What is summed up by the word consistency ?

Q: Which of the following is NOT a control implication of distributed data processing? a. redundancy b.…

A: Distributed data processing is a computer network system in which different computers across the…

Q: Explain consistency concept.

A: Consistency: Consistency principle emphasizes that companies should adhere to same accounting…

Q: The two characteristics of the appropriateness of evidence are a. relevance and reliability. b.…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: Identify each statement as true or false. If false, indicate how to correct the statement.

A: Hi thanks for the question. The question has multiple sub parts. As per the company guidelines…

Q: Define Consistency.

A: Consistency is fundamental assumption of accounting. Consistency refers to once a company adopts…

Q: Give two examples of errors of principle?

A: Errors of principle refers to errors that are carried out at time of noting down transactions…

Q: Which among the following is a time-related attribute of good information? a. Order b. Brevity c.…

A: Introduction:- The following characteristics of quality information as follows:- Accuracy Relevance…

Q: Can you please step this out line by line (not all in one line) and state the formula used

A: The concept of time value of money states that worth of money changes with passage of time. This is…

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: Fact pattern

A: As per IFRS 16 lease is a contract that conveys Right to control the use of an identified asset for…

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: A problem statement is an unstructured set of statements that describes the purpose of an effort in…

A: Introduction: A problem statement is important in a process improvement project since it helps…

Q: Reliability means that data are reasonably complete and accurate. Accuracy refers to the extent that…

A: Assessing the reliability of audit evidence: The reliability of audit evidence would increase when…

Q: What do you mean by Count Data? When it arises?

A: Count data:  Count data is a kind of statistical data, in which the observations might only consider…

Q: Which answer below is the result of this error?

A: In the given case, the journal entry is recorded incorrectly. Due to which the service revenue will…

Q: Identify and describe any four areas validity checks can be applied?

A:

Q: Define in your own words the term diversity.

A: Accounting diversity refers to variances in the recording and use of financial data; American firms…

Q: Each of the following are input controls. Please give an example of how they may be used: Thank…

A: 1). Range check Range check is a check which can be applied on numeric fields. This check ensure…

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

A:

Q: The following statements are correct, except:

A: Profit or loss is a statement which shows how much net profit has been earned by the company or…

Q: What kind of information is gathered from a valid and trusted source and can be depended upon to be…

A: Accounting information is very useful information which is being collected for the purpose of…

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

A: Report: It can be defined as the document that assists the users and the management in providing…

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: Consistency Principal Definition

A: Generally Accepted Accounting Principles (GAAP):These are the guidelines necessary to create…

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: Define Correlation as a concept

A: Introduction: Usually for any two variables, the change in one variable allows us to forecast change…

Q: The following are qualitative characteristics of presentation, except O Uniformity O…

A: Uniformity- It is the quality of being homogeneous.  Understandability-The information must be…

Q: If you are checking the math, what assertion you are testing a. Completeness b. Existence C. Cut…

A: Assertions are declarations made by the management that the financial statements are accurate. These…

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: The fundamental qualitative characteristic of faithful representation has the components of;

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: What is the importance of a Form 8-K? What is the importance of a proxy statement?

A: Importance of a Form 8-K:   Form 8-K is issued by a company when there is something unique or…

Q: Timeliness and neutrality are two components of relevance. Select one: True False

A: Relevance is an important characteristic of accounting information which means information should be…

Q: Differentiate between letters, memo and report?

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

Q: Explain briefly what cross hedging implies. What is the significar

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

Q: What is the difference in a data and findings?

A: Data is the combination of raw facts which is used for providing information and conclusions to the…

Q: . Discuss the effects on distribution policy consistent with: (1) the signaling hypothesis (also…

A: Signaling Hypothesis: Dividend payments or even the announcement of dividend leads to an increase in…

Q: statement is true or false, based on the knowledge of the different theories and mo

A: Stock prices are determined by market movements and prices may go up and down depending on supply…

Q: When information about two different entities has been prepared and presented in a similar manner,…

A: Comparability The characteristics comparability of financial statements can be achieved by following…

Q: Which of the following is NOT a characteristic of effective information? a. relevance b. accuracy c.…

A:

Q: Answer of the following question related to these characteristics and constraints. When there is…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: omparing relevance and reliability, which information quality is most important? Support your answer…

A: Reliability of information relies on appropriate information being provided to managers so that they…