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

question 148

Essay

The Institute of Management Accountants (IMA) and many other professional organizations have a code of conduct to direct the membership's ethical behavior.The IMA standards include competence, confidentiality, integrity, and credibility.For each standard, give a situation in which the code of conduct will help a management accounting in his or her decision making.

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Definitions:

Real Interest Rate

The interest rate adjusted for inflation, representing the real cost of borrowing and the real yield to lenders.

Inflation

A general increase in prices and fall in the purchasing value of money over time.

Bureau of Labor Statistics

A United States government agency that collects, processes, and disseminates essential statistical data about labor markets, employment, and inflation.

GDP Deflator

The GDP Deflator is a measure of the price level of all domestically produced goods and services in a country, used to adjust nominal GDP to real GDP.