question

Management accounting: a) focuses on estimating future revenues, costs, and other measures to forecast activities and their results. b) provides information about the company as a whole c) reports information that has occurred in the past that is verifiable and reliable d) provides information that is generally available only on a quarterly or annual basis

answer

a

question

Managers use management accounting information to ___ strategy a) choose b) communicate c) implement d) all of these answers are correct

answer

d

question

Financial accounting: a) focuses on the future and includes activities such as preparing next year's operating budget b) must comply with GAAP c) reports include detailed information on the various operating segments of the business such as product lines or departments d) is prepared for the use of departments heads and other employees

answer

b

question

The person most likely to use ONLY financial accounting information is a: a) factory shift supervisor b) vice president of operations c) current shareholder d) department manager

answer

c

question

Which of the following people is LEAST likely to use management accounting information? a) the controller b) a shareholder evaluating a stock investment c) the treasurer d) an assembly department supervisor

answer

b

question

Financial accounting provides the primary source of information for: a) decision making in the finishing department b) improving customer service c) preparing the income statement for shareholders d) planning next year's operating budget

answer

c

question

Which of the following descriptors refers to management accounting information? a) It is verifiable and reliable b) It is driven by rules c) It is prepared for shareholders d) It provides reasonable and timely estimates

answer

d

question

Which of the following statements refers to management accounting information? a) There are no regulations governing the reports b) the reports are generally delay and historical c) the audience tends to be stockholders, creditors, and tax authorities d) It primarily measures and records business transactions

answer

a

question

Which of the following groups would be LEAST likely to receive detailed management accounting reports? a) stockholders b) sales representatives c) production supervisors d) managers

answer

a

question

Management accounting information includes: a) tabulated results of customer satisfaction surveys b) the cost of producing a product c) the percentage of units produced that are defective d) all of these answers are correct

answer

d

question

Cost accounting: a) provides information on the efficiency of factory labor b) provides information on the cost of servicing commercial customers c) provides information on the performance of an operating division d) All of these answers are correct

answer

d

question

Which of the following types of information are used in management accounting? a) financial information b) non financial information c) information focused on the long term d) all of these answers are correct

answer

d

question

Modern cost accounting plays a role in: a) planning new products b) evaluating operational processes c) controlling costs d) all of these answers are correct

answer

d

question

A data warehouse or infobarn: a) is reserved for exclusive use by the CFO b) is primarily used for financial reporting purposes c) stores information used by different managers for multiple purposes d) gathers only non financial information

answer

c

question

Cost accounting provides all of the following EXCEPT: a) information for management accounting and financial accounting b) pricing information from marketing studies c) financial information regarding the cost of acquiring resources d) non financial information regarding the cost of operation efficiencies

answer

b

question

Management accounting includes all of the following EXCEPT: a) implementing strategies b) developing budgets c) preparing special studies and forecasts d) preparing the statement of cash flows

answer

d

question

Financial accounting is concerned primarily with: a) external reporting to investors, creditors, and government authorities b) cost planning and cost controls c) profitability analysis d) providing information for strategic and tactical decisions

answer

a

question

Financial accounting provides a historical perspective, whereas management accounting emphasizes: a) the future b) past transactions c) a current perspective d) reports to shareholders

answer

a

question

An Enterprise Resource Planning System can best be described as: a) a collection of programs that use a variety of unconnected databases b) a single database that collects data and feeds it into applications that support each of the company's business activities, such as purchases, production, distribution, and sales c) a database that is primarily used by a purchasing department to determine the correct amount of a particular supply item to purchase d) a sophisticated means of linking two or more companies to facilitate their planning processes

answer

b

question

The approaches and activities of managers in short-run and long-run planning and control decisions that increase value for customers and lower costs of products and services are known as: a) value chain management b) enterprise resource planning c) cost management d) customer value management

answer

c

question

Management accounting information focuses on external reporting. T/F

answer

F

question

Cost management is narrowly focused on a continuous reduction of costs. T/F

answer

F

question

Managers always require the information in an accounting system to be presented in the same format. T/F

answer

F

question

Modern cost accounting takes the perspective that collecting cost information is a function of the management decisions being made. T/F

answer

T

question

The balance sheet, income statement, and statement of cash flows are used for financial accounting, and also for management accounting. T/F

answer

T

question

Financial accounting is broader in scope than management accounting. T/F

answer

F

question

Cost accounting measures and report short-term, long-term, financial, and non financial information. T/F

answer

T

question

Cost management provides information that helps increase value for customers. T/F

answer

T

question

Management accounting has to strictly follow the rules of generally accepted accounting principles for the purposes of measurement and reporting. T/F

answer

F

question

An ideal database should store information in a way that allows different managers to access the information they need. T/F

answer

T

question

An Enterprise Resource Planning (ERP) System is a single database that collects data and feeds into applications that support each of the company's business activities, such s purchases, production, distribution, and sales. T/F

answer

T

question

Cost accounting provides information only for management accounting purposes. T/F

answer

F

question

Cost management involves long-term and short-term decisions that attempt to increase value for customers and lower costs of products or services. T/F

answer

T

question

Which of the following statements concerning an organization's strategy is NOT true? a) strategy specifies how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its objectives. b) management accountants provide input to help managers formulate strategy c) a good strategy always overcome poor implementation d) businesses usually follow one of two broad strategies: offering a quality product at a low price, or offering a unique product or service priced higher than the competition

answer

c

question

Strategy specifies: a) how an organization matches its own capabilities with the opportunities in the marketplace b) standard procedures to ensure quality products c) incremental changes for improved performance d) the demand created for products and services

answer

a

question

Which of the following is NOT one of the questions management accountants might attempt to help answer in the formulation of strategy? a) Who are our most important customers? b) What substitute products exist in the marketplace? c) Does the strategy comply with GAAP? d) Will adequate cash be available to implement the strategy?

answer

c

question

Strategy is formulated by answering all of the following EXCEPT: a) who are our most important customers? b) In industry demand growing or shrinking? c) Will our external auditors certify our strategy? d) how sensitive are purchasers to price, quality, and service?

answer

c

question

In designing strategy, a company must match the opportunities and threats in the marketplace with: a) those of the CFO b) its resources and capabilities c) branding opportunities d) capabilities of current suppliers

answer

b

question

Which of the following statement about customer values if NOT true? a) customer value is shown in a corporation's balance sheet b) creating value for customers is an important part of planning and implementing strategy c) how our product delivers customer value should be determined as part of a company's strategy formulation d) it is possible to simultaneously lower cost and increase customer value

answer

a

question

Strategy does NOT specify how an organization matches its capabilities with the opportunities in the marketplace. T/F

answer

F

question

Southwest Airlines is an example of a company that pursues a product differentiation strategy. T/F

answer

F

question

The best-designed strategies are valuable whether or not they are effectively implemented. T/F

answer

F

question

The key to a company's success if creating value for customers while differentiating itself from its competitors. T/F

answer

T

question

The key to a company's success is always to be the low cost producer in a particular industry. T/F

answer

F

question

Companies generally follow on of two basic strategies: 1) providing a quality product or service at low prices, 2) offering a unique product or service often priced higher than competing products. T/F

answer

T

question

Management accountants should have little or no role in deciding on a company's strategy. T/F

answer

F

question

Companies can decide on an appropriate strategy based strictly on internally available information. T/F

answer

F

question

Strategic cost management describes cost management that specifically focuses on strategic issues. T/F

answer

T

question

Identifying a company's most important customers doe NOT help formulate strategy. T/F

answer

F

question

The best-designed strategies and the best-developed capabilities are useless unless they are effectively executed. T/F

answer

T

question

Place the four business functions in the order they appear along the value chain: customer service design marketing production a) Customer service, designed, production, marketing b) customer service, marketing, production, design c) design, production, marketing, customer service d) design, customer service, production, marketing

answer

c

question

R&D, production, and customer service are business functions that are all included as part of: a) the value chain b) benchmarking c) marketing d) the supply chain

answer

a

question

The value chain is the sequence of business functions in which: a) value is deducted from the products or services of an organization b) value is proportionately added to the products or services of an organization c) products and services are evaluated with respect to their value to the supply chain d) usefulness is added to the products or services of an organization

answer

d

question

______ is the generation of, and experimentation with, ideas related to new products, services, or processes a) research and development b) design of products, services, or processes c) production d) marketing

answer

a

question

_______ is the detailed planning and engineering of products, service, or processes a) distribution b) design of products, services, or processes c) production d) marketing

answer

b

question

_____ is the acquisition, coordination, and assembly of resources to produce a product or deliver a service. a) research and development b) customer service c) production d) marketing

answer

c

question

_____ is the manner by which companies promote and sell their products or services to customers or perspective customers. a) distribution b) customer service c) research and development d) marketing

answer

d

question

___ is the delivery of products or service to customers a) distribution b) customer service c) production d) design of products, services, or processes

answer

a

question

_____ is the after-sale support provided to customers a) distribution b) customer service c) production d) marketing

answer

b

question

____ is a strategy that integrates people and technology in all business functions to enhance relationships with customers, partners, and distributors a) customer relationship management b) value-chain analysis c) supply-chain analysis d) continuous quality management

answer

a

question

Cusomter relationship management initiatives use technology to coordinate all: a) production activities b) research activities c) customer-facing activities d) inventory management activities

answer

c

question

____ describe(s) the flow of goods, services, and information from the purchase of materials to the delivery of products to customers, regardless of whether those activities occur in the same organization or with other organizations a) supply chain b) key success factors c) continuous improvement d) customer focus

answer

a

question

Processing orders and shipping products or services to customers (also called outbound logistics) is also known as: a) customer focus b) distribution c) marketing d) supply chain

answer

b

question

____ is a philosophy in which management improves operations throughout the value chain to deliver products and services that exceed customer expectations. a) cost-benefit approach b) customer focus c) cusomter relationship management d) total quality management

answer

d

question

Which item is NOT an area that customers want to see improved levels of performance in? a) innovation b) quality c) cost and efficiency d) profit

answer

d

question

Which of the following statements about a company's supply chain is true? a) a company's supply chain is always internal to a firm b) a company's supply chain is external to a firm c) a company's supply chain is the same thing as a company's value chain d) Management accountants provide information to enhance a company's supply chain

answer

d

question

______ describes the flow of goods, services, and information from the initial sources of materials and services to the delivery of products to consumers, regardless of whether those activities occur in the same organization or in other organizations. a) the value chain b) the supply chain c) product differentiation d) distribution

answer

b

question

Whose perceptions of the company's products or services are the most important to the manager? a) board of director's perception b) customer's perception c) president's perception d) stockholer's perception

answer

b

question

_____ aims to improve operations throughout the value chain and to deliver products and services that exceed customer expectations. a) total quality management b) innovation c) customer response time d) cost and efficiency

answer

a

question

Customers are demanding improved performance related to: a) reduced costs b) both reduced costs and increased quality c) lower, costs, improved quality, and improved customer service d) all of these answers are correct

answer

d

question

Cusomter response time involves: a) the speed it takes the customer to respond to an advertisement and place an order b) the speed at which an organization responds to customer requests c) the speed it takes to develop a new product d) the speed it takes an organization to develop a Total Quality Management (TQM) program

answer

b

question

Which of the following is NOT a way for a company to improve customer response time? A) Increase capacity of bottleneck operations. B) Purchase material in larger quantities. C) Use faster delivery procedures. D) Produce the product more quickly.

answer

b

question

The supply chain refers to the sequence of business functions in which customer usefulness is added to products or services. T/F

answer

F

question

An effective way to cut costs is to eliminate activities that do NOT improve the product attributes that customers value. T/F

answer

T

question

For optimal planning success it is best if each business function within the value chain is performed one at a time in sequence. T/F

answer

F

question

For best results, cost management emphasizes independently coordinating supply chain activities within your company and with other companies that act as suppliers and customers. T/F

answer

T

question

Technological innovation has led to longer product-life cycles and lessened the need to bring new products to market more rapidly. T/F

answer

F

question

Key success factors include cost, quality, timeliness, and innovation. T/F

answer

T

question

Customers are demanding increased levels of performance in all aspects of the value chain and the supply chain. T/F

answer

T

question

The supply chain describes the flow of goods, services, and information from the initial sources of materials and services to the delivery of products to consumers. T/F

answer

F

question

The supply chain always occurs within a single organization. T/F

answer

F

question

Distribution refers to promoting and selling products or services to customers or prospective customers. T/F

answer

F

question

The production component of the value chain refers detailed planning, engineering, and testing of products and processes. T/F

answer

F

question

Management accountants might provide information on decisions on whether to buy a product from outside or manufacture it in-house. T/F

answer

T

question

Key success factors are geared to improving customer satisfaction. T/F

answer

T

question

Value chain refers to its value to the employee. T/F

answer

F

question

Companies have to follow strict guidelines when designing a management accounting system. T/F

answer

F

question

Tracking what is happening in other companies is illegal. T/F

answer

F

question

Increased global competition is placing pressure on companies to reduce costs. T/F

answer

T

question

The increasing pace of technological innovation has resulted in shorter product life cycles. T/F

answer

T

question

A bottleneck occurs when the work to be performed exceeds the available capacity. T/F

answer

T

question

Place the five steps in the decision-making process in the correct order: A = Obtain information B = Make decisions by choosing among alternatives C = Identify the problem and uncertainties D = Implement the decision E = Make predictions about the future. A) C D B E A B) E D A B C C) C A E B D D) A E B D C

answer

C

question

Planning consists of all of these areas EXCEPT: A) selecting organizational goals B) deciding how to attain the desired goals C) evaluating performance D) predicting results under various alternatives

answer

C

question

The most important planning tool is a ________. A) performance evaluation report B) balanced scorecard C) goal D) budget

answer

D

question

A report showing the actual financial results for a period compared to the budgeted financial results for that same period would most likely be called a:

answer

C

question

The process of preparing a budget: A) forces coordination and communication across business functions B) increases accounting efficiencies C) reduces overcapacity D) promotes production automation

answer

A

question

Planning includes all of the following EXCEPT A) identifying the problem and uncertainties. B) obtaining information. C) providing feedback to help with future decision making. D) making predictions about the future.

answer

C

question

A budget: A) is a quantitative expression of a proposed management plan B) helps translate strategy into actions C) aids in the coordination and communication among various business functions D) All of these answers are correct.

answer

D

question

A budget can serve as: A) a planning tool B) a control tool C) a basis for preparing financial statements D) a planning and control tool

answer

D

question

Employees ________ how their performance is measured. A) pay close attention to B) pay no attention to C) rarely know D) None of the above are correct.

answer

A

question

Linking rewards to performance: A) helps to motivate managers B) allows companies to charge premium prices C) should only be based on financial information D) All of these answers are correct.

answer

A

question

Control measures should: A) be set and not changed until the next budget cycle B) be flexible to allow for employees who are slackers C) be kept confidential from employees so that competitors don't have an opportunity to gain a competitive advantage D) be linked by feedback to planning

answer

D

question

A well-conceived plan allows managers the ability to: A) not make decisions again until the next planning session B) keep lower-level managers from implementing change C) underestimate costs so that actual operating results will be favorable when comparisons are made D) take advantage of unforeseen opportunities

answer

D

question

Which of the following statements concerning performance reports is NOT correct? A) The performance report shows actual performance as compared to the budget. B) The performance report is a feedback tool. C) The performance report often leads to more investigations and action. D) The performance report contains no actual results due to confidentiality.

answer

D

question

Management accounting is considered most likely to be successful when it: A) helps creditors evaluate the company's performance B) helps investors improve their decisions C) is timely D) is relevant and reported annually

answer

C

question

The last step in the decision-making process is to make decisions by choosing among alternatives. T/F

answer

F

question

One of the steps in planning is making predictions about the future. T/F

answer

T

question

It is difficult to control activities without a budget. T/F

answer

T

question

To take advantage of changing market opportunities, the annual budget should be strictly enforced T/F

answer

F

question

A budget is a quantitative expression of a plan. T/F

answer

T

question

The process of preparing a budget forces coordination and communication throughout the company. T/F

answer

T

question

Linking rewards to performance is a major deterrent to good management performance. T/F

answer

F

question

Employees pay little attention to how their performance is measured. T/F

answer

F

question

A budget may be used as a planning tool, but NOT as a control tool. T/F

answer

F

question

Financial accounting reports financial and non financial information that helps managers implement company strategies. T/F

answer

F

question

Feedback and learning helps in the future decision-making process. T/F

answer

T

question

Control includes deciding what feedback to provide that will help with future decision making. T/F

answer

T

question

When a particular aspect of employee performance is measured, employees pay more attention to it. T/F

answer

T

question

A performance report compares actual performance to the amount budgeted. T/F

answer

T

question

Management accounting is playing an increasingly important role by helping managers develop and implement strategy. T/F

answer

T

question

Which item is NOT a guideline used by management accountants to assist in strategic and operational decision making? A) cost-benefit approach B) behavioral and technical considerations C) different costs for different purposes D) balanced scorecard

answer

D

question

The scenario that resources should be spent if the expected benefits to the company exceed the expected costs describes: A) cost-benefit approach B) behavioral and technical considerations C) balanced scorecard D) different costs for different purposes

answer

A

question

The act of simply measuring and reporting information: A) focuses the attention of employees on those processes B) diverts employee's attention to other activities C) disproves the saying "What gets measured gets managed." D) has no effect on employee behavior

answer

A

question

Which statement is true? A) Management is primarily a technical activity. B) People do not react to measurements. C) Employees spend more attention on those variables that are getting measured. D) Resources should be spent if the expected benefits to the company are less than the expected costs.

answer

C

question

The primary criterion when faced with a resource allocation decision is: A) cost minimization B) reduction in the amount of time required to perform a particular job C) achievement of organizational goals D) how well the alternative options help achieve organizational goals in relation to the costs incurred for these systems

answer

D

question

Which of the following statements about the cost-benefit approach is true? A) Resources should be spent if they are expected to better attain company goals in relation to the expected costs of these resources. B) In a cost-benefit analysis, both costs and benefits are easy to obtain. C) Resources should be spent if the costs of a decision outweigh the benefits of the decision. D) A cost-benefit approach would not be appropriate for a decision to install a budget system or not.

answer

A

question

It is generally easy to quantify expected benefits and costs when applying the cost-benefit approach T/F

answer

F

question

The technical considerations of budgeting encourage managers and other employees to strive for achieving the goals of the organization. T/F

answer

F

question

A cost concept used for external reporting purposes may not be appropriate for internal, routine reporting to managers. T/F

answer

T

question

Accounting method for internal reporting purposes are specified by Generally Accepted Accounting Principles (GAAP). T/F

answer

F

question

The person(s) directly responsible for attaining of organizational objectives is/are: A) the treasurer B) line management C) the controller D) the chief financial officer

answer

B

question

The person(s) responsible for providing advice and assistance to line managers is/are: A) the controller B) the chief financial officer C) staff management D) the treasurer

answer

C

question

________ includes providing financial information for reports to managers and shareholders, and overseeing the overall operations of the accounting system. A) Internal audit B) External audit C) Controllership D) Treasury

answer

C

question

________ includes banking and short- and long-term financing, investments, and cash management. A) Risk management B) Internal audit C) Controllership D) Treasury

answer

D

question

Line management includes: A) manufacturing managers B) human-resource managers C) information-technology managers D) management-accounting managers

answer

A

question

Staff management includes: A) manufacturing managers B) human-resource managers C) purchasing managers D) distribution managers

answer

B

question

Responsibilities of a CFO include all of the following EXCEPT: A) providing financial reports to shareholders B) managing short-term and long-term financing C) investing in new equipment D) preparing federal, state, and international tax returns

answer

C

question

The ________ is primarily responsible for management accounting and financial accounting. A) COO (Chief Operating Officer) B) CIO (Chief Information Officer) C) treasurer D) controller

answer

D

question

All of the following report to the CFO EXCEPT the: A) controller B) tax department manager C) production manager D) treasurer

answer

C

question

Examples of the controller's functions include all EXCEPT: A) operations administration B) budgeting C) investor relations D) general ledger

answer

C

question

Long term financing is an integral part of the ________ function in an organization. A) treasurer's B) controller's C) internal audit D) president's

answer

A

question

Line management is directly responsible for attaining the goals of the organization. T/F

answer

T

question

Staff management should NOT provide advice and assistance to line management. T/F

answer

F

question

Treasury includes banking and short- and long-term financing, investments, and cash management. T/F

answer

T

question

The controller is usually responsible for banking, short- and long-term financing, investments, and cash management. T/F

answer

T

question

The controller (also called the chief accounting officer) is the financial executive primarily responsible for both management accounting and financial accounting. T/F

answer

T

question

An external audit includes reviewing and analyzing financial and other records to attest to the integrity of the organization's financial reports and to adherence to its policies and procedures. T/F

answer

F

question

The controller is generally a staff position. T/F

answer

T

question

Management accountants must have behavioral and interpersonal skills. T/F

answer

T

question

Which of the following issues is NOT addressed by the Sarbanes-Oxley legislation? A) improving internal control B) corporate governance C) disclosure practices of public corporations D) disclosure practices of private companies

answer

D

question

The Standards of Ethical Conduct for management accountants include concepts related to: A) competence, performance, integrity, and reporting B) competence, confidentiality, integrity, and credibility C) experience, integrity, reporting, and objectivity D) None of these answers are correct.

answer

B

question

Which item is NOT an indication of competence under the Standards of Ethical Conduct? A) Maintain an appropriate level of professional expertise by continually developing knowledge and skills. B) Keep information confidential except when disclosure is authorized or legally required. C) Perform professional duties in accordance with relevant laws, regulations, and technical standards. D) Provide decision support information and recommendations that are accurate, clear, concise, and timely.

answer

B

question

Which item is NOT an indication of confidentiality under the Standards of Ethical Conduct? A) Keep information confidential except when disclosure is authorized or legally required. B) Inform all relevant parties regarding appropriate use of confidential information. C) Refrain from using confidential information for unethical or illegal advantage. D) All of the above indicate confidentiality.

answer

D

question

Which item is an indication of integrity under the Standards of Ethical Conduct? A) Refrain from engaging in any conduct that would prejudice carrying out duties ethically. B) Communicate information fairly and objectively. C) Keep information confidential except when disclosure is authorized or legally required. D) Recognize and communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity.

answer

A

question

Which item is an indication of credibility under the Standards of Ethical Conduct? A) Maintain an appropriate level of professional expertise by continually developing knowledge and skills. B) Refrain from using confidential information for unethical or illegal advantage. C) Abstain from engaging in or supporting any activity that might discredit the profession. D) Disclose delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law.

answer

D

question

Ethical challenges for management accountants include: A) whether to accept gifts from suppliers, knowing it is an effort to indirectly influence decisions B) whether to report unfavorable department information that may result in unfavorable consequences for a friend C) whether to file a tax return this year D) Both A and B are correct.

answer

D

question

Which of the following actions should a management accountant take first in confronting a potential ethical conflict concerning your direct supervisor? A) Inform the Board of Directors of the existence of a potential conflict. B) Confront the supervisor directly. C) Discuss the situation with your supervisor's direct supervisor. D) Review your organization's procedures concerning resolution of such a conflict.

answer

D

question

If there is an ethical conflict concerning your direct supervisor, you may contact all of the following groups EXCEPT: A) local media B) audit committee C) executive committee D) board of directors

answer

A

question

If there is an ethical conflict concerning your direct supervisor, when is it appropriate to contact authorities or individuals NOT employed by the organization? A) when there is a personal conflict B) when your supervisor is about to receive a bonus C) when there is a clear violation of the law D) when you are about to be terminated

answer

C

question

Credibility includes maintaining an appropriate level of professional expertise by continually developing knowledge and skills. T/F

answer

F

question

The Sarbanes-Oxley legislation does NOT provide a process for employees to report violations of illegal and unethical acts. T/F

answer

F

question

Management accountants have important ethical responsibilities that are related to competence, confidentiality, integrity, and credibility. T/F

answer

T

question

A managerial accountant should NOT disclose confidential information to an outside party (such as a newspaper) unless legally obligated to do so. T/F

answer

T

question

If a managerial accountant were NOT keeping up with current developments in managerial accounting, that behavior might violate a competence standard of professional ethical behavior. T/F

answer

T

question

If a managerial accountant suspected his or her immediate superior of wrongdoing, the managerial accountant should request an immediate meeting with the Board of Directors. T/F

answer

F

question

The Institute of Management Accountants provides a hotline to discuss ethical issues. T/F

answer

T

question

When faced with a potential ethical conflict, the managerial accountant should first consult any internal procedures of that organization. T/F

answer

T

question

When confronted with a potential ethical conflict, a managerial accountant should not contact his or her personal attorney concerning rights and obligations. T/F

answer

F

question

Integrity includes mitigating actual conflicts of interest, regularly communicating with business associates to avoid apparent conflicts of interest, and advising all parties of any potential conflicts.

answer

T

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