14) A managerial accountant should NOT disclose confidential information to an outside party (such as a newspaper) unless legally obligated to do so.

15) If a managerial accountant were NOT keeping up with current developments in managerial accounting, that behavior might violate a competence standard of professional ethical behavior.

16) If a managerial accountant suspected his or her immediate superior of wrongdoing, the managerial accountant should request an immediate meeting with the Board of Directors.

17) The Institute of Management Accountants provides a hotline to discuss ethical issues.

18) When faced with a potential ethical conflict, the managerial accountant should first consult any internal procedures of that organization.

19) When confronted with a potential ethical conflict, a managerial accountant should not contact his or her personal attorney concerning rights and obligations.

20) Integrity includes mitigating actual conflicts of interest, regularly communicating with business associates to avoid apparent conflicts of interest, and advising all parties of any potential conflicts.

21) List the four standards of ethical conduct for management accountants. For each standard, give an example that demonstrates compliance with that standard.

22) You have been employed as an entry-level management accountant for a little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use. Briefly describe the steps you might take to resolve this dilemma.

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14 Correct A managerial accountant should uphold confidentiality and refrain from disclosing confidential information to outside parties such as newspapers unless required by law or regulation 15 Corr... View the full answer