You Did Not Understand What the Term Accrual Meant and Failed

question 222

Multiple Choice

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

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Definitions:

Acclimation

The process of an organism adjusting to change in its environment, allowing it to survive and reproduce.

Habituation

A process by which an animal decreases or stops its response to a repetitive stimulus that does not bring any inherent reward or harm.

Empiricist

A person or theory that emphasizes the role of sensory experience in the formation of ideas, arguing that knowledge comes primarily from experience.

Rene Descartes

A 17th-century French philosopher, mathematician, and scientist who is considered one of the founders of modern philosophy.