Provide in full the meaning of these abbreviations and tell briefly how they interface with the GIFMIS. T-24& SWIFT (BoG) E-Procurement (Public Procurement Authority)

Q: Discuss three ways of resolving the agency problem in public companies.

A: The agency problem alludes to an irreconcilable circumstance or conflict of interest between the…

Q: 6) Which pronouncements have the highest level of authority for state and local governments? A)…

A: GASB statements means Governmental Accounting Standards Board Statements. These statements are…

Q: What the main functions of the Commerce Commission? Please explain and illustrate each function.

A: Commerce commission is the agency of government with the responsibility for imposing legislation…

Q: Name some of the governments’ regulatory bodies and discuss their role in disclosure.

A: Some government regulatory bodies are: Australian Securities and Investments Commission(ASIC):…

Q: Differentiate accounting for government and not-for-profit organization from a business enterprise.

A: Business enterprises are those organisation which run and execute their business for the purpose of…

Q: Which of the following “bodies designated by Council” have been authorized to promulgategeneral…

A:

Q: Who appoints the internal auditor? a. Management b. Government c. External stakeholders d. Members

A: Internal auditor performs internal audit functions.

Q: Describe the provisions of the Sarbanes–Oxley Act as they relate to the creation and…

A: The Sarbanes-Oxley Act is a federal law established to uphold and ensure strict auditing and…

Q: Which of the following agencies issues independence rules for the auditors of public companies?a.…

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

Q: you consider Government Accounti

A: Governmental accounting keeps strict control over resources while also categorizing operations into…

Q: Provide in full the meaning of these abbreviations and tell briefly how they interface with the…

A: 1.Intellectual property law has undergone more changes in the last ten years than in the restof this…

Q: what you consider as effective board pract

A: We consider Effective Board practices as;         A diverse board of directors with diverse members…

Q: The accountability instrument refers to the answer choices as below, except         A. fiskal…

A: Accountability includes accepting responsibility for one's own actions. It imply a desire to be open…

Q: A governmental agency can best be described by which of the following statements? A. has a primary…

A: Governmental agency: A governmental agency provides services to the general public i.e. (taxpayers).…

Q: Explain why special purpose frameworks (also known as other comprehensive bases of accounting) may…

A: Special purpose framework is a non-GAAP framework which is used for financial purposes and includes…

Q: Discuss what you consider as effective board practices

A: Effective board: an effective board contributes to the organization's development and puts efforts…

Q: How can a broader conceptualization of accounts, accounting and accountability (the 3As), and the…

A: Accounts is the individual’s personal account, real account and nominal account which is prepared to…

Q: Distinguish between government and not-for-profit organizations from business entities and describe…

A: Business entities are described as those units which are formulated to provide professional…

Q: Who must register with the Public Company Accounting Oversight Board?

A: Public Company Accounting Oversight Board refers to the non-profit organization which regulates…

Q: What statutes does the Commerce Commission have oversight of?

A: In the year 1986, a commission known as commerce commission was established with an aim to regulates…

Q: Identify the following users as either external users (E) or internal users (I): _______ FBI and…

A: Accounting data or information of a business venture is utilized by numerous stakeholders. Diverse…

Q: The GIFMIS interfaces with a number of systems and sub-systems. A number of these systems and…

A: E-Monitor (Non-Tax Revenue-MoF) Non-Tax Revenue is that the revenant financial gain attained by the…

Q: (Students should visit the SEC website, www.sec.gov, for supplemental resources.) What are some of…

A:

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Explain in brief the problems caused by accounting diversity.

A: Accounting diversity refers to differences in accounting practices followed across different…

Q: 1) The GIFMIS interfaces with a number of systems and sub-systems. A number of these systems and…

A: E-Monitor (Non-Tax Revenue-MoF) Non-Tax Revenue is that the revenant financial gain attained by the…

Q: (Students should visit the SEC website, www.sec.gov, for supplemental resources.) What is covered by…

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

Q: 1- In your own words, explain the SEC's relationship to the FASB. 2 -Contrast the role of the…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Identify the different entities that makeethics rules for CPAs and public accountingfirms.

A: Ethics:     “That branch of philosophy which is the systematic study of reflective choice, of the…

Q: Question 19 means accountability to those existing and potential resource providers and others…

A: The question is fill in the blanks.

Q: What is the impact of being registered with the Public Company Accounting Oversight Board?

A: The Public Company Accounting Oversight Board (PCAOB) refers to a non-profit organization that was…

Q: Under what conditions may be accounting officer forego official procurement processes and obtain…

A: Procurement Process Procurement process is one of the important function in the business to obtain…

Q: Which of the following factors are considered when analyzing an indistry? I-the nature and…

A: A company should analyse the industry with the help of the following factors: Restrictions of…

Q: Answer the following multiple-choice questions. GAAP stands for:(a) governmental auditing and…

A: Definition: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to…

Q: GAAP stands for: a.    governmental auditing and accounting practices. b.    generally accepted…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Who should set accounting standards? A government agency or private body such as the FASB?

A: Accounting standards are the rules and provisions that guide the manner in which accounting reports…

Q: The objective of IFRS 1 is to ensure that an entity's first IFRS financial statements contain high…

A: The IFRS 1 provides a framework for financial reporting. The objective of IFRS to provide users…

Q: why you think each state is responsible for issuing CPA licenses.

A: The prerequisites for taking the CPA exam and receiving a license vary by state. Many states have…

Q: Provide in full the meaning of these abbreviations and tell briefly how they interface with the…

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

Q: Are the officers of the Local Government Unit internal or external users?why? Differentiate internal…

A: Internal Users Internal users of financial information are those people within an entity who use the…