Q2. You are a managerial accountant who has become privy to information about a takeover bid by your employing firm to acquire a rival company. A family friend is considering selling shares in this rival company and has asked you, an expert in the industry, for advice on this matter. You comply with your friend's request. Which of the following is true A.You are satisfying IMA Ethical Standards because you are "providing decision support information and recommendations that are accurate, clear, concise and timely." B.You are satisfying IMA Ethical Standards by "keeping information confidential except when disclosure is authorized or legally required." C.You are violating IMA Ethical Standards by not "mitigating actual conflicts of interest." D.You are violating IMA Ethical Standards by not "maintaining an appropriate level of professional expertise by continually developing knowledge and skills."

Q2. You are a managerial accountant who has become privy to information about a takeover bid by your employing firm to acquire a rival company. A family friend is considering selling shares in this rival company and has asked you, an expert in the industry, for advice on this matter. You comply with your friend's request. Which of the following is true A.You are satisfying IMA Ethical Standards because you are "providing decision support information and recommendations that are accurate, clear, concise and timely." B.You are satisfying IMA Ethical Standards by "keeping information confidential except when disclosure is authorized or legally required." C.You are violating IMA Ethical Standards by not "mitigating actual conflicts of interest." D.You are violating IMA Ethical Standards by not "maintaining an appropriate level of professional expertise by continually developing knowledge and skills."

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Q2. You are a managerial accountant who has become privy to information about a
takeover bid by your employing firm to acquire a rival company. A family friend is
considering selling shares in this rival company and has asked you, an expert in the
industry, for advice on this matter. You comply with your friend's request. Which of the
following is true?
A.You are satisfying IMA Ethical Standards because you are "providing decision support information and
recommendations that are accurate, clear, concise and timely."
B.You are satisfying IMA Ethical Standards by "keeping information confidential except when disclosure is
authorized or legally required."
O C.You are violating IMA Ethical Standards by not "mitigating actual conflicts of interest."
D.You are violating IMA Ethical Standards by not "maintaining an appropriate level of professional expertise by
continually developing knowledge and skills."
E.None of the above are true statements

Q1. Sheila is a managerial accountant who has discovered that her company is
violating environmental regulations of a third world country in its production of rubber
at a plant in that country. Upper management is unaware of the violation, but her
immediate superior is involved. Sheila has discussed this issue with her supervisor,
and the supervisor has advised her to remain quiet about the matter. Sheila reasons
that she should do nothing because her supervisor is her immediate authority and has
more information. Is Sheila correct in her reasoning?
A. Yes
B. No

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