The Ethical Standards Established for Management Accountants Are in the Areas

question 70

Multiple Choice

The ethical standards established for management accountants are in the areas of

• A)competence,licensing,reporting,and education.
• B)budgeting,cost allocation,product costing,and insider trading.
• C)competence,confidentiality,integrity,and credibility.
• D)disclosure,communication,decision making,and planning.

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Definitions:

Shipping Costs

These are expenses incurred in transporting goods from one location to another, typically covered by the seller or the buyer, depending on the shipping terms.

GAAP

Generally Accepted Accounting Principles (GAAP) are a collection of commonly followed accounting rules and standards for financial reporting.

IFRS

International Financial Reporting Standards, which are globally accepted guidelines for financial reporting established by the International Accounting Standards Board.

Perpetual Inventory System

This accounting practice immediately logs the sale or acquisition of inventory via computerized point-of-sale systems and software for managing enterprise assets.