What is a responsible party? Why is it necessary for the accountant to identify one?

Q: Responsibilities of an accountant

A: Accountant: An Accountant is a professional who is responsible for keeping and interpreting…

Q: What is a transaction? What use does the accountant make of transactions? Why?

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: How does the time period assumption affect an accountant's analysis of business transactions ?

A: Time period assumption state that business organizations are required to prepare and present their…

Q: What must an accountant have under the AICPA Code of Professional Conduct?

A: Introduction AICPA -  American Institute of Certified Public Accountants, is a professional…

Q: What is a certification authority, and what are the implications for the accounting profession?

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Q: What are some of the internal controls that an accountant should put into place to determine if…

A: Accounts payable controls are designed to help mitigate loss risk in the accounts payable function.…

Q: What are the ethical and professional expectations for CPA's by the accounting prefession?

A: Auditors work on behalf of shareholders and various other stakeholders; whereas, they are required…

Q: What are the costs and benefits of management’s use of judgement in financial reporting?

A: Management is the internal part of any organization and thus it plays a very crucial role in making…

Q: What is meant by the professional designations CPA, CMA,and CIA, and how do these designations add…

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Q: Why would a client ask an accountant to report on a financial statement element?

A: Definition:

Q: What is the significance of accounting to people?

A: SOLUTION-   ACCOUNTING TO PEOPLE  MEANS ACCOUNTING TO USERS . THERE ARE SOME USERS OF ACCOUNTING ARE…

Q: Why is a knowledge of accounting terms and concepts use-ful to persons other than professional…

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Q: Why is it important to know the background in accounting research?

A: Accounting is the procedure followed by businesses to record their financial information…

Q: Is accounting a trustworthy profession? How would you know whether it is or is not?

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

Q: Why are stakeholders important in accounting ethics?

A: Stakeholders' refers to the person(s) or a group who has some interest in a company and can be…

Q: opines on the professional responsibilities of the accountant in his practice of accounting and…

A: Professional Responsibility of Accountant: An Accountant assists organizations in making key…

Q: Who are the most important consumers of accounting information and why do they need it? What kind of…

A: Here is the Answer

Q: what is the Judgement Traps in accounting?

A: Judgment trap is also known as judgment triggers which refers to the inherited issue that leads…

Q: What is the difference between an auditor and accountant?

A: Accounting: Accounting is recording of day to day financial transactions of the business in order to…

Q: What is an accountant

A: Lets start with basic understanding of term accountant. An accountant is a person who, Records all…

Q: Why is it necessary for accountants to assume that business entity will remain a going concern?

A: According to the going concern principle of accounting, it is assumed that the company's operations…

Q: How should an accounting professional go about determining whether a proposed action is in the…

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Q: When it comes to cases involving compilation and review services, what extra defenses are available…

A: Engagement in the compilation: Compilation engagements are when an accountant assists management…

Q: How can you ensure that your accounting records are accurate?

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Q: When it comes to the contemporary practice of accounting, what is the significance of the Accounting…

A: Here is the Answer

Q: Why is it important for U.S. accountants to be familiar with IFRS?

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Q: Is accounting theory really necessary for the making of accounting rules?

A: Solution:- Is accounting theory really necessary for the making of accounting rules:- Accounting…

Q: How IT can affect accounting field?

A: Accounting is the recording, classifying, analyzing and interpreting of financial transactions…

Q: How do you maintain accounting accuracy?

A: Maintaining accuracy in the accounting records is an essential requirement for every entity involved…

Q: How reported accounting numbers can affect an individual's perceptions and actions.

A: Financial reporting means releasing the financial reports of the company to its shareholders and in…

Q: What is your insight/reflection about accounting?

A: Every business operates for the purpose of generating profits. For calculating and measuring results…

Q: Which of the following is not included in the financial statements prepared by accountants?

A: The answer is option (b) Trail  balance

Q: Which of the following is not one of the basic concepts of accounting? A) RESPONSIBILITY B)…

A: Accounting:- It can be defined by recording the transactions in a systematic order and should be…

Q: Why do people care about accounting?

A: This question discusses accounting.

Q: How does criminology differ from the study of accounting or auditing?

A: Criminology is a detailed scientific study of various tools that analyzes the root cause i.e. the…

Q: What are the common challenges faced by accountants and auditors while performing their duties?…

A: Accounting is the process of recording the transaction and preparing the financial statements.…

Q: How does the role of a traditional accountant differ from internal and external auditor?

A: External auditor is appointed for the examination of financial records of the entity and for…

Q: Why is the evidence provided by source documents important to accounting?

A: Source Document Source document are refer as the original record which contains the detail…

Q: What is meant by the term adequate disclosure, and howdo accountants fulfill this requirement in the…

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Q: What do accountants mean by the term revenue?

A: Revenue is the sum that a corporation earns from selling products and/or supplying its clients and…

Q: why accounting important to people?

A: Accounting: Accounting is recording , classifying, summarising , analysing and interpreting of…

Q: How does the ethics are important in the accounting?

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

Q: Rights of an accountant

A: An accountant is a person who is in charge of maintaining and analyzing financial records. Whether…