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- Review the new revenue recognition guidance issued by the Financial Accounting Standards Board http://www.fasb.org/jsp/FASB/Page/ImageBridgePagecid=1176169257359 and answer the following questions. What is the new standard as of ASC 606? What does that mean to you? What are the recommended steps companies should follow to achieve the core principle? How does this change current GAAP standards? Who is required to adhere to this new standard?Q5. A. Explain the need for high-quality standards in the accounting and reporting. B. Explain the revenue recognition issues.10. Which of these is a similarity between financial accounting and managerial accounting? Select one: A. Both report to the same group of accounting users. B. Both report past financial events. C. Both use the same accounting standards of MASB. D. Both provide information for decision making. 11. Which of the followings is NOT a temporary or nominal account? Select one: A. Utility Expense. B. Prepaid Insurance. C. Drawings. D. Depreciation Expense. 12. Which of the following statements related to expenses is CORRECT? Select one: A. Expenses decrease owner's equity and has a credit normal balance. B. Expenses increase owner's equity and has a debit normal balance. C. Expenses decrease owner's equity and has a debit normal balance. D. Expenses increase owner's equity and has a credit normal balance. Just answer the question without explanation. Thanks in advance
- V5. Match the following ____ Complexity in business operations a. Management compensation ____ Timely information b . Accounting procedure that a company ____ Information for control and uses monitoring c. Current and predictive information ____ Differential information d. Need for more specific reports ____ Accounting Policies e. Substantive information that is not in the financial reports f. Financial information must be quantitative g. Financial information not useful in reports5 A conceptual framework for financial reporting is a statement of generally accepted theoretical principles, which provide the basis for __________________. i)Development of new accounting standards ii)Development of accounting staff through training programs iii)Evaluation of accounting standards which already in existence. iv)Developing quality control methods to enhance the quality of products and services. a. iii) & iv) b. ii) & iv) c. i) & iii) d. i) & ii)A65. The “due process” system in developing financial reporting standards A. is an efficient system for collecting dues from members.B. identifies the accounting issues that are the most important.C. enables interested parties to express their views on issues under consideration.D. requires that all accountants must receive a copy of financial accounting standards.
- Q14 An audit of the financial statements of a company is referred to as a(n) a. Financial audit. b. Compliance audit. c. Operational audit. d. Integrated financial audit1A)Discuss the quality spectrum for assessing financial reporting quality.400-500 words 2B)Discuss the conditions that are conducive to issuing low-quality, or even fraudulent, financialreportsq16 How must a change in accounting policy be accounted for to preserve comparability and consistency in the financial statements? Select one: a. Changes to accounting policy must be accounted for retrospectively, i.e. amounts recognized in previous accounting periods are restated to account for the change in accounting policy. b. None of the above is correct c. Changes to accounting policy must be accounted for prospectively, i.e. resulting change should not have impact on prior period financial statement comparatives. d. Changes to accounting policy should not be allowed.
- Part ARequired1. Using the information above, complete the calculation of accounting ratios andpercentages and comment briefly on the performance of the company for the twoyears. ( 25 Marks)2. By reference to requirement 1, identify the areas that are subject to increased auditrisk and describe the further audit work you would perform in response to those risks.( 25 Marks)Part BBy reference to Part A:1. What is the purpose of using analytical procedures on the client’s performancemeasurement system? ( 10 Marks)2. What are some of the key factors that impact group interaction in an auditassignment? ( 10 Marks)Which concept states that any policies adopted for accounting should not change frequently unless it is the demand of the changing circumstances Oa. Cost Concept O b. Money Measurement Concept Oc. Consistency Concept O d. Going Concern Conceptdon't use ai , chat gpt , bartlby, course for answer i will definitely 7 dislike O d. $30 O e $6 Which one of the following statements is not correct regarding financial accounting and management accounting? O a. Financial accounting reports need to be audited to verify their accuracy unlike management accounting reports whic do not need to be audited. O b. Only financial accounting involves the use of accounting information. None of the given answers JIm O d. Financial accounting needs to follow specific set of rules called accounting standards unlike management accountrig e. Management accounting information emphasize supporting decisions that affect the future unlike financial accountin information, which focus on the consequences of past activities of the organization. GE NEXT PAGE