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