1)
Introduction:
The Statement of Ethical Professional Practice of Institute of
• The Statement of Ethical Professional Practice of Institute of Management Accountants is a guideline of the various principles and policies regarding the ethical obligations of the members of the Institute of Management Accountants.
• It comprises of the Principles of the Institute of Management Accountants, Standards of the Institute of Management Accountants and the course of Action prescribed by the Institute of Management Accountants in resolving ethical conflicts.
To Identify:
Ethical Principles that underlie the Institute of Management Accountants’ statement of Ethical professional practice
2)
Introduction:
The Statement of Ethical Professional Practice of Institute of Management Accountants
• The Statement of Ethical Professional Practice of Institute of Management Accountants is a guideline of the various principles and policies regarding the ethical obligations of the members of the Institute of Management Accountants.
• It comprises of the Principles of the Institute of Management Accountants, Standards of the Institute of Management Accountants and the course of Action prescribed by the Institute of Management Accountants in resolving ethical conflicts.
Resolution of ethical conflicts
• Practical application of the Standards of Ethical Professional Practice is not easy and at times situations may arise where unethical behavior is observed. Instead of turning a blind eye, the member must try to resolve the situation.
• The Statement of Ethical Professional Practice of Institute of Management Accountants contains the suggested courses of actions that a member can resort to if unethical behavior is observed.
To Determine:
Courses of actions recommended by the Institute of Management Accountants while resolving ethical issues.
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Chapter 18 Solutions
Loose Leaf for Fundamental Accounting Principles
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- Solve this Accounting problemarrow_forwardQuestion 5.5arrow_forwardCarla Vista Company had $212,200 of net income in 2024 when the unit selling price was $151, the unit variable costs were $95, and the fixed costs were $571,800. Management expects per unit data and total fixed costs to remain the same in 2025. The president of Carla Vista Company is under pressure from stockholders to increase net income by $84,000 in 2025. (a) Compute the number of units sold in 2024. Sales in 2024 unitsarrow_forward
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