Clear lines of authority and responsibility are essential to establishing a responsibility accounting system.  tRUE OR fALSE

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: What responsibility would internal auditing go under? managerial accounting, tax accounting or…

A: There are different branch of accounting that help in the recording of transactions and analysis of…

Q: A system that establishes financial accountability for operating segments within an organization is…

A: Responsibility Accounting is a system of control where responsibility is assigned to a person.

Q: distinguish between conservative and aggressive accounting;

A: Accounting is the process through which financial statement are recorded, analyzed, summarized and…

Q: What is the difference between an internal auditor and external auditor?

A: Auditing is the process of thorough examination of financial records with an aim to express an…

Q: Accounting information's integrity is enhanced via audits.

A: This question explains about accounting information's integrity is enhanced via audits.

Q: Which of the following statements is not true about managerial accounting? It is highly aggregated.…

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

Q: Elements of an auditor's report? The most important component

A: The auditors report is very important for the company as well as the investor . Auditor  report…

Q: Support for Politicization of rule making for accounting standards

A: The politicization of accounting rulemaking should not be viewed in a narrow sense. As accounting…

Q: If there is a Standard or Interpretation that specifically applies to a transaction, it overrides…

A: The answer for the True or false question on the applicability of Conceptual framework is discussed…

Q: Looking at different literature, discuss if there is a unique definition for the social…

A:

Q: Define auditing. How is auditing different from accounting?

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: All of the following are objectives of internal control excepta. to ensure accurate and reliable…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

A: Management is primarily responsible for the preparation and presentation of financial statements.…

Q: istinguish between responsibility, authority, and accountabilit

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Describe the external auditors responsibilities in relation to auditing accounting information…

A: Auditor's are the professional body responsible for analyzing, checking, reporting about the…

Q: Which of the following statements are True? a) The financial statements are management's…

A: management is primarily responsible for the preparation and presentation of financial statements.…

Q: How do Input controls affect management's assertions with respect to the financial statements?

A: Management assertions seem to be statements made by management personnel about certain features of a…

Q: What is the benefit of a single set of high-quality accounting standards?

A: Definition: Accounting standards: The set of guidelines to follow for the preparation of the…

Q: Explain the primary functions of internal controls procedures in the accounting area

A: Definition: Internal control: The internal control refers to the plan of a company. Implementation…

Q: What is the difference between audit and accounting

A: Audit and accounting are two important things in business. Two of them are equally important for…

Q: Which of the following is the first step within hierarchy of guidance to which management refers,…

A: SOLUTION- ACCOUNTING POLICIES ARE THE SPECIFIC PRINCIPLES AND PROCEDURES IMPLEMENTED BY A COMPANY'S…

Q: ____________ can ensure that those benefits and costs to third parties are considered in determining…

A: Accounting services are those that are being provided by the accountants to the entity. They majorly…

Q: To achieve faithful representation, the financial information must be: relevant, comparable, and…

A: Lets understand the meaning of faithful representation in short. It is a representation which should…

Q: Which of the following would assist an entity in cat and prevent fraud? a. Accounting…

A: Fraud:- When one person intentionally conducts some activities which are against the rules and…

Q: Discuss the objectives of eliminating receiving functions. Also, discuss the accounting and audit…

A: Step 1 When shipments of goods arrived at the warehouse to replenish stocked inventory, then the…

Q: The primary qualities that make accounting information useful for decision-making are :(a) Relevance…

A: Accounting information: Accounting information refers to the data or the information about the…

Q: The engagement letter must include the: * Objectives of the engagement O Management's responsibility…

A: The engagement letter includes: The objective of the engagement Management's responsibility…

Q: Define the management assertions of existence or occurrence, completeness, rights and obligations,…

A: Management assertion is the declaration by the management about the content of the financial…

Q: internal control ensures the substantial accuracy of managerial and financial report

A: Internal control is said to be adequate if it can reduce the frauds or errors to minimum.

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Management accounting is concerned primarily with external reporting. True False

A: "As per bartleby guidelines we will solve the first question for you. If you want any specific…

Q: Entity-level controls can have a pervasive effect on the entity's ability to meet the control…

A: Controls to monitor results of the operations is an entity level control. Controls to monitor the…

Q: Distinguish between responsibility, authority, and accountability

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Management accounting is required to follow generally accepted accounting principles. Select one:…

A: Management accounting is done mainly for users like executives , product managers, sales managers to…

Q: Explain the primary functions of internal controls procedures in the accounting area. What is meant…

A: Internal control: The internal control refers to the plan of a company. Implementation of effective…

Q: Providing timely information about transactions in sufficient detail to permit proper classification…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Discuss the difference between the Management Letter and the Legal Representation Letter

A: Audit is conducted by auditor in which auditor assures (or denies) that the financial statements of…

Q: Discuss the objective of eliminating the receiving function.What accounting/audit problems need to…

A: Auditing is the process of ensuring that an entity's financial records are correct and fairly…

Q: The audit documentation are the connecting link between the client's accounting records, financial…

A: Auditing is reviewing the financial statement of the company and giving an opinion on whether the…

Q: Which of the following is considered different and more limited in objectives than theothers?a.…

A: Auditing is basically an inspection or checking of books of accounts maintained by the business.…

Q: In comparison to the external auditor, an internal auditor is more likely to be concerned with а.…

A: Auditing is the verification for the financial statements prepared by the entity so that necessary…

Q: Which of the following is NOT included in the concept of internal control? O entity's resources O…

A: Internal controls are the set of rules and procedures through which an entity ensures integrity and…