According to the Institute of Management Accountants (IMA),the First Step

question 106

Multiple Choice

According to the Institute of Management Accountants (IMA) ,the first step in resolving an ethical dilemma is to

• A)resign from the organization.
• B)call the IMA's ethics hotline.
• C)report the circumstances to a local newspaper.
• D)consult with an objective,independent advisor.
• E)discuss the situation with an immediate supervisor.

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Definitions:

HDC

Holder in Due Course; a term used in the Uniform Commercial Code referring to a person who acquires a negotiable instrument in good faith and for value, thus obtaining certain rights.

Consumer's Contract

An agreement between a buyer and seller detailing the terms of a purchase, often including rights, responsibilities, and warranties specific to consumer transactions.

Valid Defense

A legally acceptable reason or argument presented in a court to counter the allegations made in a lawsuit.

Liability

The state of being responsible for something, especially in terms of a legal or financial obligation.