The Institute of Management Accountants (IMA) and Many Other Professional

question 153

Essay

The Institute of Management Accountants (IMA) and many other professional organizations have a code of conduct to direct the membership's ethical behavior.Discuss the standards that guide the conduct of members of the IMA.

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Definitions:

Lowest Price

The minimum cost at which a product or service can be bought, often sought after in competitive markets.

Total Profits

The final financial gain from a business operation after subtracting all expenses, taxes, and costs from total revenues.

Firm

A business organization, such as a corporation or partnership, engaged in commercial, industrial, or professional activities.

Accounting Profits

The net income for a company calculated by subtracting total expenses from total revenues, according to standard accounting practices.