 Show
The Institute of Management Accountants' Statement of Ethical Professional Practice requires managerial accountants to meet standards regarding competence, confidentiality, integrity, and credibility. Consider the following situations. Which standard(s) is(are) violated in each situation? (Click the icon to view the situations.) a. Providing earnings information to your brother before it is publicly announced violates the confidentiality standard. b. Stealing from your employer is a violation of the integrity standard. c. Skipping continuing education sessions could violate the requirement to maintain professional competence If your company paid for you to attend the conference, skipping the sessions also violates the integrity . standard. d. Failing to read the specifications of the software package before purchasing it violates the competence standard. e. Failing to provide top management with detailed job description information violates the credibility If you did not provide the information because you fear losing your position also violates the integrity standard. standard. More Info a. You tell your brother that your company will report earnings significantly above financial analysts' estimates. b. You see others take home office supplies for personal use. As an intern, you do the same thing, assuming that this is a "perk." c. At a company-paid conference on e-commerce, you skip the afternoon session and go sightseeing. d. You failed to read the detailed specifications of a new accounting software package that you asked your company to purchase. After it is installed, you are surprised that it is incompatible with some of your company's older accounting software. e. You do not provide top management with the detailed job descriptions they requested because you fear they may use this information to cut a position in your department. Click to select your answer(s). Print Print Done one cost of radio advertising primary users are external _____ buy products in bulk producers, marks them up, and resell to retailers a law office, an advertising agency, and a hospital are examples of ___ ??Direct or indirect cost---assuming that the cost object is the juniors department at kohls junior department sales clerk electricity for the building cost of hangers used to display clothing in the store failing to read the specification of the software package before purchasing it violates the ____ standard providing earning information to you sister before it is publicly announced violates the _____ standard main characteristic of information is that it must be relevant reports tend to be prepared for the parts of the organization rather than the whole organization primary users are internal it is governed by GAAP or the IFRS the primary characteristic of information are that it must be reliable and objective reports are prepared as needed it is not governed by legal requirements formula for inventory turnover cost of goods sold / average inventory = inventory turnover the institute of management accountants(IMA) issues the _______ certification certified management accountant (CMA) typically do not have an inventory johnson & johnson a personal care products manufacturer converts _____ into finished products choose-finished goods inventory manufacturing companiesraw materials inventory inventory (merch)merchandising companieswholesalersservice companieswork in progress inventory has three types of inventory on the balance sheet stealing from your employer is a violation of the ______ standard skipping continuing education sessions could violate the requirement to maintain professional ________. if your comany paid for you to attend the conference, skipping the sessions also violated the _______ standard composed of goods partially through the manufacturing process (not finished) work in progress inventory forever 21, target, and kohl's are all examples of ______ for a company such as best buy, includes all of the costs necessary to purchase products and get them on to the shelves most for profit organizations can be described as being in one of three categories service companies, manufacturing companies, merchandising companies the monthly professional magazine published by the institute of management accountants is called ____ the certification offered by IMA focuses on ____ and ____ topics failing to provide job description information to management because you fear it may be used to cut a position in department violates the _____ standard choose-competence confidentiality integrity credibility to earn CMA certification a candidate must have a ______.The CMA exam can be taken before finishing the degree the certification launched in 2012 jointly by the american institute of public accountants and the chartered institute of management accountants is called Chartered Global Management information is verified by external auditors reporting is based mainly on the company as a whole ( net income - preferred dividends) / average common equity = rate of return on equity ( net income + interest expense) / average total assets = rate of return on assets reports are usually prepared quarterly and annually gross profit / net sales = gross profit percentage average net accounts receivable / on day's sales = average receivables net income / net sales = rate of return on net sales operating income percentage operating income / net sales = operating income percentage Which of the following ethical principles refers to an employee's obligation to communicate information fairly and objectively?CREDIBILITY 1. Communicate information fairly and objectively. 2. Provide all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations.
Is focused on evaluating a company's performance not only by its ability to generate?Evaluating a company's performance not only by its ability to generate economic profits, but also by its impact on people and the planet.
Are operating costs that are expensed in the accounting period in which they are incurred?Answer: Period costs are operating costs that are expensed in the accounting period in which they are incurred.
Which is not a characteristic of managerial accounting information?Managerial accounting does not emphasize the external financial statements as it is the role of financial accounting to prepare and present the financial details of a business to external users for transparency.
|
C. skipping continuing education sessions could violate the requirement to maintain professional
zusammenhängende Posts
Urheberrechte © © 2024 ketiadaan Inc.
