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Chapter 16: Q16-2SE-b (page 885)

Identifying ethical standards

The Institute of Management Accountants’ Statement of Ethical Professional Practice requires managerial accountants to meet standards regarding competence, confidentiality, integrity, and credibility. Consider the following situations. Which standard(s) is(are) violated in each situation?

b. You see others take home office supplies for personal use. As an intern, you do the same thing, assuming that this is a “perk.”

Short Answer

Expert verified

The ethical standard violated, in this case, is integrity.

Step by step solution

01

Definition of a perk

The perks are defined as an advantage or something extra in the form of money or some goods.

02

Identification of violated ethical standards

The correct option is integrity standards.

In this case, if the intern takes home office supplies for personal use, which means that the employee is stealing from the employer of the business.

Stealing from the employer is a violation of integrity standards.

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Most popular questions from this chapter

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

Identify the following characteristics as primarily related to financial accounting (FA) or managerial accounting (MA):

3. Is not required to follow GAAP.

What are product costs?

Calculating unit cost per service

Marx and Tyler provides hair-cutting services in the local community. In February, the business cut the hair of 190 clients, earned \(4,800 in revenues, and incurred the following operating costs:

Hair Supplies Expense \) 950

Wages Expense 548

Utilities Expense 190

Depreciation Expense—Equipment 60

What was the cost of service to provide one haircut?

Distinguishing between direct and indirect costs Granger Cards is a manufacturer of greeting cards. Classify its costs by matching the costs to the terms.

  1. Direct materials
  2. Direct labor
  3. Indirect materials
  4. Indirect labor
  5. Other manufacturing overhead

a. Artists’ wages

b. Wages of materials warehouse workers

c. Paper

d. Depreciation on manufacturing equipment

e. Manufacturing plant manager’s salary

f. Property taxes on manufacturing plant

g. Glue for envelopes
See all solutions

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