What is meant byseparation of duties?

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 is Balanace of Payment

A: Balance of Payment is a statement of monetary transactions made and records  between residents of a…

Q: What are Deeds?

A: The question is linked to the concept of legal aspect of business, which explain the importance of…

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 is a performance obligation, and how is it used todetermine when revenue should be recognized?

A: The performance obligation is the promise made by the business entity to provide the goods or…

Q: What is the separation of duties?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: When does an agency relationship happen

A: Agent Relationship : The official stipulations of a specific principal-agent relationship are…

Q: When are contingent fees allowed?

A:

Q: what is the difference betwwen classifying an expense by nature or function?

A: The costs that are incurred to earn revenues in the process of operating activities of the business…

Q: Understand the concept of relevant revenues and costs. What makes a revenue or cost relevant?…

A: solution concept relevant revenue                 relevant revenue means the revenue which has the…

Q: What is meant by “right of return”? “Bill and hold”?

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

Q: With respect to custody of assets - how should duties be segregated?

A: Segregation of duties means separating the accounting functions of authorisation, custody and…

Q: What is lessor?

A: A lease is the agreement between two individuals. Under the lease agreement one individual provide…

Q: what are the concepts of revenue recognition?

A: Definition:   Revenue recognition principle: Revenue recognition principle states that every…

Q: istinguish between responsibility, authority, and accountabilit

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

Q: Why is the distinction between a conditional and unconditional contribution important for accounting…

A: Step 1 The main difference between conditional and non-conditional contributions is that to…

Q: 1. The internal control of separation of duties requires that employe

A: Internal control represents the activity of the company to detect the fraud and errors of the…

Q: What would be the difference between the CMO with and without the accrual class?

A: A collateral mortgage obligation is a financial instrument that is backed up by the mortgage to be…

Q: What types of fees and conditions are prohibited under RESPA?

A: Real Estate Settlement Procedures Act (RESPA)? The Real Estate Settlement Procedures Act, or RESPA,…

Q: how payment or performance extinguishes an obligation.

A: An obligation arises when an agreement made between parties satisfies all the necesaary conditions…

Q: What is the revenue recognition principle?

A:

Q: What is the difference between a principal and an agent?

A: Principal:   Principal is the legal owner of goods or service which is transferred tc the customer…

Q: What activities represent Segregation of Duties?

A: Internal controls:                            It is a set of rules, policies and procedures adopted…

Q: What is ALCO and what important duties do they perform?

A: A resource with economic value that a person, company, or country owns or controls with the…

Q: What is a deferral expense?

A: Word "Deferral" means the postponement of something happening.

Q: 1. How is the separation of duties performed

A: Separation of duties is also termed as segregation of duties. segregation of duties is internal…

Q: What is meant by the term responsibility accounting?

A: Introduction: responsibility accounting is the process of the controlling the cost by giving the…

Q: How is the Handling of Unequal Service Lives done?

A: When decision has to be made while comparing one project with other projects and out of which only…

Q: Why does Recognizee revenue when (or as) each performance obligation is satisfied,” is important?

A: Performance obligations are promises to transfer goods or services to a customer. In a transaction…

Q: What is law of Indemnity? Explain the rights and duties of indemnifier and indemnity holder with…

A: The law of indemnity specifies that a person takes the guarantee of any act of the party that causes…

Q: What is a performance obligation? Under what conditionsdoes a performance obligation exist?

A:

Q: What is the purpose of a responsibility accounting system?

A: Responsibility accounting system: the responsibility accounting system is an internal system that…

Q: What is revenue?

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

Q: What is Revenue Recognition?

A: The income statement is the one of the financial statements of the business.

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 would be the reason a compony would overstate income

A: If the value of a business seems to be too good to be true, the business might have overstated their…

Q: What is a fee income

A: Fee Income There are different ways an organisation can make the sources of income like sales…

Q: Which one of the following is a revenue expenditure?

A: Revenue expenditure: It refers to the amount spent on normal maintenance and repairs of fixed assets…

Q: What are the two phases of responsibility accounting?

A: Responsibility Accounting: The management of responsibility centers by the means of pre-determined…

Q: What characteristics make a good or service a performance obligation?

A: Performance obligation: Performance obligation is the promise made by the seller to supply the goods…

Q: segregation of duties

A: Internal control is the function by which the company avoids errors and fraud in the company. It…

Q: What is Accumulated benefit obligation?

A:

Medicare

Medicare is one of the health insurances provided by the federal health insurance programs especially for elderly people who are 65 years old and above, young people with disabilities, and people affected with end-stage renal disease. The Medicare program covers medical services, nursing facilities, home health care, physician services, prescription drug, and hospital health care. Most of the population is getting benefited from the Medicare insurance program.