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
WORKING PAPERS F/ FUND ACCOUNTING
- Andretti Company has a single product called a Dak. The company normally produces and sells 60,000 Daks each year at a selling price of $32 per unit. The company’s unit costs at this level of activity are given below: Direct materials $ 10.00 Direct labor 4.50 Variable manufacturing overhead 2.30 Fixed manufacturing overhead 5.00 ($300,000 total)Variable selling expenses 1.20 Fixed selling expenses 3.50 ($210,000 total)Total cost per unit $ 26.50 The company has 1,000 Daks on hand with some irregularities that make it impossible to sell them at the normal price through regular distribution channels. What unit cost figure is relevant for setting a minimum selling price to liquidate these units?arrow_forwardThe financial manager at Rico Ltd had to choose between these two projects, alpha and beta, which have the following net cash inflows: Year Alpha Beta 1 5,000 36,000 2 18,500 36,500 3 36,200 37,000 4 123,000 175,000 Each project requires an initial investment of 118,000. No scrap values are forecast. Required:1. Calculate the payback period for each project. Answers must be expressed in years and months. Which project should be chosen and why? 2. Calculate the Net Present Value (NPV) for each project, using a discount rate of 12%. Which project would you choose and why? 3. Calculate the internal Rate of Return for each project. Which project should be chosen and Why?arrow_forwardCritically evaluate the strengths and limitations of the Capital Asset Pricing Model.arrow_forward
- 1. Provide a brief history of the tax system in Jamaica, highlighting the different types of taxes used in the country. 2. Identify and discuss at least 6 problems with the Jamaican tax system and then provide recommendations to alleviate the problems.arrow_forwardCan you please help me by providing clear neat organized answers. Thank you!arrow_forwardCan you please help me by providing clear neat organized answers. Thank you!arrow_forward
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