Management Accounting is the process of providing financial and operational information to managers within an organization in order to help them
make informed decisions. What is the importance of Management Accounting?Some of the key components of Management Accounting include budgeting, forecasting, performance measurement, and cost management. What is the importance of Management Accounting?What is the importance of Management Accounting? What is the code of conduct for management accountants?The CIMA code of ethics is made up of five fundamental principles: integrity, objectivity, confidentiality, professional competence, and due care and professional behavior. Why is it important to have codes of ethics in accounting?The ethics code ensures that all members of the company demonstrate integrity and honesty in their work with clients and other professional relationships. The ethics code also prevents accountants from associating themselves with any information that could be misleading or damaging to the client or the organization. Under which ethical standard of conduct does the managerial accountant have the responsibility to disclose?Institute of Management Accountants (IMA) Ethical Standards. Four standards of ethical conduct in management accountants' professional activities were developed by the Institute of Management Accountants. The four standards are competence, confidentiality, integrity, and credibility.
What are the ethical responsibilities of managerial accountant?Practitioners of management accounting and financial management have a respon- sibility to: Avoid actual or apparent conflicts of interest and advise all appropriate parties of any potential conflict. Refrain from engaging in any activity that would prejudice their ability to carry out their duties ethically.
What are the four ethical standards in the Institute of Management Accountants Statement of ethical professional practice?IMA's overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. Members shall act in accordance with these principles and shall encourage others within their organizations to adhere to them.
Which of the following statements is a responsibility for an IMA member regarding the competence standard of ethical conduct?Answer (B) is correct. One of the responsibilities of an IMA member under the competence standard is to “maintain an appropriate level of professional expertise by continually developing knowledge and skills.” C.
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Under which ethical standard of conduct does the managerial accountant have the responsibility to disclose fully all relevant information?
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