American Institute of Certified Public Accountants (AICPA) Practice Exam

Accepting gifts from a vendor can be acceptable under certain circumstances outlined in ethical standards, emphasizing the importance of maintaining professional integrity and the objectivity of judgment. The rationale for the correct answer rests on the condition that the gifts should not influence professional judgment. This perspective aligns with the underlying ethical principles that govern professional conduct, which advocate for transparency, integrity, and the avoidance of conflicts of interest.

In this context, if a member receives a gift that is modest in value and does not create an obligation or a sense of indebtedness, it is less likely to impair their professional judgment. Moreover, the ethical standards often encourage professionals to consider the nature and circumstances surrounding any gift received, including its value and the context in which it is offered.

Option A suggests that the acceptance of gifts is permissible unless their value is excessive. While the value is a consideration, the far more critical aspect is whether the gift influences the judgment or actions of the professional. Therefore, merely focusing on the value does not comprehensively address the primary concern.

Option B outright prohibits gifts, which does not take into account nuanced situations where gifts of nominal value might not pose a significant threat to impartial judgment.

Option C, which requires disclosure to the employer, underscores the importance of transparency but does