BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Performance of professional duties in accordance with applicable laws
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Avoidance of conflict of interest
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Refraining from improper use inside information
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Maintenance of an appropriate level of professional competence
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Detailed explanation-1: -Four standards of ethical conduct in management accountants’ professional activities were developed by the Institute of Management Accountants. The four standards are competence, confidentiality, integrity, and credibility.
Detailed explanation-2: -Integrity is an important fundamental element of the accounting profession. Integrity requires accountants to be honest, candid and forthright with a client’s financial information. Accountants should restrict themselves from personal gain or advantage using confidential information.
Detailed explanation-3: -The CIMA code of ethics is made up of five fundamental principles: integrity, objectivity, confidentiality, professional competence and due care and professional behaviour: Integrity: being straightforward, honest and truthful in all professional and business relationships.
Detailed explanation-4: -Ethical behavior includes honesty, fairness, integrity and understanding. There are several ways to encourage an ethical workplace culture, including establishing a companywide code of ethics.