Explain materiality Principle in detail with example

Q: Explain CMO Mechanics?

A: Collateralized mortgage obligation: It is a financial instrument that raises funds by…

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 external event with example.

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

Q: Define Intrinsic value.

A:

Q: Describe the functions and powers of ASIC

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

Q: Explain both in detail

A: Question  1   An information is said to be material if it changes the decision of the users of…

Q: explain with detailed reason.

A: NCAA stands  for National Collegiate Athletic Association.  NCAA is a nonprofit organization that…

Q: Explain

A: LCNRV method means Lower of cost and net realizable value method.

Q: Realization Test Principle/Theory.

A: Accounting is based on some principles, and to maintain uniformity, everyone must follow accounting…

Q: Give examples

A: Quality auditing is a systematic review of an organization's quality management system (QMS).…

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: Define tangible.

A: Tangible means anything that can be touched and  seen.

Q: Define Volcker rule

A: Volcker Rule is a regulation that implies restrictions on the banks to involve in the stock market…

Q: Define basis point

A: Answer: A base value is an approximate number, also used as an initial index value. All potential…

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: Explain recourse

A: A recourse is a legal right to demand a compensation  or repayment. it is an legal agreement that…

Q: Explain an example of faithful representation.

A:

Q: Explain the relationship between cardinality and association.

A:

Q: Define Hedging.

A: Hedging is the transfer of risk from a risky financial instrument to another instrument by buying or…

Q: explain

A: It is identified that many of the criteria given in the Table I can be met simultaneously. For…

Q: Define agent

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

Q: Define the term Net method.

A: As per the net method, the company records the amount of purchase by deducting any potential…

Q: Explain what is solvency

A: Introduction:- Solvency play vital role in every organization because it measures companies…

Q: Answer with example

A: CVP analysis is a relationship between Cost Volume and Profit. This relationship shows the…

Q: Explain

A: There are several forms of business organisation. These are sole proprietorship, partnership and…

Q: Explain prudence concept with example.

A: Prudence principle- According to this concept, businesses should instantly recognize all future…

Q: What is an object, and what are its characteristics in the object-oriented approach? Give two…

A:

Q: Define Will.

A: A will is a legal document in which a person specifies how his property is going to be distributed…

Q: Define claim

A: Corporation - An organization that has been registered as a corporation under a corporation act has…

Q: Define Simple interest.

A: Simple interest: The amount of interest computed on the principal amount for a time period at a…

Q: Define the term understand ability.

A: The financial information refers to the data related to the monetary transactions of the business.…

Q: Explain an example of external users.

A: Financial Statement:   They are annual reports of an organization summarizing the financial…

Q: Explain title Mechanics’ Liens?

A: Lien is a right of posession of an asset; in case, debts are not discharged by the owner of the…

Q: Explain Prudence concept and provide example.

A: Following accounting concepts & principles are used in accounting:     Business entity principle…

Q: Define Direct method

A: The Direct Method is Described Below -

Q: Define cardinality.

A: Cardinality: Cardinality refers to number of possible links of one table with another table.…

Q: Define the term value stream.

A: Definition: Stream: A stream is the sequence or series of data elements. Streams are not processed…

Q: what is stare basis?

A: Stare Decisis is a rule that obligates courts to follow decided cases i.e. it means to stand on…

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 discriminant function

A: DISCRIMINANT FUNCTION- If we have a set of K classes then we may define a set of K discriminant…

Q: Define consol

A: consol is a debt instrument.

Q: Define separable cost.

A:

Q: Define the term attest function.

A:

Q: Define duality.

A: Duality is related to happening of an economic transaction. This concept arises when any transaction…

Q: Distinguish between direct material and indirect material.

A: Direct materials will be materials that are devoured during the creation of an item as either…

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.