If a Managerial Accountant Were Not Keeping Up with Current

question 127

True/False

If a managerial accountant were not keeping up with current developments in managerial accounting, that behaviour might violate the enabling competency guideline of CPA ethical behaviour.

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Definitions:

Store Of Value

An asset that can be saved, retrieved, and exchanged in the future without significantly losing value.

Currency

The system of money in common use in a country, which facilitates the exchange of goods and services.

Liquid Asset

An asset that can easily be converted into cash in a short period without losing value.

Function Of Money

Refers to the main roles of money in an economy, which include being a medium of exchange, a unit of account, a store of value, and sometimes, a standard of deferred payment.