Define the term auditor fees.

Q: Explain what is meant by: The benefits of accounting information must exceed the costs.

A:

Q: Describe rules-based accounting standards.

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

Q: What are some of the accounting information costs? What are some advantages of accounting data?…

A: The answer:

Q: Why is accounting a service activity and also a process or system?

A: Accounting is adopted by every business irrespective of its nature.

Q: Where can an auditor find a client’s documentation of the accounting system?

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

Q: Describe the role of auditor in accounting.

A: 1. An auditor's responsibility is to give a true and fair view of the financial statements which…

Q: to be useful, accounting information should be presented using

A: The company will record each and every day to day transactions happened during the operations of the…

Q: What is responsibility accounting?

A:

Q: Explain the accounting principle of adequate disclosure.

A: Accounting Principles: When reporting its financial data, companies are required to mandatorily…

Q: The expense recognition principle relates

A: Expense recognition is based on accrual and matching concept where accrual concept states that…

Q: Explain the costbenefits principles and how this affects the reliability and relevance of the…

A: Relevance refers to the concept or an idea that whatever information that is provided by the…

Q: Contrast a revenue/expense approach and an asset/liability approach to  accounting standard setting.

A: Revenue Expense approach recognizes Income statement items first Whereas, Asset/liability approach…

Q: Give instances of judgments that can be backed up by accounting data.

A: Introduction: Accounting information is the financial information about a firm that is beneficial to…

Q: Explain an example of auditor’s report.

A: A written letter which contains the opinion of the financial statements of the company by an auditor…

Q: What is meant by the term “qualitative characteristics of accounting information”?

A: Qualitative Characteristics of Accounting Information System: Qualitative characteristics are what…

Q: Briefly define accounting.

A: This question explains about accounting.

Q: differentiate internal user from external user of accounting information

A: Accounting is the detailed process of recording, classifying, summarising and reporting accounting…

Q: Explain whether the cost of accounting systems primarily support internal or external reporting

A: Cost Accounting System: Cost accounting system can be defined as a framework designed by the…

Q: Review the basic assumptions of accounting.

A: Financial accounting structure: A system that records, maintains, and creates reports for the…

Q: how you will use accounting information both as an internal and an external user?

A: The accounting is a process to classify and record the business transactions and prepare the…

Q: Describe the ethics in accounting.

A: Accountants and the accountancy profession exist as a means of public service; the distinction which…

Q: Ethics of accruals and deferrals.

A: Lets understand the meaning of accrual and deferrals. Accrual is a recording income and expense in…

Q: What is meant by the term responsibility accounting?

A: Introduction: responsibility accounting is the process of the controlling the cost by giving the…

Q: What should be included for the Auditor's address?

A: Auditor's address should be mentioned in the Auditor's report. The city and state where the auditor…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Internal users: Internal users of the financial statement are the inside individuals or the members…

Q: accounting and auditing

A: Accounting is started when the bookkeeping is completed. Whereas, auditing is started when…

Q: What is the desired benefit from revising an accounting standard?

A: Financial Accounting Standards Board:   It is commonly known as FASB. It is a private, non-profit…

Q: What is the purpose of a responsibility accounting system?

A: Responsibility accounting system: the responsibility accounting system is an internal system that…

Q: Describe presentation and disclosure regarding revenue.

A: The core principle of IFRS 15 is that revenue is recognised when the goods or services are…

Q: What are some of the possible costs that could result from a revision of an accounting standard?

A: Financial Accounting Standards Board (FASB):   It is a private, non-profit organization which is a…

Q: Explain why there is a trade-off between information accuracy and information timeliness. Give an…

A: Accounting Information System (AIS): The accounting information system is a system that collects,…

Q: Demonstration of the relationship between GAAP and accounting practices (e.g., matehing prineiple…

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: Define the term service revenue.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Distinguish the role of internal and external auditor

A:

Q: Discuss the difference between the financial reporting system and general ledger system.

A: A general ledger, or GL, is a system for recording all of a company's financial transactions.…

Q: Explain differential effects on accounting standards.

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

Q: What is the difference between accounting and auditing?

A:

Q: Define accounting income

A: Income: It can be defined as the amount received by the business or an individual from selling its…

Q: Service revenue belongs on which financial statement?

A: Service revenue is in the nature of Revenues account. Therefore, the Balance of Service revenues…