Solutions Manual
b9
COST
ACCOUNTIN
b9
G
, CHAPTER 1 b9
THE MANAGER AND MANAGEMENT ACCOUNTING
b9 b9 b9 b9
See the front matter of this Solutions Manual for suggestions regarding your choices of
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
assignment material for each chapter.
b9 b9 b9 b9 b9
1-1 Management accounting measures, analyzes and reports financial and nonfinancial
b9 b9 b9 b9 b9 b9 b9 b9
information that helps managers make decisions to fulfill the goals of an organization. It
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
focuses on internal reporting and is not restricted by generally accepted accounting
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
principles (GAAP).
b9 b9
Financial accounting focuses on reporting to external parties such as investors,
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
government agencies, and banks. It measures and records business transactions and
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
provides financial statements that are based on generally accepted accounting principles
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
(GAAP).
b9
Other differences include (1) management accounting emphasizes the future (not the
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
past), and (2) management accounting influences the behavior of managers and other
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
employees (rather than primarily reporting economic events).
b9 b9 b9 b9 b9 b9 b9
1-2 Financial accounting is constrained by generally accepted accounting principles.
b9 b9 b9 b9 b9 b9 b9 b9
Management accounting is not restricted to these principles. The result is that
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
management accounting allows managers to charge interest on owners‘ capital to
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
help judge a division‘s performance, even though such a charge is not allowed
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
under GAAP, b9 b 9
management accounting can include assets or liabilities (such as b 9 b 9 b 9 b 9 b 9 b 9 b 9 b 9
―brand names‖ developed internally) not recognized under GAAP, and
b 9 b 9 b9 b9 b9 b9 b9 b9 b9
management accounting can use asset or liability measurement rules (such as
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
present values or resale prices) not permitted under GAAP.
b9 b 9 b9 b9 b9 b9 b9 b9 b9
1-3 Management accountants can help to formulate strategy by providing information
b9 b9 b9 b9 b9 b9 b9 b9 b9
about the sources of competitive advantage—for example, the cost, productivity, or
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
efficiency advantage of their company relative to competitors or the premium prices a
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
company can charge relative to the costs of adding features that make its products or
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
services distinctive.
b9 b9
1-4 The business functions in the value chain are
b9 b9 b9 b9 b9 b9 b9
Research and development—generating and experimenting with ideas related to
b9 b9 b9 b9 b9 b9 b9 b9
new products, services, or processes.
b9 b9 b9 b9 b9
Design of products and processes—the detailed planning, engineering, and
b9 b9 b9 b9 b9 b9 b9 b9
testing of products and processes.
b9 b9 b9 b9 b9
Production—procuring, transporting, storing and assembling resources to b9 b9 b9 b9 b9 b9
produce a product or deliver a service.
b9 b9 b9 b9 b9 b9 b9
Marketing—promoting and selling products or services to customers or b9 b9 b9 b9 b9 b9 b9 b9
prospective customers.
b9 b9
Distribution—processing orders and shipping products or services to customers. b9 b9 b9 b9 b9 b9 b9 b9
Customer service—providing after-sales service to customers.
b9 b9 b9 b9 b9
1-1
,1-5 Supply chain describes the flow of goods, services, and information from the initial
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
sources of materials and services to the delivery of products to consumers, regardless of
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
whether those activities occur in the same organization or in other organizations.
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
Cost management is most effective when it integrates and coordinates activities
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
across all companies in the supply chain as well as across each business function in an
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
individual company‘s value chain. Attempts are made to restructure all cost areas to be
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
more cost-effective.
b9 b9
1-6 ―Management accounting deals only with costs.‖ This statement is misleading at b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
best, and wrong at worst. Management accounting measures, analyzes, and reports
b9 b 9 b9 b9 b9 b9 b9 b9 b9 b9 b9
financial and non- financial information that helps managers define the organization‘s
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
goals, and make decisions to fulfill them. Management accounting also analyzes revenues
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
from products and customers in order to assess product and customer profitability.
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
Therefore, while management accounting does use cost information, it is only a part of
b9 b9 b9 b9 b 9 b9 b9 b9 b9 b9 b9 b9 b9 b9
the organization‘s information recorded and analyzed by management accountants.
b9 b9 b9 b9 b9 b9 b9 b9 b9
1-7 Management accountants can help improve quality and achieve timely product b9 b9 b9 b9 b9 b9 b9 b9 b9
deliveries by recording and reporting an organization‘s current quality and timeliness levels
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
and by analyzing and evaluating the costs and benefits—both financial and non-financial—
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
of new quality initiatives such as TQM, relieving bottleneck constraints or providing faster
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
customer service.
b9 b9
1-8 The five-step decision-making process is (1) identify the problem and uncertainties
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
(2) obtain information (3) make predictions about the future (4) make decisions by
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
choosing among alternatives and (5) implement the decision, evaluate performance and
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
learn.
b9
1-9 Planning decisions focus on selecting organization goals and strategies, predicting
b9 b9 b9 b9 b9 b9 b9 b9 b9
results under various alternative ways of achieving those goals, deciding how to attain the
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
desired goals, and communicating the goals and how to attain them to the entire
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
organization.
b9
Control decisions focus on taking actions that implement the planning decisions,
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
deciding how to evaluate performance, and providing feedback and learning to help future
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
decision making.
b9 b9
1-10 The three guidelines for management accountants are
b9 b9 b9 b9 b9 b9
1. Employ a cost-benefit approach. b9 b9 b9
2. Recognize behavioral and technical considerations. b9 b9 b9 b9
3. Apply the notion of ―different costs for different purposes‖.
b9 b9 b9 b9 b9 b9 b9 b9
1-11 Agree. A successful management accountant requires general business skills (such as
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
understanding the strategy of an organization) and people skills (such as motivating other
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
team members) as well as technical skills (such as computer knowledge, calculating costs
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
of products, and supporting planning and control decisions).
b9 b9 b9 b9 b9 b9 b9 b9
1-2
, 1-12 The new controller could reply in one or more of the following ways:
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
(a) Demonstrate to the plant manager how he or she could make better decisions if
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
the plant controller was viewed as a resource rather than a deadweight. In a
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
related way, the plant controller could show how the plant manager‘s time and
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
resources could be saved by viewing the new plant controller as a team
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
member.
b9
(b) Demonstrate to the plant manager a good knowledge of the technical aspects of
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
the plant. This approach may involve doing background reading. It certainly will
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
involve spending much time on the plant floor speaking to plant personnel.
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
(c) Show the plant manager examples of the new plant controller‘s past successes in
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
working with line managers in other plants. Examples could include
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
assistance in preparing the budget, b9 b9 b9 b9
assistance in analyzing problem situations and evaluating financial and
nonfinancial aspects of different alternatives, and
b9 b9 b9 b9 b9 b9
assistance in submitting capital budget requests. b9 b9 b9 b9 b9
(d) Seek assistance from the corporate controller to highlight to the plant manager
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
the importance of many tasks undertaken by the new plant controller. This
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
approach is a last resort but may be necessary in some cases.
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
1-13 The controller is the chief management accounting executive. The corporate
b9 b9 b9 b9 b9 b9 b9 b9 b9
controller reports to the chief financial officer, a staff function. Companies also have
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
business unit controllers who support business unit managers or regional controllers who
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
support regional managers in major geographic regions.
b9 b9 b9 b9 b9 b9 b9
1-14 The Institute of Management Accountants (IMA) sets standards of ethical
b9 b9 b9 b9 b9 b 9 b 9 b 9 b9
conduct for management accountants in the following four areas:
b9 b9 b9 b9 b9 b9 b9 b9 b9
Competence
Confidentiality
Integrity
Credibility
1-15 Steps to take when established written policies provide insufficient guidance are
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
(a) Discuss the problem with the immediate superior (except when it
b 9 b 9 b 9 b 9 b 9 b 9 b 9 b 9 b 9
appears that the superior is involved).
b 9 b 9 b 9 b9 b9 b9
(b) Clarify relevant ethical issues by confidential discussion with
b 9 b 9 b 9 b 9 b 9 b 9 b 9
an IMA Ethics Counselor or other impartial advisor.
b 9 b 9 b 9 b9 b9 b9 b9 b9
(c) Consult your own attorney as to legal obligations and rights concerning
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
the ethical conflicts.
b9 b9 b9
1-3
b9
COST
ACCOUNTIN
b9
G
, CHAPTER 1 b9
THE MANAGER AND MANAGEMENT ACCOUNTING
b9 b9 b9 b9
See the front matter of this Solutions Manual for suggestions regarding your choices of
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
assignment material for each chapter.
b9 b9 b9 b9 b9
1-1 Management accounting measures, analyzes and reports financial and nonfinancial
b9 b9 b9 b9 b9 b9 b9 b9
information that helps managers make decisions to fulfill the goals of an organization. It
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
focuses on internal reporting and is not restricted by generally accepted accounting
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
principles (GAAP).
b9 b9
Financial accounting focuses on reporting to external parties such as investors,
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
government agencies, and banks. It measures and records business transactions and
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
provides financial statements that are based on generally accepted accounting principles
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
(GAAP).
b9
Other differences include (1) management accounting emphasizes the future (not the
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
past), and (2) management accounting influences the behavior of managers and other
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
employees (rather than primarily reporting economic events).
b9 b9 b9 b9 b9 b9 b9
1-2 Financial accounting is constrained by generally accepted accounting principles.
b9 b9 b9 b9 b9 b9 b9 b9
Management accounting is not restricted to these principles. The result is that
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
management accounting allows managers to charge interest on owners‘ capital to
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
help judge a division‘s performance, even though such a charge is not allowed
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
under GAAP, b9 b 9
management accounting can include assets or liabilities (such as b 9 b 9 b 9 b 9 b 9 b 9 b 9 b 9
―brand names‖ developed internally) not recognized under GAAP, and
b 9 b 9 b9 b9 b9 b9 b9 b9 b9
management accounting can use asset or liability measurement rules (such as
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
present values or resale prices) not permitted under GAAP.
b9 b 9 b9 b9 b9 b9 b9 b9 b9
1-3 Management accountants can help to formulate strategy by providing information
b9 b9 b9 b9 b9 b9 b9 b9 b9
about the sources of competitive advantage—for example, the cost, productivity, or
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
efficiency advantage of their company relative to competitors or the premium prices a
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
company can charge relative to the costs of adding features that make its products or
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
services distinctive.
b9 b9
1-4 The business functions in the value chain are
b9 b9 b9 b9 b9 b9 b9
Research and development—generating and experimenting with ideas related to
b9 b9 b9 b9 b9 b9 b9 b9
new products, services, or processes.
b9 b9 b9 b9 b9
Design of products and processes—the detailed planning, engineering, and
b9 b9 b9 b9 b9 b9 b9 b9
testing of products and processes.
b9 b9 b9 b9 b9
Production—procuring, transporting, storing and assembling resources to b9 b9 b9 b9 b9 b9
produce a product or deliver a service.
b9 b9 b9 b9 b9 b9 b9
Marketing—promoting and selling products or services to customers or b9 b9 b9 b9 b9 b9 b9 b9
prospective customers.
b9 b9
Distribution—processing orders and shipping products or services to customers. b9 b9 b9 b9 b9 b9 b9 b9
Customer service—providing after-sales service to customers.
b9 b9 b9 b9 b9
1-1
,1-5 Supply chain describes the flow of goods, services, and information from the initial
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
sources of materials and services to the delivery of products to consumers, regardless of
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
whether those activities occur in the same organization or in other organizations.
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
Cost management is most effective when it integrates and coordinates activities
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
across all companies in the supply chain as well as across each business function in an
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
individual company‘s value chain. Attempts are made to restructure all cost areas to be
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
more cost-effective.
b9 b9
1-6 ―Management accounting deals only with costs.‖ This statement is misleading at b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
best, and wrong at worst. Management accounting measures, analyzes, and reports
b9 b 9 b9 b9 b9 b9 b9 b9 b9 b9 b9
financial and non- financial information that helps managers define the organization‘s
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
goals, and make decisions to fulfill them. Management accounting also analyzes revenues
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
from products and customers in order to assess product and customer profitability.
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
Therefore, while management accounting does use cost information, it is only a part of
b9 b9 b9 b9 b 9 b9 b9 b9 b9 b9 b9 b9 b9 b9
the organization‘s information recorded and analyzed by management accountants.
b9 b9 b9 b9 b9 b9 b9 b9 b9
1-7 Management accountants can help improve quality and achieve timely product b9 b9 b9 b9 b9 b9 b9 b9 b9
deliveries by recording and reporting an organization‘s current quality and timeliness levels
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
and by analyzing and evaluating the costs and benefits—both financial and non-financial—
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
of new quality initiatives such as TQM, relieving bottleneck constraints or providing faster
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
customer service.
b9 b9
1-8 The five-step decision-making process is (1) identify the problem and uncertainties
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
(2) obtain information (3) make predictions about the future (4) make decisions by
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
choosing among alternatives and (5) implement the decision, evaluate performance and
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
learn.
b9
1-9 Planning decisions focus on selecting organization goals and strategies, predicting
b9 b9 b9 b9 b9 b9 b9 b9 b9
results under various alternative ways of achieving those goals, deciding how to attain the
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
desired goals, and communicating the goals and how to attain them to the entire
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
organization.
b9
Control decisions focus on taking actions that implement the planning decisions,
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
deciding how to evaluate performance, and providing feedback and learning to help future
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
decision making.
b9 b9
1-10 The three guidelines for management accountants are
b9 b9 b9 b9 b9 b9
1. Employ a cost-benefit approach. b9 b9 b9
2. Recognize behavioral and technical considerations. b9 b9 b9 b9
3. Apply the notion of ―different costs for different purposes‖.
b9 b9 b9 b9 b9 b9 b9 b9
1-11 Agree. A successful management accountant requires general business skills (such as
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
understanding the strategy of an organization) and people skills (such as motivating other
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
team members) as well as technical skills (such as computer knowledge, calculating costs
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
of products, and supporting planning and control decisions).
b9 b9 b9 b9 b9 b9 b9 b9
1-2
, 1-12 The new controller could reply in one or more of the following ways:
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
(a) Demonstrate to the plant manager how he or she could make better decisions if
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
the plant controller was viewed as a resource rather than a deadweight. In a
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
related way, the plant controller could show how the plant manager‘s time and
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
resources could be saved by viewing the new plant controller as a team
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
member.
b9
(b) Demonstrate to the plant manager a good knowledge of the technical aspects of
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
the plant. This approach may involve doing background reading. It certainly will
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
involve spending much time on the plant floor speaking to plant personnel.
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
(c) Show the plant manager examples of the new plant controller‘s past successes in
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
working with line managers in other plants. Examples could include
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
assistance in preparing the budget, b9 b9 b9 b9
assistance in analyzing problem situations and evaluating financial and
nonfinancial aspects of different alternatives, and
b9 b9 b9 b9 b9 b9
assistance in submitting capital budget requests. b9 b9 b9 b9 b9
(d) Seek assistance from the corporate controller to highlight to the plant manager
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
the importance of many tasks undertaken by the new plant controller. This
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
approach is a last resort but may be necessary in some cases.
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
1-13 The controller is the chief management accounting executive. The corporate
b9 b9 b9 b9 b9 b9 b9 b9 b9
controller reports to the chief financial officer, a staff function. Companies also have
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
business unit controllers who support business unit managers or regional controllers who
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
support regional managers in major geographic regions.
b9 b9 b9 b9 b9 b9 b9
1-14 The Institute of Management Accountants (IMA) sets standards of ethical
b9 b9 b9 b9 b9 b 9 b 9 b 9 b9
conduct for management accountants in the following four areas:
b9 b9 b9 b9 b9 b9 b9 b9 b9
Competence
Confidentiality
Integrity
Credibility
1-15 Steps to take when established written policies provide insufficient guidance are
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
(a) Discuss the problem with the immediate superior (except when it
b 9 b 9 b 9 b 9 b 9 b 9 b 9 b 9 b 9
appears that the superior is involved).
b 9 b 9 b 9 b9 b9 b9
(b) Clarify relevant ethical issues by confidential discussion with
b 9 b 9 b 9 b 9 b 9 b 9 b 9
an IMA Ethics Counselor or other impartial advisor.
b 9 b 9 b 9 b9 b9 b9 b9 b9
(c) Consult your own attorney as to legal obligations and rights concerning
b9 b9 b9 b9 b9 b9 b9 b9 b9 b9
the ethical conflicts.
b9 b9 b9
1-3
