Identify whether each description most likely applies to managerial (M) or financial (F) accounting. Its information is often available only after an audit is complete.

Q: Once the auditor has gained a preliminary understanding of an entity’s accounting subsystem, they…

A: Explanation : A record of study and the evaluation of internal controls related to the accounting…

Q: Define/explain following terms in your own words: 1). Compliance Audit 2). Difference between…

A: Introduction Compliance Audit 1) The aim of a compliance audit is to determine if the provisions of…

Q: Answer co

A: Error of ommission are those errors which are completely ommited to be recorded in the books of…

Q: Accounting information's integrity is enhanced via audits.

A: This question explains about accounting information's integrity is enhanced via audits.

Q: The cost of having financial statements audited by an independent accounting firm.

A: Cost refers to the monetary value which includes the expenditure for supplies, services,…

Q: analytical procedures

A: Analytical procedures are comparing the performance of the client over periods or other entities to…

Q: The basic Objective of the management accounting is to supply the accounting information to…

A: Management accounting is a form or branch of accounting which helps in decision making by managers…

Q: An audit trail is a step-by-step record by which accounting data can be traced to its source.…

A: Vouching refers to checking the business transactions with their respective source documents.

Q: In comparison to the external auditor, an internal auditor is more likely to be concerned with a.…

A: Auditing refers to the process of scrutinizing the financial statement of the business entity and…

Q: If there is a Standard or Interpretation that specifically applies to a transaction, it overrides…

A: The answer for the True or false question on the applicability of Conceptual framework is discussed…

Q: Characteristics of internal accounting information includeall of the following except:a. It is…

A:

Q: A system that traces the detailed transactions relating to any item in an accounting record could be…

A: Audit trails is a process which has the recording of all the trade related, accounting and all othe…

Q: Explain the role of audit report in company.

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: An audit trail enables a person to trace a source document to its ultimate effect on the financial…

A: Audit trails are manual or electronic records that are chronologically defined events to provide…

Q: Spreadsheet software would be most useful for which of the following audit activities?a. Testing…

A:

Q: "In management accounting, the timeliness of information is more essential than the accuracy of…

A: Introduction: Management accounting is the process of identifying, quantifying, analyzing, and…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: External users of accounting information are those persons which are external to the organisation…

Q: During the reporting phase, what technique is used to assess if the financial statements reflect the…

A: solution dear student as per bartleby guideline we are required to solve the first question only .…

Q: Describe the external auditors responsibilities in relation to auditing accounting information…

A: Auditor's are the professional body responsible for analyzing, checking, reporting about the…

Q: This approach is useful for compliance reviews where operators should do what the contract, law,…

A: Answer: The correct answer is option (b) Value stream map Value stream Map gives the clear overview…

Q: Explain the statement: "Accuracy of information is important but the timeliness of information is…

A: Management accounting refers to identifying, measuring, analyzing, and interpreting accounting and…

Q: Discuss about the accounting policies, selection, relevance, reliability, faithful representation…

A: Accounting policies are specific principle procedures and measures that are used to record,…

Q: When auditing the accounts receivable account on the balance sheet, an auditor’s procedures most…

A: Accounts receivable: It can be defined as the sum of money that is owed by the customers to the…

Q: Generally Accepted Accounting Principles, or GAAP, is a set of accounti procedures, standards, and…

A: GAAP or Generally accepted accounting principles are the standard accounting principles made with…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: External users of accounting information are those persons which are external to the organisation…

Q: The auditor's assessment of the reliability and sufficiency of the information contained in the…

A: Audit test - The auditing Assess the reliability and sufficiency of the information contained in the…

Q: The final outcome of an audit process is a/an _______________ a. Audit report b. Profit or loss c.…

A: The audit is a process of analyzing the reports of business.

Q: Explain how an IT environment affects the firm’s obligation to maintain adequate accounting records.

A: Solution- The IT  Software helps to record even the complex transactions with accurate calculations…

Q: Communicating Key Audit Matters in the audit report is : A. Additional communication to provide…

A: Key Audit Matters are all those matters which are most significant in the opinion of the auditor in…

Q: which one is not the responsibility of management towards auditor.

A: As per ISA 210 ( Agreeing to the terms of audit engagement )  Preconditions of an audit include…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Identifying function: helps the organization to select from its business activities, the…

Q: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

A: Evaluation of the appropriateness of accounting policies used and the reasonableness of accounting…

Q: PLEASE ANSWER THIS ASAP. THANK YOU SO MUCH. 1.Which of the following statements is incorrect? a.…

A: We are supposed to answer only one question, please Co-operate and ask other questions separately…

Q: Which of the following is not one of the general ledger and reporting activities? A. Updating the…

A: General ledger: It is the T-accounts prepared for every journal entry and get recorded in their…

Q: The audit documentation are the connecting link between the client's accounting records, financial…

A: Auditing is reviewing the financial statement of the company and giving an opinion on whether the…

Q: In comparison to the external auditor, an internal auditor is more likely to be concerned with а.…

A: Auditing is the verification for the financial statements prepared by the entity so that necessary…

Q: The pre-engagement activities of an audit engagement for a public accounting firm include: * Client…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: Define Auditing and Explain in detail about the statement " Auditing starts where Accounting End"…

A: The company's aim will be to increase the profitability of the company. The profits can be arrived…

Q: Distinguish between management’s and the auditor’s responsibility for the financial statements being…

A: The responsibility of the management is for making fair representations in the financial statements,…

Q: Financial Statements

A: Management reports are the reports that contain the data related to the performance of the company…