Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780134128528
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.21BE
Classify ethical responsibilities (Learning Objective 4)
ETHICS
According to the IMA’s Statement of Ethical Professional Practice (reproduced in the chapter),
- a. Communicate information fairly and objectively.
- b. Recognize and communicate professional limitations that would preclude responsible judgment or successful performance of an activity.
- c. Mitigate actual conflicts of interest. Regularly communicate with business associates to avoid apparent conflicts of interest. Advise all parties of any potential conflicts.
- d. Provide decision support information and recommendations that are accurate, clear, concise, and timely.
- e. Abstain from engaging in or supporting any activity that might discredit the profession.
- f. Disclose all relevant information that could reasonably be expected to influence an intended user’s understanding of the reports, analyses, or recommendations.
- g. Inform all relevant parties regarding the appropriate use of confidential information. Monitor subordinates’ activities to ensure compliance.
- h. Perform professional duties in accordance with relevant laws, regulations, and technical standards.
- i. Refrain from engaging in any conduct that would prejudice carrying out duties ethically.
- j. Keep information confidential except when disclosure is authorized or legally required.
- k. Disclose delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law.
- l. Refrain from using confidential information for unethical or illegal advantage.
- m. Maintain an appropriate level of professional expertise by continually developing knowledge and skills.
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Check out a sample textbook solutionStudents have asked these similar questions
Select one of the following principles of professional conduct to examine in the AICPA Code of Professional Conduct document:
Responsibilities
Public interest
Integrity
Objectivity and independence
Due care
Scope and nature of services
1-How would you define and describe your selected principle in your own words?
2-What value does the principle bring to practitioners, businesses, and clients?
3-What is an example of a difficult situation that a practitioner may face related to your selected principle, and what would an ethical response to the situation be? Why might a practitioner be tempted to, or accidentally, not take an ethical course of action?
Match the following terms with the statements given below:
Consulting art
Management consulting
Full scope engagement
Special study engagement
Integrity
Analytical approach and process
Engagement program
Competence in professional work
Post-engagement follow up
Objectivity
Code of Professional Ethics
Accountancy Law
Competence in performing MAS
Independence in mental attitude
1. Ability of the consultant in bringing about a satisfactory relationship with a client, and consequently, the successful completion of an engagement
2. Ability to avoid bias and maintain an impartial attitude in all matters under review.
3. The CPA maintains his role as an objective researcher, analyst or adviser and does not consider himself as part of the management by taking on the role of decision maker.
4. Ability to define client needs, to utilize the analytical approach and process, to apply knowledge of the technical subject matter under consideration, to communicate recommendations…
Assess TWO ethical
responsibility of Management
Accountants in fulfilling their
roles. Give relevant examples.
Chapter 1 Solutions
Managerial Accounting (5th Edition)
Ch. 1 - (Learning Objective 1) Which of the following...Ch. 1 - (Learning Objective 2) Managerial accounting...Ch. 1 - (Learning Objective 3) Which of the following...Ch. 1 - (Learning Objective 3) Of the following skills,...Ch. 1 - (Learning Objective 4) Which of the following...Ch. 1 - Prob. 6QCCh. 1 - Prob. 7QCCh. 1 - Prob. 8QCCh. 1 - (Learning Objective 5) Which of the following is...Ch. 1 - (Learning Objective 5) All of the following are...
Ch. 1 - Managers responsibilities (Learning Objective 1)...Ch. 1 - Contrast managerial and financial accounting...Ch. 1 - Prob. 1.3SECh. 1 - Prob. 1.4SECh. 1 - Prob. 1.5SECh. 1 - Prob. 1.6SECh. 1 - Violations of ethical standards (Learning...Ch. 1 - Identify current competitive tools (Learning...Ch. 1 - Identify ethical standards violated (Learning...Ch. 1 - Define key terms (Learning Objectives 1, 2, 3, 4,...Ch. 1 - Define key terms (Learning Objectives 1 2)...Ch. 1 - Prob. 1.12AECh. 1 - Identify users of accounting information (Learning...Ch. 1 - Classify ethical responsibilities (Learning...Ch. 1 - Equipment purchase cost-benefit analysis (Learning...Ch. 1 - Lean production cost-benefit analysis (Learning...Ch. 1 - Identify sustainability efforts as impacting...Ch. 1 - Prob. 1.18BECh. 1 - Prob. 1.19BECh. 1 - Identify users of accounting information (Learning...Ch. 1 - Classify ethical responsibilities (Learning...Ch. 1 - Equipment purchase cost-benefit analysis (Learning...Ch. 1 - Lean production cost-benefit analysis (Learning...Ch. 1 - Prob. 1.24BECh. 1 - Management processes and accounting information...Ch. 1 - Ethical dilemmas (Learning Objective 4) Barb Perot...Ch. 1 - ERP cost-benefit analysis (Learning Objective 5)...Ch. 1 - Online order system cost-benefit analysis...Ch. 1 - Continuation of P1-28A: revised estimates...Ch. 1 - Management processes and accounting information...Ch. 1 - Ethical dilemmas (Learning Objective 4) ETHICS...Ch. 1 - ERP cost-benefit analysis (Learning Objective 5)...Ch. 1 - Online order system cost-benefit analysis...Ch. 1 - Continuation of P1-33B: revised estimates...Ch. 1 - Discuss how managerial accounting can be used at...Ch. 1 - Discussion Questions 1. What are the three main...Ch. 1 - Prob. 1.37ACTCh. 1 - Prob. 1.38ACTCh. 1 - Ethics and casual conversations (Learning...Ch. 1 - Using managerial accounting information to manage...
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