Distinguish between responsibility, authority, and accountability. Which flow upward and which flow downward?

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: Which of the following is the impact of agency cost?

A: Agency costs are internal costs incurred due to the competing interests of Shareholder i.e the…

Q: What are the responsibilities of an originator?

A: The originator's responsibilities are: Originator communicates with all borrowers of mortgage loans…

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: Define each of the following terms:a. Agent; principal; agency relationship

A: Answer: Agent: An agent is one who provides work on principal’s behalf.  Principal authorizes agent…

Q: What is responsibility accounting?

A:

Q: What is meant by the phrase management by exception?

A:

Q: What is the difference between "Comptroller" and "Controller"?

A: Meaning - Comptroller is the person responsible for audits and expenses of the government. The…

Q: Explain principal (agency relationships)

A: Answer: Agent: An agent is one who provides work on principal’s behalf.  Principal approves agent to…

Q: When does an agency relationship happen

A: Agent Relationship : The official stipulations of a specific principal-agent relationship are…

Q: What is the relationship between principle-agency theory, separation of ownership, and controversy?

A: Corporation there are shareholders who are the owners of the company but they do not run the company…

Q: Can responsibility be delegated? Explain?

A: No,authority can be delegated but responsibility is absolute and cannot be delegated.

Q: Answer the following questions:a. In your own words, describe Segregation of Duties. Why is it…

A: a) Segregation of duties refers to the delegation of various duties to different employees to…

Q: Essay about The Importance of Accountability

A: Accountability means to take the responsibility by a person for their own actions. The accountable…

Q: What are three ethical principles that may provide some guidance for ethical responsibility?

A: Definition: Ethics can be defined as a conduct adopted by an individual in making the selection…

Q: Accountability in

A: Accountability is assigning roles and responsibilities of persons regarding work done by them.

Q: what are the objectives of the client representation letter?

A: Client representation letter refers to the vital evidence piece in audit and the representation as…

Q: Define the concept of going concern?

A: Going concern Concept: The basic principle of this concept is that business is assumed to exist for…

Q: agency problem

A: The concept of Agency is established between two persons, i.e. a principal and an agent. The…

Q: Highlight concept of faithful representation and is it valid or not?

A: The concept of Faithful representation advocates that the financial statements and information…

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: on based

A: There are three main models of the judicial decision-making that explain how judges come to a…

Q: What is an agency order?

A: Solution- Agency order An order to buy or sell that a broker executes with another investor. The…

Q: What activities represent Segregation of Duties?

A: Internal controls:                            It is a set of rules, policies and procedures adopted…

Q: Describe what is the sequence of steps that provide a framework for analyzing ethical issues?

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

Q: What is ALCO and what important duties do they perform?

A: A resource with economic value that a person, company, or country owns or controls with the…

Q: Who are stakeholders?

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

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 is meant by the term management by exception?

A: Business Management:   Business management refers to the skills associated with running a company…

Q: Explain how securitisation works and what the role is of each party involved during the process

A: Financial securities are the instruments that are used by investors to invest their funds and money…

Q: what arw the objectives of engagement letter

A: SOLUTION ENGAGEMENT LETTER IS A WRITTEN AGREEMENT THAY DESCRIBES THE BUSINESS RELATIONSHIP TO BE…

Q: Explain professional association (PA)?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Clear lines of authority and responsibility are essential to establishing a responsibility…

A: Responsibility Accounting System:  Its a system which Divides the Entire Organization in to multiple…

Q: What does it mean for a source to be objective?

A: Objective means anything which is free from emotions, personal prejudices or bias.

Q: Answer the following questions. (a) Who are the stakeholders in this situation? (b) What are the…

A: a) The stakeholders are those people who have a interest in the business. They can affect or get…

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: mples) through w

A: The Agency systemThe Agency device may be very popular in the modern-day commercial enterprise…

Q: Define agency cost or problem

A: Agency problem is that problem which is a conflict of interest in a relationship where one side…

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 are the two phases of responsibility accounting?

A: Responsibility Accounting: The management of responsibility centers by the means of pre-determined…

Q: Distinguish between ethical issues and legal issues.

A: Definition:   Ethics: Ethics are moral obligations that are enforced by society or personal beliefs.…

Q: What are the differences of the Autocratic Model, custodial Model, Supportive Model, Collegial Model…

A: An organizational behavior model is defined as the basic structure that is used to represent the…