CMA Essay Questions for Practice

11339 WordsJul 22, 201446 Pages
CMA Exam Support Package Examination Essay Questions For Practice © Copyright 2010 By Institute of Certified Management Accountants Introduction The Institute of Certified Management Accountants (ICMA) is publishing this book of practice questions with answers to help you prepare for the CMA examination. Each question is referenced to the Content Specification Outline (CSO) and the Learning Outcome Statements (LOS). These questions are actual “retired” questions from the CMA exams and are intended to supplement other study materials. These practice questions will help you test your understanding of the concepts and rules included in your CMA study materials by requiring you to apply those concepts and rules to unique and…show more content…
Raminov realized that it was possible CMMC had been improperly disposing of highly toxic fluids in a landfill that was restricted to residential refuse. Besides the obvious hazards to residents of the area, there could be legal problems if and when the authorities were notified. The financial consequences of clean-up actions, as well as the loss of CMMC 's generally good environmental reputation, could be catastrophic for the company. Raminov asked his supervisor how this item was to be included in the footnotes and inquired whether an accrual for clean-up costs was anticipated. His supervisor told him to "forget about this matter" and that he had no intention of mentioning one word about waste disposal in this year 's financial statements. REQUIRED: A. Using the categories outlined in IMA’s Standards of Ethical Professional Practice, identify the standards that are specifically relevant to Alex Raminov’s ethical conflict and explain why the standards are applicable to the situation. B. According to the IMA’s Standards of Ethical Professional Practice, what further steps, if any, should Raminov take in resolving his ethical dilemma? C. If he continues to be rebuffed by his employer, should Raminov notify the appropriate authorities? Should he anonymously release the information to the local newspaper? Explain your answers. CSO: E.1.a. LOS: E.1.c. CSO:

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