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Chapter 16: 5RQ (page 884)

List the four IMA standards of ethical practice, and briefly describe each.

Short Answer

Expert verified

The four IMA standards for ethical practice are competence, confidentiality, integrity, and credibility.

Step by step solution

01

Definition of IMA standards

The standards are prepared and developed by the Institute of Management Accountants (IMA) that management accountants are expected to follow when facing ethical challenges.

02

Four IMA standards of ethical practice

The four IMA standards for ethical practice are as follows:

Competence: There should be an appropriate level of professional expertise, knowledge, and skills and should comply with relevant laws.

Confidentiality: There should be confidentiality in information except when disclosure is required.

Integrity: Should mitigate the actual conflicts of interest.

Credibility: The information should be communicated fairly and objectively.

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Most popular questions from this chapter

What are the three manufacturing costs for a manufacturing company? Describe each.

Preparing a schedule of cost of goods manufactured Wilson Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2018:

Balances: Beginning Ending

Direct Materials \( 59,000 \) 23,000

Work-in-Process Inventory 109,000 62,000

Finished Goods Inventory 41,000 44,000

Other information:

Depreciation, plant building and equipment $ 16,000

Direct materials purchases 151,000

Insurance on plant 24,000

Sales salaries 47,000

Repairs and maintenance—plant 10,000

Indirect labor 39,000

Direct labor 121,000

Administrative expenses 60,000

Requirements 1. Use the information to prepare a schedule of the cost of goods manufactured.

List six differences between financial accounting and managerial accounting.

ABC Cleaning Company cleaned 45 offices and incurred costs of $2,340. What was the cost to clean each office?

Computing cost of goods manufactured and cost of goods sold

Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold:

Balances: Beginning Ending

Direct Materials \( 27,000 \) 28,000

Work-in-Process Inventory 40,000 32,000

Finished Goods Inventory 18,000 25,000

Other information:

Purchases of direct materials $ 73,000

Direct labor 88,000

Manufacturing overhead 43,000
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