Principles of ethical conduct, evaluate tims behavior

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Reference no: EM133440937

The Purchase of Materials for Personal Use

Missoula Manufacturing Company allows employees to purchase materials, such as metal and lumber, for personal use at a price equal to the Company's cost. To purchase these materials, an employee must fill out a materials requisition form, which then must be approved by the employee's immediate manager. Tim Williams, the assistant cost accountant, then charges the employee an amount based upon Missoula's net purchase cost.

Tim is in process of replacing an old, warn-out deck on his patio and has requisitioned lumber for personal use, which has been approved in accordance with Company policy. In computing the cost of the lumber, Tim reviewed each of the purchase invoices for lumber for the past year. The price of lumber changed throughout the year. Tim decided to use the lowest price which the Company paid for lumber over the past year to compute the amount due to the company for the lumber.

The Institute of Management Accountants (IMA) is a professional organization for managerial accountants. The IMA has established four principles of ethical conduct for its members: honesty; fairness; objectivity; and responsibility. You can find these principles on the IMA websiteLinks to an external site..

Question:

Using the IMA's four principles of ethical conduct, evaluate Tims behavior. Has Tim acted in an ethical manner? Why or why not (be specific)?

Reference no: EM133440937

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