Ethics for Management Accountants MCQs

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At Key Enterprises, the controller is responsible for directing the budgeting process. In this role, the controller has significant influence with exe...






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In accordance with IMAs Statement of Ethical Professional Practice, a member who fails to perform professional duties in accordance with relevant sta...






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According to IMAs Statement of Ethical Professional Practice, a member has a responsibility to recognize professional limitations. Under which standa...






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If an IMA member has a problem in identifying unethical behavior or resolving an ethical conflict, the first action (s)he should normally take is to






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If an IMA member discovers unethical conduct in his or her organization and fails to act, (s)he will be in violation of which of IMAs ethical standar...






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IMAs Statement of Ethical Professional Practice requires an IMA member to follow the established policies of the organization when faced with an ethi...






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In which situation is an IMA member permitted to communicate confidential information to individuals or authorities outside the firm?






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Which ethical standard is most clearly violated if an IMA member knows of a problem that could mislead users but does nothing about it?






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IMAs Statement of Ethical Professional Practice includes an integrity standard, which requires an IMA member to






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IMAs Statement of Ethical Professional Practice includes a competence standard, which requires an IMA member to






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Sheila is a financial manager who has discovered that her company is violating environmental regulations. If her immediate superior is involved, her a...






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IMA members are obligated to maintain the highest standards of ethical conduct. Accordingly, IMAs Statement of Ethical Professional Practice explicit...






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Integrity is an ethical requirement for all IMA members. One aspect of integrity requires






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Under the express terms of IMAs Statement of Ethical Professional Practice, an IMA member may not






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An IMA member discovers a problem that could mislead users of the firms financial data and has informed his or her immediate superior. (S)he should r...






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Recently, Fan Club, Inc., submitted to management a budget for the coming year. Included in the budget were the plans for a new product, a rechargeabl...






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A new management accountant is concerned about complying with the ethical standard of competence in the IMAs Statement of Ethical Professional Practi...






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Scott Jon, a new accounting clerk at a firm that had recently terminated several employees due to budgetary cutbacks, accidentally viewed his supervis...






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Chris Benedict was recently tried and convicted in court for producing and selling illegal narcotic drugs. None of the activity occurred during work h...






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At NC Corporation, year-end bonuses at each branch office are based on branch profitability. Due to a slow economy, profitability through the third qu...






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The Foreign Corrupt Practices Act prohibits






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Mark Tian, a staff accountant, becomes aware of an off-balance-sheet bank account where funds have been diverted with offsetting credits approved by h...






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A company has a December 31 year end. Which one of the following options to increase net income during the last month of the company’s fiscal year e...






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You have examined your organizations financial statements and determined that they present a number of significant items in a fraudulent manner. You ...






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An accountant has concerns that a particular transaction is being recorded in a manner that does not reflect the nature of the transaction and believe...






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An accountant has frequent business contact with customers, suppliers, and creditors in the course of performing professional duties. Which of the fol...






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What law prohibits U.S. companies from paying bribes to foreign officials for the purpose of obtaining or retaining business?






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The U.S. Foreign Corrupt Practices Act is particularly focused on the dealings of financial institutions and the safeguarding of the global financial ...






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The reporting of accounting information plays a central role in the regulation of business operations. The importance of sound internal control practi...






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Which of the following is not an aspect of the Foreign Corrupt Practices Act of 1977?






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Corporations have the responsibility to issue financial statements that are timely, accurate, and transparent, reflecting all the transactions of the ...






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Firms subject to the reporting requirements of the Securities Exchange Act of 1934 are required by the Foreign Corrupt Practices Act of 1977 to mainta...






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Which of the following best describes an important provision of the U.S. Foreign Corrupt Practices Act?






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Which one of the following statements best characterizes the provisions of the Foreign Corrupt Practices Act (FCPA)?






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Which of the following issues is addressed by Section 406 of the Sarbanes-Oxley Act? I. Full, fair, timely, and accurate financial statement disclosu...






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Which one of the following is a true statement regarding organizational ethics?






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IMAs Statement on Management Accounting, Values and Ethics: From Inception to Practice, recommends a defined code of conduct and ethical behavior f...






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Which one of the following is a true statement regarding organizational ethics?






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A companys code of conduct states, Our employees are our most valuable asset. Which one of the following policies best illustrates that management ...






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Which of the following statements describe the importance of a whistleblowing framework in maintaining an ethical organizational culture? I. It provi...






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Quentin Jam is a new accountant assisting in the month-end close of the books for Sheldrake, Ltd. His supervisor told him to accrue a large receivable...






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Games Unlimited has convened a group of employees to review the company’s code of ethics and propose revisions and improvements. One of the suggeste...






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The management team of GranMark, Inc., attended an ethics training session at the IMA Annual Conference and subsequently made plans to enhance GranMar...






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In order for an ethics code to become a reality in practice, every aspect of a company’s activity should be affected by the code. Ethical behaviors ...






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Which one of the following ethics-related actions by management is least effective in encouraging acceptance by employees of an organizations code of...






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Misappropriation of assets is most often perpetrated by






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Inappropriate earnings management is typically considered one form of






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When none of the three fraud risk factors are present, an accountant






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Management is often able to rationalize the commission of fraud by






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High risk of employee fraud is most likely when there is pressure, rationalization, and






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The fraud risk factor that may be mitigated by internal controls is






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In the fraud risk model, rationalization relates to






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The term or expression most associated with misappropriation of assets is






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Most employee fraud cases involve






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Who is responsible for minimizing the opportunity to misappropriate assets in an organization?






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Rationalization of a fraud by an employee may be in the form of all the following except






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Which of the fraud risk factors related to employee fraud can be effectively controlled by the organization?






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Fraudulent financial reporting is most often committed by






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Public record searches may be effective in certain instances. Which of the following is a limitation on public record searches?






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Based on the fraud risk model, which of the following is the most likely motive for employee fraud?






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The Public Company Accounting Oversight Board and the SEC would be most interested in an organizations activities related to






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Based on the fraud risk model, which of the following most likely is not an opportunity to commit employee fraud?






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Which of the following are red flags indicating misappropriation of assets? I. Unexplained budget variances II. Poor supervision III. Failure of ce...






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An employee is stealing office supplies and believes that everybody else is doing it. The fraud risk factor represented by the employee is






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Ghosting employees is a form of fraud that






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What is the most likely reason for management to overstate expenses?






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A proper segregation of duties requires that an individual






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The frequency of the comparison of recorded accountability with assets (for the purpose of safeguarding assets) should be determined by






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An adequate system of internal controls is most likely to detect a fraud perpetrated by a






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Internal control cannot be designed to provide reasonable assurance regarding the achievement of objectives concerning






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Internal controls may be preventive, detective, corrective, or directive. Which of the following is preventive?






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Segregation of duties is a fundamental concept in an effective system of internal control. Nevertheless, the internal auditor must be aware that this ...