What are the two prerequisites for the application of EAC

Q: Why is the concept of independence such an internal part of AICPA Code?

A: AICPA is American Institute of Certified Public Accountants, which is the leading organisation and…

Q: Differentiate the common misconceptions and controversies on the prohibition of Riba.

A: Riba means excess, addition, growth or augmentation. It is divided in to two categories…

Q: Explain when you would issue a reservation of rights?

A: A reservation of rights is generally issued by insurance companies.

Q: Which of the following is not a required fi nancial statement according to IAS No. 1? A . Statement…

A: IAS 1 deals with the presentation of FS (financial statements). This standard explains all the rules…

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: The Sarbanes-Oxley Act requires the following?

A: Sarbanes-Oxley Act is formulated during 2002 under US federal law. The prime purpose of the act is…

Q: Explain preemptive right

A: Answer: A pre-emptive right is a benefit that can be granted to other owners in a company that gives…

Q: critically discuss the advantages and disadvantages of rights issue.

A: Right issues is raising money from existing shareholders by providing more equity to existing…

Q: What is the purpose of the Maceda Law?

A: The Maceda Law, also known as The Realty Installment Buyer Act or Republic Act 6552 is the law that…

Q: How are FASB preliminary views and FASB exposure drafts related to FASB “statements”?

A: Financial accounting standards board (FASB): The FASB is an independent, designated, and non-profit…

Q: Identify all major assumptions of the CAPM, how they can be violated, and the implications of these…

A: Capital Asset Pricing Model (CAPM) was developed by Willian F. Sharpe and John Linter keeping in…

Q: Define bylaws

A: An organization's Bylaws are the core values the association works under.

Q: Explain the difference between substantive and procedural due process.

A: Definition: Managerial accounting: Managerial accounting is the process of identifying, measuring,…

Q: What are the two primary reasons for using preemptive rights?

A: The right of the shareholders of a company to buy additional shares in any future issue of the…

Q: Define regulation D

A: The Accounting Standards are specific set of principles and procedures set by the authorized bodies…

Q: Discuss and identify factors which indicate Non-Compliance with Laws and regulation.?

A: Non-compliance is an act of commission or ommission by the organisation that is not in accordance…

Q: Mention and describe some FASB concepts, principles, standards, and rules and how they differ from…

A: Given: The concept of FASB and their differences.

Q: hat are the Sarbanes-Oxley Act and GAAP?

A: In order to reduce the fraud in corporations while recording financial transitions or preparing…

Q: termine ACA and TCSA of the entity? Provide example to explain your answer.​

A: ACA and TCSA-: The capital profit (made in the CGT incident L3) is comparable to the difference…

Q: e applicable to the pla

A: A statement showing the item-wise amount of all the money received by an individual from the…

Q: What are the key points of the ‘‘Issuer and Management Disclosure’’ of the Sarbanes-Oxley Act?

A:

Q: Compare and contrast a condition precedent and condition subsequent.  Provide an example of each.

A: Condition precedent is an event that must occur before there is a duty to perform that contact on…

Q: Describe required fair value disclosures.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What are the key features of the objection and appeal process against the Commissioner’s decision?

A: When making an objection, the following procedure should be followed: The Income Tax Act's Sections…

Q: arise by ratificatio

A: Agency by Ratification is defined as where someone approves or accepts of some one else's deeds on…

Q: What two conditions must valid entities meet?

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

Q: What is TDS on commission, what is stated under section 194 H?

A: The income statement of the company will be prepared, and maintained by the management which will…

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: What is covered by Regulation S–X?

A: Regulation S-X is a U.S. Securities and Exchange Commission rule that covers annual reports from…

Q: Distinguish between common law liability and statutory law liability?

A: Auditor:  The person who is considered responsible for assessing the credibility of the financial…

Q: Define civil law

A: Introduction: Civil law is a form of rules that govern usual private substances, distinct from laws…

Q: For what purpose Form 2553 is required?

A: Form 2553   By completing IRS Form 2553, Election by a Small Business Corporation, businesses…

Q: What Is Section 1031? A brief explanation on this?

A: Answer : Section 1031 Provision of Internal Revenue Code Allows the Owners of Investment Property…

Q: What is articles of association

A: Articles of Association is very important documentation for the company which shows all the rules…

Q: Explain the Key Provisions of the Sarbanes-Oxley Act.

A: Due to a lot of financial scandals which occurred in the early 2000s particularly Enron Scandal,…

Q: Under what conditions should a provision be recorded?

A: Provision:   A provision is an account that records a liability of an organization. The liability is…

Q: What is covered by Regulation S–K?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…

Q: Describe the Key Provisions of the Sarbanes-Oxley Act.

A: Due to a lot of financial scandals which occurred in the early 2000s particularly Enron Scandal,…

Q: What are some exceptions to UBIT provided by legislation?

A: The question is related to some exceptions to Unrelated Business Income tax .Unrelated business…