(2) Do business failures occur evenly over time?

Q: Explain the problems associated with inappropriate accounting practices.

A: Fraud: Fraud is a malicious act committed by people to fulfill their personal benefits. In case of…

Q: What are operations people’s primary complaints against the accounting procedures used in most…

A: The primary complaints against accounting departments have to do with the fact that accounting…

Q: Can you name some common errors in accounting?

A: Some of the common errors in Accounting are as under: Error of omissions: Here some transactions…

Q: what is Segregation of Duties in accounting and how it can prevent fraud?

A: Segregation of duties: In a firm, segregation of duties (SOD) is a fundamental building element of…

Q: How is Business Analytics applied in Accounting?

A: Introduction: The purposes of accounting include maintaining a systematic record of all financial…

Q: “Accounting systems should produce only relevant data and forget about the irrelevant data. Then I’d…

A:

Q: A process that create a financial position that offsets the risk of an ongoing business process is…

A: Transfer of risk: Transfer of risk is one the strategy for risk management. This involves transfer…

Q: Why are accounting principles, once adopted, normally consistently applied over time?

A: Accounting principles are the rules and guidelines that companies must follow when reporting…

Q: What are some of the shortcomings of teaching accounting only as a skill?

A: The shortcomings of teaching accounting only as a skill are being discussed considering the dynamics…

Q: why there is material uncertainty in the company?

A: There are several problems which are faced by the companies for both internal sources and external…

Q: Why should businesses shift to an electronic accounting system? How can controls deter fraudulent…

A: Electronic accounting system entails use of computer based or internet based accounting tools. In an…

Q: The value created by a business is created by its assets. True or False?

A: Assets are used to generate revenue. So when the revenue generated by the use of assets is greater…

Q: What is a computerized accounting system? Write its advantages and disadvantages?

A: Computerized Accounting System It is a system where accounting Transactions are recorded using a…

Q: Why is accounting technology important?

A: Accounting Technology:- Information technology plays a significant role in the accounting field. It…

Q: What is an externality, and why do financial accounting practices typically ignore externalities?

A: Externality is the benefit or the cost caused through the producer that is not incurred financially…

Q: Which of the following associations would most likely describe the relationship between an internal…

A: Economic Event: Economic event means events which include transferring the ownership of resource…

Q: Why do you think Accounting Standards are mandatory?

A: Definition:   International Financial Reporting Standards (IFRS): IFRS are a set of international…

Q: But what's the distinction among accounting and management

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: What is time period principle and give example of business situation of it?

A: The time period principle is the concept that a business should report the financial results of its…

Q: Why might a company choose not to use revaluation accounting?

A: Revaluation accounting is a method to revalue non current assets of the companies as per fair value…

Q: Aren't we being too restrictive on focusing only on the numerical results of not just the financial…

A: The ledger accounts will be prepared taking the journal as the source document. The ledger accounts…

Q: Question 1 (i) Operational controls are designed to prevent failures in operational procedures…

A: ANSWERS HAVE BEEN GIVEN IN THE NEXT SHEET

Q: What are the common errors in accounting?

A:

Q: What cause Fraud in Computerised Accounting

A: Computerized Accounting System:   A computerized accounting system are software programs that are…

Q: Are computerized accounting systems different than manual accounting systems? How are these…

A: Computerized accounting system refers to the the use of computer software/system for recording the…

Q: Why are some managers motivated to manipulate amounts reported in the financial statements?

A: Financial statements are prepared at the end of the year to analyse the financial position and cash…

Q: The use of management accounting is Legally obligatory O a . False O b . True

A: Accounting is very vast scope, it has, several branches like cost accounting, financial accounting…

Q: What is information asymmetry? Why is it considered a problem to the financial system?

A: Information spatiality could be a condition in social science wherever one party has higher…

Q: Explain how management accounting should not fit the straitjacket of financial accounting.

A: Definition: Management accounting is concerned with the financial and non-financial data that help…

Q: What are the different types of risks associated with businesses?

A: Standard Disclaimers“Since you have asked multiple question, we will solve the first question for…

Q: People with an indirect interest in a business would use report based on GAAP. TRUE or FALSE?

A: The persons including individuals and institutions have either direct or indirect interest in the…

Q: Is  a rule of Contra Proferentum defensible in today’s business environment? Explain with example

A: Meaning: It is a legal doctrine in contract law which states that any clause considered to be…

Q: Can every business transaction no matter how simple or complex be expressed in terms of its effect…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: What is the difference between managerial and financial accounting?

A: Financial accounting and managerial accounting are two of the most important fields of accounting.…

Q: Why are internal accounting controls important to a business? What are advantages vs. the…

A: Internal control refers to a systematic procedure to be followed by the personnels of a company to…

Q: Explain the difference between earnings management and financial statement fraud.

A: Definition: Fraud: It refers to the intentional misrepresentation of the financial information or…

Q: A)Differentiate between traditional reporting and Integrated reporting.   B)   Evaluate earnings…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: what similarities do management and financial accounting have?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: .What are the impact of issues in management accounting practices on the company and stakeholder?

A: Management accounting refers to the process of determining all the data or sources available outside…

Q: The REA model is based on the premise that ‘‘business data must not be preformatted or artifi-…

A: REA Model stands for Resource, Events, Agents model is the model in which accounting system for the…

Q: Exactly what does it mean when people talk about "double accounting systems"?

A: This question explains about "double accounting systems"

Q: management accounting benefit

A: Management accounting is keeping, recording and processing accounting information useful to managers…

Q: Explain differential effects on accounting standards.

A: Accounting standards deals with the issues of: Recognition of events and transaction in financial…

Q: you think switching to an IFRS formatted balance sheet with the accounts rearranged will affect…

A: Meaning if IFRS: It is a set of accounting standards developed by the International Accounting…

Q: What is the positive and negative impact of the credit and collection functions on the other parts…

A: Credit refers to the debt and loan that is provided by the company to others at a certain rate of…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.