What are the three primary CBIS functions that must be separated?

Q: Explain common principles and limitations of internalcontrol.

A: Internal Control is a concept which ensures management to to safeguard its assets. Internet control…

Q: Which of the following orders allows for partial execution?

A: FOK (Fill or Kill Order): This type of order allows being executed immediately at the specified…

Q: In general terms, how does IFRS for SMEs differ from full IFRS?

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

Q: What are the similarities between MRP and DRP?

A: Material Requirement Planning and Distribution Requirement Planning are the essential components…

Q: Discuss how conceptual and physical systems differ and which functions are responsible for each of…

A: Accounting Information System: The accounting information system refers to a system which helps in…

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 three major sections of the CAFR?

A: CAFR is basically stands for Comprehensive Annual Financial Report which basically helps in…

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 are the four broad objectives of internal control?

A:

Q: Explain whether the characteristics listed in Table 1 can be met simultaneously or else achieving by…

A:

Q: What is meant by cardinality in entity relationship diagrams?

A: An entity relationship diagram is a representation of all the resources that are associated with the…

Q: What are the two preconditions for the use of EAC?

A: It is also called as EAC, is the yearly expense of owning and preserving a asset that is calculated…

Q: Explain the features of HELOCs that differentiate them from HELs with example?

A: Home equity refers to the difference in the value of the home and the mortgage balance. In HELs and…

Q: Describe the functions and powers of ASIC

A: Australian securities and investment commission is a commission made in 1998 of Australian…

Q: Differentiate between essential and nonessential activities.

A: Production: Production activity consist use of fixed and variable resources to produce final…

Q: What is system decomposition and subsystem interdependency? How are they related?

A: Decomposition in computer terminology refers to factoring which is the breaking down of a complex…

Q: Find three key ideas that underpin GAAS and explain why they are so important.

A: Concept: GAAS is generally accepted auditing standards. It is to be followed by the auditors while…

Q: Explain what internal and external linkages are.

A: Interior linkage alludes to everything just in extent of an interpretation unit. Outside linkage…

Q: What are the various levels of aggregation to which the LCNRV and LCM approaches can be applied?

A: LCNRV (Lower of Cost or Net Realizable Value) approach:   It is an approach that compares the cost…

Q: What are the three general problems associated with data redundancy?

A:

Q: What is the main objective of IASB?

A: IASB: International Accounting Standards Board is abbreviated as IASB.  IASB is the organization…

Q: mation would be considered

A: The extremely sensitive output can be defined as the information or output that must be guarded from…

Q: What are the primary reasons for separating operational tasks?

A: Operational Tasks: Operational tasks refer to those tasks that are performed on a regular basis in…

Q: Explain the purpose of IFRS for SMEs and how it differs from full IFRS.

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

Q: What are the functions of the PCAOB?

A: Introduction PCAOB stands for Public Company Accounting Oversight Board. This is a private…

Q: Can two different entities have the same defining attributes? Explain.

A: Entity in the context of database management implies anything regarding which data is required to be…

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

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

Q: Explain what is meant by the term “system”. How do subsystems, systems and systems of systems…

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

Q: What are the three major OE/S processes and what are the subsidary processes of  each major process?

A:

Q: An information system must meet three fundamental objectives. Discuss why three objectives cannot…

A: Information System Information system refers to a set of factors or components used for data…

Q: What are the three steps of controlling?

A: Introduction: Controlling is referred as terminal management function because it takes place after…

Q: What is full form of CIP? Explain about it.

A: Carriage and Insurance Paid to is the full form of CIP

Q: What is the difference between the CML and the SML?

A: The term CML refers to capital market line. Whereas the term SML refers to security market line.

Q: What three types of objectives are the focus of internalcontrol?

A: Definition: Internal Control is a procedure that provides reasonable assurance that material…

Q: What does the IAS 2 explains?

A: The answer is provided as follows:

Q: Explain the objectives of FIFO method.

A: First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased items are…

Q: What are the three components/aspects of relevance? What are the three components/aspects of…

A: Qualitative characteristics of Accounting Information System:   Qualitative characteristics are…

Q: What are the common benefits of GSIS and SSS?

A: GSIS is termed as a "government service insurance system" and it provides coverage of insurance to…

Q: What are the three internal control objectives?

A: Internal control:  Internal control consists of policies and procedures to  achieve the objectives,…

Q: What is the difference between FMS - CMS?

A: The differences between dedicated flexible manufacturing system and random-order flexible…

Q: What is an entity multiple?

A: Entity multiple: It's moreover called the EV multiple, a degree utilized to calculate a firm's…