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 that appears to have been violated is competence, which requires management accountants to maintain professional competence through continuing education and development. Failing to understand the meaning of accrual and not accruing interest suggests a lack of competence in accounting principles.

You Did Not Understand What the Term Accrual Meant and Failed