2. What are ideal standards? What are currently attainable standards? Explain which standard is usually adopted and why.

Q: Explain the term sensitivity analysis

A: Sensitivity Analysis is a tool used in financial modeling to study how independent variable values…

Q: What are the objectives and scope of all the standards of IFRS and IAS?

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: Distinguish between perfection and practical standards.Which type of standard is likely to produce…

A: Variance:   Variance refers to the difference level in the actual cost incurred and standard cost.…

Q: What are the steps to achieve conformance to specification?

A: Conformation to specification:   This refers to the regulatory requirements of an organization. The…

Q: How to choose a Benchmark?

A: Investors select a market index (or a mix of indices) as the portfolio's benchmark. An index…

Q: What are the major differences between the IFRS conceptual framework and the FASB conceptual…

A: ANSWER     The components of the conceptual framework for ­financial reporting include recognition…

Q: Describe the Sensitivity Analysis for Mutually Exclusive Alternatives?

A: Sensitivity analysis portrays how various values of an independent factor under a given arrangement…

Q: What is the current approach embraced by standard setters in measurement and write its advantages…

A: Measurement is the manner of determining the quantitative values at which items of financial…

Q: If you were given complete authority in the matter, how would you propose that GAAP should be…

A: Generally Accepted Accounting Principles (GAAP):  A set of accounting principles, practices and…

Q: Describe sensitivity analysis? Give an example?

A: Sensitivity Analysis:The process to evaluate the effect of change in one variable on the end result…

Q: Discuss the different variables of CAPM. What are the benefits and limitations of the CAPM?

A:

Q: What are the IFRS and IAS standards trying to accomplish, and how broad is their scope?

A: In the era of globalization, businesses around the world work together. Investors have more…

Q: Describe the assumptions underlying CVP analysis?

A: Cost-Volume-Profit Analysis (CVP Analysis): CVP Analysis is a tool of cost accounting that measures…

Q: Explain the politics in standard setting.

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: What are GAAP principles

A: The management of the company is the main responsible for preparing the financial statements which…

Q: Explain the difference between setting ideal standards and setting reasonably achievablestandards.

A: Definition: Note: Ideal standard denotes the setting ideal standards and normal standard denotes…

Q: Describe three types of standards and provide examples of each?

A: Three Types of Standards are :-  a) Basic Standards. b) Current Standard. c) Normal Standards

Q: Which of the following value is concerned with the way we approach the end states?

A: Option a

Q: Could someone please explain the DCF model

A: Introduction : Discounted cash flows (also known as discounted cash flows): As discounted cash…

Q: 3 What were some of the challenges to the IASB in developing a conceptual framework?

A: International Accounting Standards Board (IASB): IASB is the board which frames, develops, approves,…

Q: Explain the differences between IFRS and GAAP

A: GAAP is a common set of accepted accounting principles, standards, and procedures that companies and…

Q: What is GAAP and why it is needed?

A: GAAP - Generally Accepted Accounting Principles

Q: IPSASB What are the scopes of the IPSASs? What are the similarities and differences (if any) between…

A: The international public sector accounting standard board (IPSASB) seems to be an unbiased…

Q: Summarize what are the MACRS guidelines?

A: The MACRS (Modified Accelerated Cost Recovery System) is the current tax depreciation system in the…

Q: Standards that can be attained with reasonable effort are called standards. O a. ideal O b. normal O…

A: Standards are the performance goals which are set as a benchmark in order to showcase how much a…

Q: developed the IPSASs? d.What are the scopes of the IP

A: International Public Sector Accounting Standards (IPSAS) are a collection of accounting standards…

Q: What does the EMH imply for the use of technical and fundamental analysis?

A: The efficient market hypothesis (EMH), as a substitute called the efficient market theory. It is a…

Q: Distinguish between ideal and practical standards.

A: There are 4 types of standards in accounting namely, 1. Ideal 2. Normal 3. Basic and 4. Practical…

Q: In your opinion what are the three most important areas to use when benchmarking?

A: Benchmarking is the technique to compare the business's product, practices, and services of the…

Q: Explain how Naics Works?

A: OMB created NAICS as a standard for Federal statistical agencies to use in identifying businesses…

Q: What are the overall IFRS and IAS standards' aims and scope?

A: This question tells about the overall IFRS and IAS standards' aims and scope:

Q: What are the common benefits of GSIS and SSS?

A: GSIS is termed as a "government service insurance system" and it provides coverage of insurance to…

Q: Highlight the effectiveness of FIFO or FEFO?

A: Inventory management techniques are used by the management for the proper recording and valuation of…

Q: What is SAVANT Framework and what do you understand about it?

A: SAVANT stands for strategy, anticipation, value-adding, negotiating, and transforming. It was…

Q: What is the purpose of the FASB’s conceptual framework?

A:

Q: d. What is the WACC for BAC and for YXZ? What principle have you illustrated?

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Explain the concepts and principles which underlie the SMEs standard

A: The concept and principle of sme standard are as follows

Q: Has the IASB-FASB convergence process been successful?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Define the term Sensitivity Analysis?

A: Sensitivity analysis is a financial modelling tool which aims to analyze the change in output…