Describe The Standard-Setting Process.

Q: Define LIFO conformity rule.

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Requirements:

A: The percentage of completion method is a revenue recognition accounting concept that evaluates how…

Q: Define composition

A: Composition: The composition is the act of putting something jointly, or the grouping of rudiments…

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: What are the scopes of the IPSASs?

A: Financial Accounting- It is the branch of accounting that records events of financial nature that…

Q: Explain all differences between GAAP and IFRS

A: Generally accepted accounting principle (GAAP) It is the common set of procedures, principles, and…

Q: Define suppliers.

A: Merchandising businesses: Merchandising companies which buy goods from suppliers, or manufacturers,…

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: List all the IAS and IFRS Standards and state thier objectives

A: The accounting standards of IAS are as follows:

Q: Explain the politics in standard setting.

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

Q: Describe the usefulness of a conceptual framework.

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: How to calculate Specification identification

A: Inventory is considered as the items that kept in a business for production or sale or production.…

Q: explain the requirements for segment reporting, and calculate and interpret segmentratios;

A: Definition: Segment reporting: Segment reporting refers to the process of preparing accounting…

Q: Explain the relationship between MRP II and ERP.

A: Material Resource Planning II: An automated system which controls planning of inventory or raw…

Q: Define Recognition.

A:

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: STANDARD

A:

Q: Match the terms with the definitions.

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarising and…

Q: describe the steps in the fi nancial statement analysis framework.

A: Introduction: The analysis of financial statements refers to the method of reviewing and evaluating…

Q: Summarize what are the MACRS guidelines?

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

Q: ptual Framewor

A: A conceptual framework is a written or visual representation of how variables should interact.…

Q: What is the LIFO conformity rule?

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Write down the characteristics that defines operating segments.

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

Q: Discus the elements of GAAS, how does it relate to GAAP?

A: GAAS(Generally Accepted Auditing Standards) :- provides standards by which the prepared financial…

Q: describe the roles of fi nancial reporting and fi nancial statement analysis;

A: Financial reporting means representing records maintained by an organization in the form of…

Q: Define collection policy

A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…

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: Explain how a Requirements Breakdown Structure (RBS) is typically constructed. What information does…

A: Necessities are conditions or assignments that should be tended to and finished to be acknowledged…

Q: Define benchmark company

A: Benchmarking is a method of comparing the performance of the goods , services, or processes of a…

Q: Define the term precision.

A: Introduction: Precision is the amount of information provided by a number in terms of its digits; it…

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: Identify the major policy-setting bodies and their role in the standard-setting process

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Describe sensitivity analysis.

A: Sensitivity analysis refers to the budgeting tool used to evaluate the project based on the net…

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

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

Q: Define the term attest function.

A:

Career in Insurance Industry

The insurance industry offers a variety of jobs in a variety of divisions. A person can work as an administrative officer, assistant administrative officer, development officer, insurance or composite agent, actuary, or underwriter. These positions may be in the finance, marketing, or underwriting divisions.