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

Q: What are the characteristics of good or useful information?

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Q: List and explain two important criteria that must be satisfied in order for information to be…

A: Relevant information:   Decision making process requires an understanding of a grasp of illegal…

Q: Explain how materiality affectsaudit reporting decisions.

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

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: Explain the difference between external events and internal events. Give an example of each type of…

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: What is an external auditor?

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

Q: Why is a source document important? List some examples of source documents.

A: Source documents refers to the documents pertaining to a business transaction. It captures the key…

Q: What is the purpose of a responsibility center file?

A: Definition: Responsibility center file: The departments of the organization are generally referred…

Q: What is Materiality?

A: Audit is the examination conducted by the professional (auditor) on the financial statements and…

Q: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: king capabilities, which type of report do you think is generally more important—scheduled reports…

A: Financial Statements or Reports: Financial statements are considered as a summary of the events that…

Q: relationship between application controls and transaction-related audit o

A: Application control is a check on the application in which the wrong execution of data input is…

Q: What is the main objective of IASB?

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

Q: What is Stategic Audit and its elements? explain.

A: Large, heterogeneous corporations organize themselves into divisions to interrupt the management of…

Q: What is an audit trail?

A: The accounting records of an entity are provided in an audit trail. It is used to examine different…

Q: What is IT auditing?

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

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: explain the roles of integrated reporting in the following aspects: a. Providing information that is…

A: Integrated reporting is conducted by organization to communicate strategy, plan, Governance or…

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 similarities between internal and external audit

A: Audit is an official financial inspection of an organization's account, usually by an independent…

Q: Discuss the objectives of segmental information and the requirements for the disclosure of segmental…

A: Segmental information: Segmental information is the way of providing the overall information about…

Q: What are fundamental tasks of data base managment ?

A: “Since you have asked multiple question, we will solve the first question for you. If youwant any…

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 an object, and what are its characteristics in the object-oriented approach? Give two…

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

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

Q: describe the roles of fi nancial reporting and fi nancial statement analysis;

A: Financial reporting means representing records maintained by an organization in the form of…

Q: What does it mean for a source to be objective?

A: Objective means anything which is free from emotions, personal prejudices or bias.

Q: Which method(s) are required for external reporting? For internal reporting?

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Q: In general, relevant information possesses which qualities?

A: Relevance is an important characteristic of accounting information. It refers to how helpful the…

Q: What is meant by each of the following potential characteristics of information: relevant, accurate,…

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Q: What are Substantive Procedures?

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

Q: define auditor?

A: Auditor is the person who is responsible for audit work. Audit means checking, verifying and…

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: define the following relevance, reliability,comparability, verifiability and understandability

A: There are some qualitative characteristics which accounting information should possess while…

Q: ability of the given information to provide a meaningful and useful result.

A: Second option is wrong because objectivity means the ability of the information to be impartial.…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: What are two examples of the types of management issues that can be addressed by cvp analysis?

A: CVP or Cost-volume-profit analysis is a cost accounting method of analysing the effect of cost and…

Q: Distinguish the role of internal and external auditor

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Q: What are support events?

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Q: why each audit evidence is important?

A: Answer: Auditor while performing audit perform set of procedures and collect evidences to support…

Q: Distinguish between an audit strategy and an audit plan or audit program?

A: An audit is a scrutiny of financial statement of a business entity.

Q: What are the components of relevant information? What are the components of faithful representation?

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Q: What is the purpose of the FASB’s conceptual framework?

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