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Chapter 16: Q16-2SE-a (page 885)

Identifying ethical standards

The Institute of Management Accountants鈥� Statement of Ethical Professional Practice requires managerial accountants to meet standards regarding competence, confidentiality, integrity, and credibility. Consider the following situations. Which standard(s) is(are) violated in each situation?

a) You tell your brother that your company will report earnings significantly above financial analysts鈥� estimates.

Short Answer

Expert verified

The ethical standard violated, in this case, is Confidentiality.

Step by step solution

01

Definition of a financial analyst

The financial analyst refers to the person whose job is to assess the financial position of the business or the assets.

02

Identification of violated ethical standards

The correct option is Confidentiality standards.

In this case, the information related to the earnings is shared with the brother before it is publicly announced violated the standard of integrity. The company鈥檚 financial information should be kept secret before they publish it.

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Most popular questions from this chapter

Determining the flow of costs through a manufacturer鈥檚 inventory accounts

True Fit Shoe Company makes loafers. During the most recent year, True Fit incurred total manufacturing costs of \(21,900,000. Of this amount, \)2,600,000 was direct materials used and \(14,800,000 was direct labor. Beginning balances for the year were Direct Materials, \)700,000; Work-in-Process Inventory, \(1,500,000; and Finished Goods Inventory, \)1,100,000. At the end of the year, balances were Direct Materials, \(800,000; Work-in-Process Inventory, \)2,000,000; and Finished Goods Inventory, $1,080,000.

Requirements Analyze the inventory accounts to determine:

1. Cost of direct materials purchased during the year.

2. Cost of goods manufactured for the year.

3. Cost of goods sold for the year.

Identifying product costs and period costs Classify each cost of a paper manufacturer as either a product cost or a period cost:

f. Cost of TV ads.

Computing cost of goods manufactured and cost of goods sold

Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold:

Balances: Beginning Ending

Direct Materials \( 27,000 \) 28,000

Work-in-Process Inventory 40,000 32,000

Finished Goods Inventory 18,000 25,000

Other information:

Purchases of direct materials $ 73,000

Direct labor 88,000

Manufacturing overhead 43,000

How is cost of goods manufactured calculated?

In 100 words or fewer, explain the difference between product costs and period costs. In your explanation, explain the inventory accounts of a manufacturer.
See all solutions

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