What are the steps to achieve conformance to specification?

Q: Define LIFO conformity rule.

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: What are the objectives and scope of all the standards of IFRS and IAS?

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: tutes an AD

A: Introduction : An ADT can be understood as the programmer-defined type having the following…

Q: Along what two dimensions can we classifytrading procedures?

A: Trading procedures: It is the methods and available venues from where trading (Buying and selling of…

Q: What are the scopes of the IPSASs?

A: Financial Accounting- It is the branch of accounting that records events of financial nature that…

Q: What is the function of the optional delivery commitment?

A: Delivery Option:It allows to switch a short position to a different grade or quality for a standard…

Q: Define suppliers.

A: Merchandising businesses: Merchandising companies which buy goods from suppliers, or manufacturers,…

Q: Define the term materiality concept.

A: Accounting concept:   They are the basic rules and assumptions that forms the base for recording the…

Q: What standards govern SSARS engagements?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: What is the purpose of physical contols

A: Physical controls are basically to safeguard the assets of the entity which are highly valuable. It…

Q: What documentation techniques are used in the structured design approach to conceptual design? What…

A: The term documentation means collecting credential related to the system for the purpose of system…

Q: What is the relevant range of CVP?

A: The relevant range of CVP are as under

Q: How to calculate Specification identification

A: Inventory is considered as the items that kept in a business for production or sale or production.…

Q: Distinguish between a product’s quality of design and its quality of conformance.

A: Quality of the product is the ability of a product or service to consistently meet or exceed…

Q: explain the requirements for segment reporting, and calculate and interpret segmentratios;

A: Definition: Segment reporting: Segment reporting refers to the process of preparing accounting…

Q: Define the term performance obligations.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Define and explain the significance of the term CMA.

A: Certified Management Accountant (CMA): CMA stands for certified management accountant. CMA…

Q: importance of setting standards for delivery of service

A: About Service :  A service is intangible product based transaction. Quality, efficiency and…

Q: Describe The Standard-Setting Process.

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

Q: Describe the steps required to apply the APV approach.

A: Adjusted present value is used for estimating the value of projects and the worth of the firms. It…

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: What are the two classes of design input views?

A:

Q: describe the steps in the fi nancial statement analysis framework.

A: Introduction: The analysis of financial statements refers to the method of reviewing and evaluating…

Q: Summarize what are the MACRS guidelines?

A: The MACRS (Modified Accelerated Cost Recovery System) is the current tax depreciation system in the…

Q: What is the LIFO conformity rule?

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: What is a quantity standard?

A: A quantity standard is the amount of materials that should be used in the production of a unit.…

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

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

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 Reference control ?

A: I assumed as a question, as what is meant by the reference  to cost control?

Q: Describe the term certificate of compliance?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What are the rules for SSARS engagements in terms of standards

A: It tells about the rules for SSARS engagements in terms of standards:

Q: How does conformance quality differ from design quality? Explain.

A: Total quality management: Total quality management is a method that eliminates wasteful activities…

Q: Distinguish between ideal and practical standards.

A: There are 4 types of standards in accounting namely, 1. Ideal 2. Normal 3. Basic and 4. Practical…

Q: Explain how a Requirements Breakdown Structure (RBS) is typically constructed. What information does…

A: Necessities are conditions or assignments that should be tended to and finished to be acknowledged…

Q: Define the term assurance.

A: Assurance: Assurance is a financial coverage that delivers payment for an occurrence that is sure to…

Q: What is the purpose of a planning memorandum?

A: Memorandum: It can be defined as a short formal message or record that is used for communicating the…

Q: What are the overall IFRS and IAS standards' aims and scope?

A: This question tells about the overall IFRS and IAS standards' aims and scope:

Q: Answer of the following question related to these characteristics and constraints. When there is…

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

Q: How is the process of the NPW measure implemented with the decision rule?

A: As an organization expands, it needs to take important decisions that involve immense capital…

Q: Explain the concepts and principles which underlie the SMEs standard

A: The concept and principle of sme standard are as follows

Q: Why are the realization and matching principles important?

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…