Ethical Professional Practice: The Statement of Ethical Professional Practice issued by The Institute of Management Accountants aims at communicating about the ethical practices within the organization and insists each member to contribute towards maintenance of ethical culture Integrity: The standard of integrity focuses on reducing the conflict of interest by advising and communicating to the business associates of any possible conflict of interest. The professional should maintain integrity while performing his professional duties and should not compromise on ethics to gain some personal interest. Confidentiality: The standard of confidentiality pronounces to maintain the confidentiality of information and prohibits the users from making any unethical usage of confidential information. Competence: Competence standard is associated with maintenance of high degree of professional expertise and leadership and performance of duties with due diligence Credibility: It stresses on the communication of reliable and transparent information so that the users can take a rational decision even the negative aspects should be covered in communication. To Identify: Match the statements to the standard that is violated.

Question

Want to see the full answer?

Answer 1

Question

Chapter 18, Problem S18.2SE

To determine

Ethical Professional Practice: The Statement of Ethical Professional Practice issued by The Institute of Management Accountants aims at communicating about the ethical practices within the organization and insists each member to contribute towards maintenance of ethical culture

Integrity: The standard of integrity focuses on reducing the conflict of interest by advising and communicating to the business associates of any possible conflict of interest. The professional should maintain integrity while performing his professional duties and should not compromise on ethics to gain some personal interest.

Confidentiality: The standard of confidentiality pronounces to maintain the confidentiality of information and prohibits the users from making any unethical usage of confidential information.

Competence: Competence standard is associated with maintenance of high degree of professional expertise and leadership and performance of duties with due diligence

Credibility: It stresses on the communication of reliable and transparent information so that the users can take a rational decision even the negative aspects should be covered in communication.

To Identify: Match the statements to the standard that is violated.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Question text A company sells a product with an associated warranty. (The customer must separately purchase the warranty at the time the related product is purchased). After the sale of a particular warranty, the company records the following journal entry: Cash 500 Warranty Liability 500 What error now exists in the company’s financial statements? Select one: a. Liabilities are understated. b. Liabilities are overstated. C. Net income is understated. d. No error exists, as the entry has been properly recorded.

Indicate whether each of the following statements is true or false. Bribery in the world of business typically happens when an organization or representative of an organization gives financial benefits to an official to gain favor or manipulate a business decision. The Foreign Corrupt Practices Act was implemented in the aftermath of disclosures that businesses were violating the IMA Code of Ethics. Managers are required to follow specific rules issued by the IMA for internal financial reporting. Ethics is more than obeying laws. The Sarbanes-Oxley Act addressed public company accounting reform.

Suppose the following information was taken from the 2025 financial statements of pharmaceutical giant Merck & Co. (All dollar amounts are in millions.) Retained earnings, January 1, 2025 $46,600.0 Cost of goods sold 8,900.0 Selling and administrative expenses 8,100.0 Dividends 4,000.0 Sales revenue 35,800.0 Research and development expense 5,500.0 Income tax expense 2,300.0 After analyzing the data, prepare an income statement for the year ending December 31, 2025. (Enter amounts in millions rounded to 1 decimal place, e.g. 45.5 million.) MERCK AND CO. Income Statement (in millions) +A CA $