According to the Institute of Management Accountants (IMA), the final step in resolving an ethical dilemma is to:
A. consult with the local police.
B. clarify relevant ethical issues by initiating a confidential discussion with an IMA Ethical Counselor, an appropriate and confidential ethics hotline, or other impartial advisor.
C. discuss the situation with an immediate supervisor.
D. consult your own attorney as to legal obligations and rights concerning the ethical conflict.
Answer: D
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The difference between the actual wages paid to employees and the standard wages for all hours worked is the labor efficiency variance
Indicate whether the statement is true or false
Overstating ending inventory for a given year by $10.00 results in which of the following?
a. Cost of goods sold will be overstated by $10.00 and net income will be overstated by $10.00 and capital will be overstated by $10.00. b. Cost of goods sold will be understated by $10.00 and net income will be overstated by $10.00 and capital will be overstated by $10.00. c. Cost of goods sold will be understated by $10.00 and net income will be overstated by $10.00 and capital will be understated by $10.00. d. Cost of goods sold will be overstated by $10.00 and net income will be understated by $10.00 and capital will be overstated by $10.00. e. Cost of goods sold will be understated by $10.00 and net income will be understated by $10.00 and capital will be understated by $10.00.
The legal term for the termination of a contract by a court because of a breach of the contract is:
A) rectification. B) damages C) rescission D) an injunction E) novation
Exhibit 7A.1 Gargoyle Unlimited is planning to issue a zero coupon bond to fund a project that will yield its first positive cash flow in 3 years. That cash flow will be sufficient to pay off the entire debt issue. The bond's par value will be $1000, it will mature in 3 years, and it will sell in the market for $785.00. The firm's marginal tax rate is 40.00%. Refer to Exhibit 7A.1. What is the nominal dollar value of the interest tax savings to the firm in the third year of the issue? Do not round your intermediate calculations.
A. $54.42 B. $45.12 C. $46.51 D. $36.28 E. $50.70