BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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competence, licensing, reporting, and education.
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budgeting, cost allocation, product costing, and insider trading.
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competence, confidentiality, integrity, and objectivity.
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disclosure, communication, decision making, and planning.
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Detailed explanation-1: -The statement defines certain needs for management accountants to pay attention to or heed as per the IMA’s 4 standards that contain competence, integrity, confidentiality, and credibility. Thus, management accountants’ ethical standards include competence, objectivity, integrity, and confidentiality.
Detailed explanation-2: -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-3: -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.
Detailed explanation-4: -The fundamental principles within the Code – integrity, objectivity, professional competence and due care, confidentiality and professional behavior – establish the standard of behavior expected of a professional accountant (PA) and it reflects the profession’s recognition of its public interest responsibility.
Detailed explanation-5: -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.