhere to the provisions of any regulatory or licensing authority