Is Fair Presentation the same with Faithful representation? with wxplanation.

Q: What exactly does the word "noncontrolling interest" imply in this context?

A: Non-controlling Interest: Non-controlling interest is the equity not attributable, directly or…

Q: Whaat is accountability

A: The transactions that are happened in the company will be analyzed, and recorded in the first book…

Q: What is the importance of Reconciliation

A: Reconciliation:   It is an accounting process to calculate the correct balance of all accounts. This…

Q: Describe the approaches for Comparing Defender and Challenger?

A: The following are the approaches for comparing defender and challenger: Cash flow approach: Treat…

Q: Are you convinced that the APT model is superior than CAPM? If yes or no, why?

A: APT theory is referred to as the multi-factored macro-economics regarding an asset pricing model on…

Q: Which of the following statements is FALSE about "backward thought process'? Statement I. It…

A: a) neither of two statements is false

Q: In case where there is a conflict, the requiremnents of Conceptual Framework prevail those of the…

A: SOLUTION CONCEPTUAL FRAMEWORK MEANS THE WAY THE ACCOUNTS IS PREPARED , ACCOUNTING STANDARD BUILD AND…

Q: Which method is more efficient to obtain an equivalence?

A: Answer: The concept of equivalence tends to compare the cash flows in such a way that two…

Q: “As a practical matter, planning and control mean exactly the same thing.” Do you agree? Explain.

A: Introduction:   Planning and controlling are two sides of the coin. Planning is the first step of…

Q: Question: Are count standards and ethical standards the same? TRUE OR FALSE

A: Ethical standards are a set of principles developed by the organization's founding members  to…

Q: Information that has the ability to make a difference in the decision-making process is known to…

A: Lets understand the basics. For decision making, information should posses following…

Q: Are these good advantages and disadvantages about RRSP’s? What can I include and remove?

A: RRSP or registered retirement savings plan is a retirement savings plan for employees and self…

Q: Realization Test Principle/Theory.

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

Q: Define in your own words the term diversity.

A: Accounting diversity refers to variances in the recording and use of financial data; American firms…

Q: What is the distinction between comparability and consistency?

A: Comparability means to make comparison between or among the companies according to their status…

Q: Is fair representation the same with faithful representation

A: Fair presentation, as per IAS 1, entails the faithful representation of the impacts of events,…

Q: Explain an example of faithful representation.

A:

Q: What are ESOPs? What are some of their advantages anddisadvantages?

A: ESOP: Employee stock ownership plan is retirement plans for employees of the company wherein the…

Q: Which of the following are substantive tests?

A: For identifying whether the following are substantive tests or not we need to first identify what is…

Q: What is objective risk

A: Risk means the possibility of happening loss. Risk is directly related to the loss. If the amount of…

Q: Generally speaking, what kinds of reactions and events characterize the absorptive state? The…

A: Solution-   In an absorptive state, the amounts of nutrients are high. It is nothing but a fed…

Q: The concept of reasonable assurance recognizes that the cost of internal control should not exceed…

A: Internal control would seem to be a method created by an institution or university's governing…

Q: Which of the following is not a contributory factor towards faithful representation? A. Freedom…

A: Faithful representation is the qualitative characteristics of financial statements that enhance…

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: What is the cause of the agency problem and how do we try to solve it?

A: Agency Problem:  An agent is a person who acts on behalf of another person. An agent should always…

Q: Which qualitative characteristic is an ingredient of relevance? O understandability O materiality O…

A: Answer

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: What is the principle of absolute priority

A: Absolute priority, also known as "liquidation preference,". It is a rule it really is utilized in…

Q: what is a provable intrinsic value? can you give a example

A: Intrinsic value of a stock is its fundamental value. This is calculated by taking in to…

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

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: Which qualitative characteristic is an ingredient of relevance? a. Verifiability b. Timeliness c.…

A: As per general accounting principal, financial statements of an entity should be true and fair. In…

Q: Using the basic formulas, how can we extend the concept of equivalence to determine interest?

A: Equivalence in terms of financial management refers to the gap between future consumption and…

Q: Define the term lnvesting activities? Explain with an example?

A: Investing activities are the activities in a business which involves investment done during a…

Q: Distinguish between participating or nonparticipating?

A:

Q: Why are the realization and matching principles important? Only the importance

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: What are the components of relevant information? What are the components of faithful representation?

A:

Q: What are the strengths and weaknesses of Agency theory and stakeholders?

A: Agency Theory A theory that is used to explain and resolve issues in the relationship between…

Q: What is notional value?

A: Notional value is used to value the underlying asset. In simple words it tells how much of value a…

Q: Why are the realization and matching principles important?

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…