You did not understand what the term accrual meant and failed to accrue the interest due at the end of the year on the company's bonds.Which of the IMA standards appears to have been violated?
A) integrity
B) confidentiality
C) competence
D) objectivity

Question

Quizplus · Accepted Answer

The IMA standard that appears to have been violated is competence, which requires management accountants to maintain professional knowledge and skills and to perform their duties in accordance with applicable laws, regulations, and technical standards. The failure to understand and apply the concept of accruals suggests a lack of competence in accounting principles and techniques.

You Did Not Understand What the Term Accrual Meant and Failed