Distinguish between ideal and practical standards.

Q: Distinguish between tests of controls and substantive testing.

A:

Q: Along what two dimensions can we classifytrading procedures?

A: Trading procedures: It is the methods and available venues from where trading (Buying and selling of…

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 important guidelines for Selecting a MARR?

A: It places a base gainfulness prerequisite on the discount rate, or MARR, which a venture or…

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: Explain the importance of setting standards for delivery of service.

A: The corporation used to set standards for rendering services to its client to provide them greater…

Q: Define the term materiality concept.

A: Accounting concept:   They are the basic rules and assumptions that forms the base for recording the…

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: Define sensitivity analysis

A: The process to evaluate the effect of change in one variable on the end result of a project is…

Q: Define the term PW criterion?

A: Present worth is a systematic identicalness technique where cash flows of a task are limited at…

Q: Differentiate between essential and nonessential activities.

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

Q: Explain the politics in standard setting.

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

Q: Explain the purpose of the conceptual framework.

A:

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: Illustrate the Guidelines for Selecting a MARR?

A: It places a base gainfulness prerequisite on the discount rate, or MARR, which a venture or…

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: Define attainable set

A: Attainable SetA set of all the portfolios that are possible to be formed by the group of the number…

Q: Define the term total quality management.

A: Managerial accounting: Managerial accounting is the process of identifying, measuring, analyzing,…

Q: Define the term realization principle.

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

Q: importance of setting standards for delivery of service

A: About Service :  A service is intangible product based transaction. Quality, efficiency and…

Q: Describe The Standard-Setting Process.

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

Q: Explain the relationship between cardinality and association.

A:

Q: Explain FLSA and its purpose.

A: FLSA stands for fair Labor Standards Act. It is an act that aims at protecting the interest of…

Q: Describe recognition and measurement concepts.

A: Accounting concepts:   Accounting concepts are referred to the bask assumptions, principle and rules…

Q: Distinguish between association and cardinality.

A: Definition: Database management: Database management refers to the management of databases held…

Q: Differentiate between fundamental and technical anomalies.

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

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: Define commitment fee

A: In financial terms, commitment is a promise made by lender to borrower to provide loan by specific…

Q: relation to the practice

A: Section 28. Limitation of the Practice of Public Accountancy. - Single practitioners and…

Q: Define the term margin of safety.

A: Definition: Cost-Volume-Profit (CVP) Analysis: It is a method followed to analyze the relationship…

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: What are the rules for SSARS engagements in terms of standards

A: It tells about the rules for SSARS engagements in terms of standards:

Q: define the following relevance, reliability,comparability, verifiability and understandability

A: There are some qualitative characteristics which accounting information should possess while…

Q: How does conformance quality differ from design quality? Explain.

A: Total quality management: Total quality management is a method that eliminates wasteful activities…

Q: Define Ethics.

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

Q: Define benchmarking

A: Definition : Benchmarking can be understood as the method of contrasting company procedures and…

Q: Explain the objectives of FIFO method.

A: First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased items are…

Q: Describe sensitivity analysis.

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

Q: Define inventoriable costs.

A: Inventoriable Costs are also known as Product Costs. Inventoriable cost is the cost of manufacture…

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

A:

Q: Define Materiality.

A: In accounting, materiality refers to the relative size of an amount. Relatively large amounts are…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.