BUSINESS ADMINISTRATION
ACCOUNTING FOR MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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is a legally enforceable contract with all management accountants.
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should be viewed as a goal for professional behavior.
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is a legally enforceable contract with all CPAs.
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provides ways to measure departures from ethical behavior.
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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: -This Code provides a framework to assist a professional accountant to identify, evaluate and respond to threats to compliance with the fundamental principles.
Detailed explanation-3: -IMA’s overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. Members shall act in accordance with these principles and shall encourage others within their organizations to adhere to them.
Detailed explanation-4: -CIMA’s Code of Ethics applies to all members and registered students. It is divided into three sections, and is underpinned by the five fundamental principles of Integrity, Objectivity, Professional competence and due care, Confidentiality, and Professional behaviour.
Detailed explanation-5: -The Institute of Management Accountants’ Statement of Ethical Professional Practice requires managerial accountants to meet standards regarding competence, confidentiality, integrity, and credibility.