Question

Name the four areas in which standards of ethical conduct exist for management accountants in the United States. What organization sets forth these​ standards?
A. ​(1) Competence,​ (2) Confidentiality,​ (3) Integrity, and​ (4) Credibility. These standards are set by the Institute of Management Accountants​ (IMA).
B. ​(1) Honesty,​ (2) Fairness,​ (3) Integrity, and​ (4) Objectivity. These standards are set by the Council of Management Accountants​ (CMA).
C. ​(1) Competence,​ (2) Confidentiality,​ (3) Honesty, and​ (4) Fairness. These standards are set by Generally Accepted Auditing Standards​ (GAAS).
D. ​(1) Honesty,​ (2) Fairness,​ (3) Objectivity, and​ (4) Responsibility. These standards are set by the Institute of Management Accountants​ (IMA).

Answer 1

Answer:

A. ​(1) Competence,​ (2) Confidentiality,​ (3) Integrity, and​ (4) Credibility

Explanation:

There are four areas in which the ethical standards exist namely  Competence,​ Confidentiality,​  Integrity, and​ Credibility

1. Competence: It reflects the capability of a person whether a person is capable of doing something or not. It has sound knowledge in a particular field or not.  

2. Confidentiality: In this standard, the person should be confident and if any important information is available which can change the decision of a person has a responsibility to disclose it

3. Integrity: In this standard, the person should do ethical conduct only and prohibited any unethical conduct

4. Credibility: This standard use when the person has to communicate the information to other stakeholders which contain only accurate and fairly information. It restricts any mislead information.