To Resolve Ethical Dilemmas,the IMA Suggests That Management Accountants Should

question 106

Multiple Choice

To resolve ethical dilemmas,the IMA suggests that management accountants should FIRST:

• A)follow their company's established policies for Reporting unethical behavior.
• B)discuss the unethical situation with their immediate supervisor.
• C)consult an attorney.
• D)call the IMA "Ethics Hotline" .

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Definitions:

Fair Value

The financial return from unloading an asset or the expense of reallocating a liability in a formalized negotiation among market counterparts at the point of evaluation.

Economic Life

Refers to the expected period of time during which an asset is useful to the average owner.

Non-Cancelable

A term used in contracts and agreements indicating that the contract cannot be canceled or terminated by the parties involved without consequences.

Nonrenewable

Resources or energy sources that cannot be readily replaced by natural means at a pace quick enough to keep up with consumption.