Ethical behavior is essential to the conduct of business activity. Consider each of the following business behaviors:
1. A manager prepares financial statements that grossly overstate the performance of the business.
2. A CPA resigns from an audit engagement rather than allow a business client to violate an accounting standard.
3. An internal auditor decides against confronting an employee of the business with minor violations of business policy. The employee is a former college classmate of the auditor.
4. An accountant advises his client on ways to legally minimize tax payments to the government.
5. A manager legally reduces the price of a product to secure a larger share of the market.
6. Managers of several large companies secretly meet to plan price reductions designed to drive up-and-coming competitors out of the market.
7. An accountant keeps confidential details of her employers' legal operations that would be of interest to the public.
8. A recently dismissed accountant tells competitors details about her former employer's operations as she seeks a new job.

Required:
Identify each behavior as ethical (E) or unethical (U).