Many business organizations have adopted codes of ethics that describe expected behavior for managers with respect to other stakeholders. For example, United Technologies Corporation publishes an extensive Code of Ethics that describes the relationships between the company and other parties. Excerpts from the code follow:

Our Customers We are committed to providing high quality and value, fair prices and honest transactions to those who use our products and services. We will deal both lawfully and ethically with all our customers.

Our Employees We are committed to treating one another fairly and to maintaining employment practices based on equal opportunity for all employees. We will respect each other's privacy and treat each other with dignity and respect irrespective of age, race, color, sex, religion, or nationality. We are committed to providing safe and healthy working conditions and an atmosphere of open communication for all our employees.

Our Suppliers We are committed to dealing fairly with our suppliers. We will emphasize fair competition, without discrimination or deception, in a manner consistent with long-lasting business relationships.

Required Why is ethical behavior important for managerial accounting? How does ethical behavior in accounting affect the relationship between a company and its customers, employees, and suppliers?