Provide one example where information is not relevant but is faithfully represented.

Q: In order to be relevant, financial information must have O neutrality. O confirmatory or predictive…

A: Financial information is the information regarding the financial aspects of business and this…

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: Which statement is incorrect concerning the constraint on relevant and reliable information? *…

A: Solution: Following statements are correct concerning the constraint on relevant and reliable…

Q: Give two examples of errors of principle?

A: Errors of principle refers to errors that are carried out at time of noting down transactions…

Q: explain what is meant by overtrading and identify the syptoms that you would look for to determine…

A: Over-trading is a situation where a company does more business in terms of excessive buying and…

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: According to COSO, one of the most important control activities is the segregation of incompatible…

A: Separation of duties refers to the means through which no single or individual person has sole…

Q: The answer provided is not correct, please provide the correct value

A: Free Cash Flow Free Cash flow which can be determined by using the amount of net operating cash flow…

Q: Controls are only as good as the predetermined standard on which they are based. Discuss the…

A: Predetermined standard are the estimate or budgets that are made in the beginning of the period.…

Q: Which of the following is false about Faithful Representation?

A: Answer Faithful representation is the requirement that the financial statements should be accurate…

Q: Explain the limitations of ABC system.

A: ABC System is a method of costing i.e. Activity Based Costing. This is a costing method that assigns…

Q: Distinguish between a fictitious transaction and an artificial transaction?

A: The difference between fictitious transaction and an artificial transaction is based on the…

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: describe conditions that are conducive to issuing low-quality, or even fraudulent, fi…

A: Financial reports are issued at the end of the year that shows the status of the Company.

Q: In the absence of protocols, networks would be unusable. Describe the significance of these…

A: Answer: Concept: Network can be defined as the connection of devices sharing data provided under…

Q: Identify instances for which feedback becomes useless in helping to control activities.

A: Definition: Internal Control: Internal control refers to the plan of a company. Implementation of…

Q: feature of relevant information

A: Which one of the following is a feature of relevant information?  Answer :- D. Neutrality

Q: Example where information is relevant and faithfully represented

A: Relevance is the primary characteristic of financial information which says that the information…

Q: This is known as:

A: Fund refers to the money which should be kept aside for meeting some specific purpose. In this, the…

Q: Which of the following statements is NOT correct?

A: The yield of the bond refers to the return that investors will realize on investment when the…

Q: solution cannot be understand, please show a clearer one.

A: Here, Required Amount (FV) is P2,500,000 Time Period (n) is 40 years Interest Rate (r) is 9%…

Q: Which of the following statements is INCORRECT? Select one: а.

A: The answer is given below:

Q: Identify and explain one major disadvantage of incorporating.

A: Incorporating is a legal and systematic method for the formation of a separate business entity for…

Q: What are the types of situations that result in troubleddebt?

A: Troubled debts can result in two different situations, which are as…

Q: 3. What is availability? Give an example showing a violation of availability.

A: Following is a meaning of availability and its examples

Q: BARTLEBY should not be copied. Explain simply what accounting is

A: Accounting is a comprehensive word with various sub-branches such as cost accounting, management…

Q: the quality of information that makes it complete, neutral, and free from error relavance O…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: According to our authors, what is a misstatement? Provide examples.

A: Misstatement: A remark that is not accurate or the provision of erroneous information is referred to…

Q: Interpretation of reported information involves each of the following except limitations of reported…

A: Reported Information are those information which is available to all for general understanding or…

Q: Controls are only as good as the predetermined standard on which they are based. Discuss the comment…

A: Predetermined standard are the estimate or budgets that are made in the beginning of the period.…

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: -Explain why there is a departure from the EMH

A: "Hi, Thanks for the Question. Since you asked multiple question, we will answer first question for…

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: Which of these statements are true about information? Check all that apply. O Data that has been…

A: In the given case the following statements are true.. Data that has been processed is Information...…

Q: Which of the following is NOT an output attribute?a. relevanceb. exception orientationc. zonesd.…

A: Output Attribute: Some specific attributes should be explained by the output views such as…

Q: The Conceptual Framework is not an IFRS.

A: IFRS is an acronym of International Financial Reporting Standards The IFRS provides the standards…

Q: What is a MIS report, why is it  prepared?

A: MIS is Management Information System. Management information system is an integrated collection of…

Q: What are the problems caused by lack of integration? Expalin

A: Enterprise resource planning (ERP) system: It is the combined management of different activities…

Q: Explain why monitoring alone cannot completely eliminate the agency costs

A: The costs incurred as a result of conflict of interest between company and its stakeholders is known…

Q: Which of the following is NOT a characteristic of effective information? a. relevance b. accuracy c.…

A:

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: Which of the following statement/s are incorrect?

A: Liability: Liability: Amount of money or fund entity owns to pay outside or within the organization.…