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 here?
A)Integrity
B)Confidentiality
C)Competence
D)Objectivity

Question

Quizplus · Accepted Answer

The IMA standard of Competence was violated here as the individual did not understand the basic accounting concept of accrual and failed to apply it correctly in their work.

You Did Not Understand What the Term Accrual Meant and Failed