Explain the difference between substantive and procedural due process.

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: In your opinion, should PWI be subject to civil litigation?

A: Here, it is to be determined that whether PWI be subject to civil litigation or not.

Q: Differentiate the common misconceptions and controversies on the prohibition of Riba.

A: Riba means excess, addition, growth or augmentation. It is divided in to two categories…

Q: Why or what are the reason or reasons that would cause the trial balance to be considered as…

A: Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and…

Q: Explain when you would issue a reservation of rights?

A: A reservation of rights is generally issued by insurance companies.

Q: What are the two prerequisites for the application of EAC

A: The Answer is about the two prerequisites for the application of EAC:

Q: What are the two preconditions for the use of EAC?

A: It is also called as EAC, is the yearly expense of owning and preserving a asset that is calculated…

Q: Are there any reasons to question the validity of the CAPM?Explain.

A: In any ‘well-diversified portfolios’ the relationship between the ‘risk’ and the ‘required rate of…

Q: Explain preemptive right

A: Answer: A pre-emptive right is a benefit that can be granted to other owners in a company that gives…

Q: critically discuss the advantages and disadvantages of rights issue.

A: Right issues is raising money from existing shareholders by providing more equity to existing…

Q: Why is a preemptive right important?

A: Preemptive rights means the rights to  be offered to purchase a property before it is offered to…

Q: What is a reasonableness test?

A: Reasonableness tests is an analytical procedure used to examine the validity of the accounting…

Q: What is the purpose of the Maceda Law?

A: The Maceda Law, also known as The Realty Installment Buyer Act or Republic Act 6552 is the law that…

Q: What are the two primary ways to conduct substantive tests? Explain how the tests are different.

A: Substantive testing: Substantive testing is the last phase of auditing process where an auditor…

Q: What are the general jurisdictional rules? Discuss some of the exceptions to these rules.

A: Jurisdiction Rules Jurisdiction in the law which implies that the right of the court to hear the…

Q: Discuss the scope and penalties of Sarbanes Oxley Act.

A: The Sarbanes Oxley Act or the SOX was brought to force as a response to the substantial increase in…

Q: Positive laws are passed and promulgated by competent and legitimate

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Explain the difference between liquidated damages and penalities

A: Damage refers to the loss that results from some injury to a person, company, property, or…

Q: What are the key features of the objection and appeal process against the Commissioner’s decision?

A: If a taxpayer does not agree with the decision and wishes to take it further, then they may lodge a…

Q: Doctrine of Precedent?

A: Judicial precedent refers to the way in which the law is made and amended through the decisions of…

Q: What are the two primary reasons for using preemptive rights?

A: The right of the shareholders of a company to buy additional shares in any future issue of the…

Q: Explain Charges and Liens?

A: The question is based on the concept of legal terms used to grant security against loan or debt.

Q: What is the difference between the Codification and the Codification Research System?

A: FASB: The FASB is an independent, designated and non-profit organization established by SEC for…

Q: If this scenario were brought to a NAFTA tribunal, Decom Mat would most likely win. Explain why.

A: NAFTA -North American Free Trade Agreement provides a framework for rule based dispute resolution…

Q: Discuss and identify factors which indicate Non-Compliance with Laws and regulation.?

A: Non-compliance is an act of commission or ommission by the organisation that is not in accordance…

Q: Distinguish a contigent liability from a provision.

A: Liabilities: It refers to the debt that company owes to someone. It can be short term or long term.

Q: hat are the Sarbanes-Oxley Act and GAAP?

A: In order to reduce the fraud in corporations while recording financial transitions or preparing…

Q: What are the requisites of notice of dishonor.? Explain.

A: Introduction:- A notice of dishonor is a legal notice tells or expressed that the bank will not…

Q: What is the primary difference between commissions and referrals?

A: Referral fee refers to referring a service or recommending a service of CPA to other person or…

Q: Compare and contrast a condition precedent and condition subsequent.  Provide an example of each.

A: Condition precedent is an event that must occur before there is a duty to perform that contact on…

Q: What are the key features of the objection and appeal process against the Commissioner’s decision?

A: When making an objection, the following procedure should be followed: The Income Tax Act's Sections…

Q: Distinguish between common law liability and statutory law liability?

A: Auditor:  The person who is considered responsible for assessing the credibility of the financial…

Q: Define civil law

A: Introduction: Civil law is a form of rules that govern usual private substances, distinct from laws…

Q: What are the key elements of the definition of ‘fair value’? Explain the effects of inclusion of…

A: Fair value is the price that would be received to sell an asset or paid to transfer a liability in…

Q: Has Sarbones Oxley been an effective piece of legislation?

A: Answer Public Company Accounting Reform and Investor Protection Act, 2002 is formally known as…