An Example of the IMA's Competence Standard Is To

question 55

Multiple Choice

An example of the IMA's competence standard is to:

• A)abstain from engaging in or supporting any activity that might discredit the profession.
• B)communicate information fairly and objectively.
• C)keep information confidential,except when disclosure is legally required.
• D)provide decision support that is accurate,clear,concise and timely.

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Definitions:

Revenue Recognition

The guideline in accounting that determines the precise situations where revenue should be recognized or reported.

Future Event

An occurrence or situation that has not yet happened but is anticipated or expected to occur in the course of business or life.

Accounts Receivable

Amounts owed to a business by its customers for goods or services delivered on credit.

Revenue Recognition

A principle guiding how and when revenue is recognized in the accounting records, generally when earned and realizable.