How is a change in entity recorded?

Q: What are the responsibilities of an originator?

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

Q: Define Economic entity assumption.

A: Economic entity assumption is an accounting principle that separates the  transactions carried out…

Q: Describe the situations that constitute a change in reporting entity.

A: A change in the reporting entity is referred to as the change in the combination of the companies…

Q: Under what law is a registration statement filed?

A: Securities Exchange Commission (SEC): This is the government agency that governs the working of…

Q: What is the IPSASB and reason(s) it was established?

A: IPSASB : INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (IPSASB). It plays a significant…

Q: transaction, an event, and an arrangement.

A: Transaction, event and arrangement are commonly used in business or life to denote certain…

Q: When is nonfinancial information relevant?

A: Non-Financial information: Non- Financial decisions are qualitative in nature and do not include…

Q: how does the change in accounting of nonrecurring items?

A: Non Recurring items are the ones that do not occur frequently.

Q: What does MYOB use the Historical Balancing account for?

A: MYOB: It is often defined as an international accounting software that is used by the businesses for…

Q: How are gain contingencies recorded?

A: Introduction Gain Contigencies are the uncertain events that result in gain. The gain is purely…

Q: What is a statement of circumstances?

A: The external auditor is expected to lodge a statement of circumstances at the company's registered…

Q: is a “look through entity”

A: Look-Through Entity: Look-Through Entity suggests that an individual that's registered under the…

Q: What is asset

A: Assets are those items that provide value for money and future economic benefit for an organization.…

Q: What is an abstract of title?

A: Abstract of title refers to a document that summarizes different activities affecting the ownership…

Q: entity collected entity remitted plied first the cc е сс

A: Account receivables are the balances of customers that have not paid their dues for services…

Q: What is nonoperating assets?

A: Non-operating assets are the assets that are not required or in use for normal business activity.…

Q: Who is considered a related party when we refer to related party transactions

A: Transactions where the client or the client's top management is related to each other or where the…

Q: What is an estoppel? Why is it used?

A: Estoppel is the legal principle which is helpful for any future contradiction. It means that…

Q: When does an agency problem happen?

A: Agency problem is the probelm of difference in opinion of management and the shareholders.

Q: What kind of acquisition is it?

A: Mckinsey divided the types of acquisition based on the purpose of such acquisition. 'Acquisition for…

Q: What exactly are the IPSASs' jurisdictional boundaries?

A: Here Is The Answer :

Q: What are operational assets? Give example?

A: Operational assets: Operational assets are those assets acquired for use in the day to day…

Q: WHAT IS FUNCTIONAL OBSOLECENSE OF ASSETS?

A: Functional obsolescence of assets is discussed hereunder : The term ' Obsolescence' refers to…

Q: What is identifying owner?

A: The answer is provided as follows:

Q: What occurs under a step acquisition?

A: A step acquisition happens when the acquiring entity acquires control over an entity for which it…

Q: What is incorporation by reference?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…

Q: termine ACA and TCSA of the entity? Provide example to explain your answer.​

A: ACA and TCSA-: The capital profit (made in the CGT incident L3) is comparable to the difference…

Q: What is understood by Incorporation by reference?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…

Q: What is consignment

A: Consignment is a form of arrangement between two parties in which one party sends goods to another…

Q: what is current assets

A: Assets are the resources that a firm or an individual owns at a particular time. Assets are created…

Q: What are fictitious assets?

A: Fictitious assets: Asset formed by an accounting entry (and included under assets in the balance…

Q: What are Substantive Procedures?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: Explain Change in Reporting Entity.

A: A reporting entity is an entity whose general-purpose financial report is used by its users to have…

Q: how much is recorded as outright se?

A: in case of bussiness combination if additional information recevied within a Measurment period…

Q: What is GAAP? When was it formed?

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles (GAAP) is…

Q: What transaction is covered by Maceda Law?

A: MACEDA LAW is also known as REALTY INSTALLMENT BUYER ACT, was approved in 26th August 1972 to…

Q: What does operating activities includes?

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

Q: is tool considered as current assets?

A: Assets are the resources owned by the company. They are acquired with an intention to sell or to…

Q: How a transaction is determine to be Accretive or Dilutive and what does it means

A: Earnings per share: Earnings per share represent the amount of income earned per share of…

Q: When does an activity be part of related party transaction?

A: Related party: Related party refers to the person that is related to an entity. A person or a close…

Q: what is the procedure used?

A: Journal entry is a basic accounting entry and is the first step in double entry system of…

Q: What is an entity multiple?

A: Entity multiple: It's moreover called the EV multiple, a degree utilized to calculate a firm's…

Q: What is interim reporting?

A: Financial Reporting:   It refers to the disclosure of the financial results of the organization to…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.