What are the characteristics of good or useful information?

Q: What are the responsibilities of an originator?

A: The originator's responsibilities are: Originator communicates with all borrowers of mortgage loans…

Q: What is responsibility accounting?

A:

Q: When there is agreement between a measure or description and the phenomenon it purports to…

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

Q: What is an external auditor?

A: Auditor is a person who audits the accounts of the business.

Q: What does the disclosure principle require?

A:

Q: What are the relative merits of input from source documents and direct input?

A: Definition: Direct input: The data that are directly inserted into the system from the source data…

Q: What is asset

A: Assets are those items that provide value for money and future economic benefit for an organization.…

Q: What is a value stream map?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Explain why there is a trade-off between information accuracy and information timeliness. Give an…

A: Report: The formal document used for providing information to the managers is called a report. The…

Q: What is an attestation engagement?

A: Attestation Engagement: An association between the client and the certified public accountant where…

Q: List the causes of information risk,and explain how this risk can bereduced

A: Information Risk – It’s a kind of risk which occurs whenever various business risk decision are made…

Q: What are two objectives that enable reports to be considered useful?

A: Report: It can be defined as the document that assists the users and the management in providing…

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: What is IT auditing?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: What makes information irrelevant to decision making?

A: Irrelevant information is a part of the information collected for decision-making from various…

Q: What is the relationship among data, information, and an information system?

A: The meanings for following terms are stated below: Data: It can be described as unprocessed facts…

Q: what is the purpose of the conceptual framework?

A: The conceptual framework is comprised of six Financial Accounting Concepts statements that serve as…

Q: Example where information is relevant and faithfully represented

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

Q: What is hedging?

A: SOLUTION:- Hedging  refers to shielding of  investments. A hedge is an investment method which aims…

Q: What criterion should be used to evaluate trade-offs between information characteristics?

A: Financial accounting: It refers to the process of recording the financial transactions of the…

Q: Which among the following is a form related attribute of good information? a. Relevance b.…

A: The attribute of good information are: Accuracy Completeness Consistency Uniqueness Timeliness

Q: What is information overload?

A: Report: The formal document used for providing information to the managers is called report. The…

Q: What is the objective of having a conceptual framework?

A: Conceptual framework means set of rules and guidelines that help the users and preparers in…

Q: What is involved in the posting process?

A: Posting: Posting process means posting of all transactions of business into general ledgers. Every…

Q: Who are stakeholders?

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

Q: what is the difference between internal and external users of information, their needs and demands…

A: Accounting Information System (AIS):   The system which helps to gather, store and process the…

Q: What are the functions of the conceptual framework under IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: What is the relationship between data, information and an information system?

A: The modern world is completely centered around information. Companies, big and small, generate a lot…

Q: What is ESG reporting and why does it matter?

A: Transparency on ecological and socially responsible actions is becoming more popular. Environmental,…

Q: What conditions increase the demand for reliable information?

A: Nowadays it is very difficult to trust someone. cheating and frauds have become so common. which…

Q: What are the types of external user?

A: Entity needs to prepare a financial statement for the use of internal and external decisions making.…

Q: What is Agency theory ?

A: Agency theory Agency theory explains the connection between the principal and agent. concerned…

Q: What is a Review engagement?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

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

A: Answer

Q: What are Substantive Procedures?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

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: 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: What does stewardship mean and what is its role in an information system?

A: Definition: Accounting information system: The system which helps to gather, store, and process the…

Q: Why is the content of a proxy statement considered to be so important?

A: Importance of content of a proxy statement: Most of the significant actions undertaken by a company…

Q: What is the role of the data Librarian?

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

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: What information is required in a proxy statement?

A: A proxy statement is a document containing the information the Securities and Exchange Commission…