istinguish between responsibility, authority, and accountabilit
Q: Distinguish between responsibility, authority, and accountability.
A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…
Q: Distinguish between responsibility, authority, and accountability.
A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…
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: Whaat is accountability
A: The transactions that are happened in the company will be analyzed, and recorded in the first book…
Q: What is meant by the phrase management by exception?
A:
Q: "hich of the following is not a principle ôf internal Control?
A: Internal controls are the controls used to safeguard the business from internal frauds. Internal…
Q: What is the separation of duties?
A: Internal control: Internal control is a process which ensures continuous reliability of…
Q: describe the advantages of using a disregarded entity in assessing a choice of entity
A: The word disregarded entity means how the IRS can tax a single-member LLC. If the LLC is considered…
Q: Explain the phrase “Auditing and governing are not mutually exclusive”.
A: The auditing is the examination of financial statements with the audit evidence and forms opinions…
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: Can responsibility be delegated? Explain?
A: No,authority can be delegated but responsibility is absolute and cannot be delegated.
Q: Answer the following questions:a. In your own words, describe Segregation of Duties. Why is it…
A: a) Segregation of duties refers to the delegation of various duties to different employees to…
Q: anuty What general internal control v
A: Given case is: All-Around Sound Co. discovered a fraud whereby one of its front office…
Q: What activities and responsibilities are not associated with management's functions? a. Planning b.…
A: Financial statements are statements which states the business activities performed by the company .…
Q: The rules for meeting material participation are more strict than the rules for meeting active…
A: Active participation means where you help the management to take right decisions where as for…
Q: True or False Segregation of duties is one of the categories of control activities.
A:
Q: Discuss the differences between the attest function and advisory services.
A: An attest service, or consulting service is an associate freelance review of a company's financial…
Q: Highlight concept of faithful representation and is it valid or not?
A: The concept of Faithful representation advocates that the financial statements and information…
Q: What are the advantages and disadvantagesof the residual policy? (Hint: Don’t neglect signaling and…
A: The residual dividend policy is one of the types of policies for the payment of dividends to…
Q: According to PFRS 15, a good or service is distinct if
A: IFRS stands for International financial reporting standards. These are Accounting standards issued…
Q: Explain the risks associated with the creation of unnecessary roles and why it can happen.
A: Role Based Access Control: RBAC can be defined as an access control which is used to restrict the…
Q: control is the process of setting goals and determining way to achieve them true false
A: Control is a function of management in accounting which helps to check errors in order to take…
Q: potential bias in management's ncerns,
A: Option 1 is wrong because the management' bias in estimation calculations is to be considered to…
Q: Provide one example where information is not relevant but is faithfully represented.
A: Relevance is the primary characteristic of financial information which says that the information…
Q: Discuss why the ROE is the key ratio under management control and how the other ratio effect the…
A: ROE is the net income divided by average equity. The ROE is a very important ratio and helps to…
Q: What activities represent Segregation of Duties?
A: Internal controls: It is a set of rules, policies and procedures adopted…
Q: Individual primary users have different and possibly conflicting information needs and desires. ,…
A: Since we answer only one question, we will answer the first one. Please resubmit the question. 9.…
Q: How can you tell the difference between planning and control decisions
A: The difference between planning and control decisions will be shown:
Q: What is meant by the term responsibility accounting?
A: Introduction: responsibility accounting is the process of the controlling the cost by giving the…
Q: What is meant by the term management by exception?
A: Business Management: Business management refers to the skills associated with running a company…
Q: Identify AND explain its historical significance of: "Strict Accountability
A: Managers in public agencies need to focus their attention on the priorities of those at the top of…
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: Clear lines of authority and responsibility are essential to establishing a responsibility…
A: Responsibility Accounting System: Its a system which Divides the Entire Organization in to multiple…
Q: What are the two elements of being independent? A. Independence of rights and obligations B.…
A: Independent auditor is Chartered Accountants who examine the financial statements, financial records…
Q: efine the term materiality and explain why it may be d
A: Materiality is quite important in preparing the financial statement and it is very important to the…
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: Distinguish between responsibility, authority, and accountability.
A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…
Q: Distinguish between responsibility, authority, and accountability
A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…
Q: Identify the appropriate qualitative characteristic(s) being described in the statements below.…
A: A account balance or a transaction is said to be material if misstatement of such account or…
Q: Setting objectives and identifying methods to achieve those objectives is calleda. planning.b.…
A: Planning entails the maintenance and organizational approach to reaching strategic goals. Managers…
Q: Distinguish between responsibility, authority, and accountability.
A: Accountability simply means to answer about the things which are in his or her power. And power…
Q: What are the differences of the Autocratic Model, custodial Model, Supportive Model, Collegial Model…
A: An organizational behavior model is defined as the basic structure that is used to represent the…
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- What are the differences of the Autocratic Model, custodial Model, Supportive Model, Collegial Model and The System model?Regarding materiality, both amount and nature of misstatements should be considered. One of the inherent limitations of internal control is the lack of segregation of duties. Group of answer choices False, False True, True True, False False, TrueThe concept of reasonable assurance recognizes that the cost of internal control should not exceed the benefits expected to be derived. TRUE OR FALSE? WHY?