Distinguish between an activity’s trigger and its root cause. Give an example of each.

Q: Explain the characteristics

A:

Q: Explain the Activity Hierarchies with example?

A: Activity hierarchy is a system that is used in the activity based account to keep track on the…

Q: Explain how an IT environment affects the segregation of functions.

A: Segregation of Duties (SoD) is a set of controls and policies intended to ensure accuracy and keep…

Q: Explain external event with example.

A: Accounting events: Accounting event refers to the business event that creates an impact in the…

Q: Explain Matching Principles?

A: Matching concept is an accounting principle which explains the need to match revenue with the…

Q: Explain the difference between external events and internal events. Give an example of each type of…

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: What are the major functions performed by the OE/S process?  Explain each functions.

A: Order-to-cash process or revenue process is the process undertaken for making sales and receiving…

Q: Explain the Diamond model of delegated monitoring

A: The Diamond model is referred to as the model which describes the competitive advantage of the…

Q: Briefly explain the major components of AIS

A: SOLUTION- ACCOUNTING INFORMATION SYSTEM (AIS) IS A WAY OF TRACKING ALL ACCOUNTING AND BUSINESS…

Q: Describe the functions and powers of ASIC

A: Australian securities and investment commission is a commission made in 1998 of Australian…

Q: What is the mechanism via which Naics operates?

A: It is about the mechanism via which Naics operates:

Q: Differentiate between essential and nonessential activities.

A: Production: Production activity consist use of fixed and variable resources to produce final…

Q: Explain what internal and external linkages are.

A: Interior linkage alludes to everything just in extent of an interpretation unit. Outside linkage…

Q: Explain the purpose of the conceptual framework.

A:

Q: explain the relationship between hedging and measuring exposure.

A: Hedging is basically a type of risk management strategy through risk can be reduced significantly…

Q: Explain an example of internal users.

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

Q: Discuss the rules for linking events to resources and agents in an REA diagram.

A: REA Diagram: REA diagram is a technique which is used to establish the relationship between…

Q: Define association.

A: Accounting Information System (AIS):   The system which helps to gather, store and process the…

Q: Define Recognition.

A:

Q: What is an attestation engagement?

A: Attestation Engagement: An association between the client and the certified public accountant where…

Q: explain the specific identification approach

A: Introduction:   Inventory valuation is an accounting practice used by businesses to determine the…

Q: Define the term realization principle.

A: Accounting: Accounting refers to the information system, where the economic activities of a…

Q: Explain the relationship between cardinality and association.

A:

Q: Explain the status and purpose of the Conceptual Framework.

A: Solution The purpose of conceptual framework for financial reporting is to assist the IASB in the…

Q: Define agent

A: Introduction: An agent is a party that has oral or written authority to perform for another…

Q: Differentiate between the techniques of vouching and verification.

A: The main objective of verification shows how assets and liabilities are valued properly. To…

Q: If all of the inputs have been validated before processing, then what purpose do run-to-run controls…

A: The run to run controls is a control device to ensure that no records are lost, unprocessed or…

Q: Explain an example of internal events.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: Define core applications, and give some examples.

A: Definition: Core application: Core application refers to the operational work and is mainly…

Q: What are the major functions performed by the OE/S process?  Explain each function.

A:

Q: Differentiate between fundamental and technical anomalies.

A: Market anomalies are exceptions to the hypothesis theory of market efficiency.

Q: To incorporate,

A:

Q: What is meant by (a) vouching, (b) tracing, and (c) scanning?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…

Q: Differentiate essential and non essential activities.

A: There are various types of activities that are performed in an organization in order to achieve the…

Q: Define synergy

A:

Q: Define the term confirmatory value.

A:

Q: Define Ethics.

A: Ethics are a set of moral principles they affect how people in a society make decisions and how…

Q: Describe internal event with example.

A: Definition:   Accounting event: An accounting event is a transaction that is recorded in the books…

Q: Differentiate between the direct method and the indirect method by discussing each method

A: Definition: Statement of cash flows: This statement reports all the cash transactions which are…

Q: Distinguish between conceptual and physical systems.

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: Explain an example of external events.

A: Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: Define controller

A: The controller generally reports to the chief financial officer of the company. In small companies,…

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.