Asked by Charles Myles on May 08, 2024
Verified
An accountant is negligent if she does not exercise the degree of care a reasonably competent accountant would exercise under the circumstances.
Negligent
Failing to take reasonable care to avoid causing harm or injury to others, typically resulting in legal liability.
Reasonably Competent Accountant
A professional who possesses the necessary skills and knowledge expected of a qualified accountant in performing their duties.
Circumstances
The specific conditions or facts affecting a situation, event, or action which can influence the outcome.
- Learn the guidelines and financial responsibilities tied to negligence and professional ethics in accounting.
Verified Answer
RP
rajveer PooniaMay 15, 2024
Final Answer :
True
Explanation :
Negligence in accounting refers to the failure to exercise the standard of care that a reasonably prudent accountant would have exercised under the same circumstances, leading to a breach of their duty.
Learning Objectives
- Learn the guidelines and financial responsibilities tied to negligence and professional ethics in accounting.