What quantitative materiality test is applied to determinewhether a segment is significant enough to warrantseparate disclosure?

Q: What

A: Introduction:- The following one of the conditions is required to satisfied for segment reporting as…

Q: What are the distinguishing characteristics between REIT data and the NCREIF Property Index?

A: NCREIF property index helps in measuring the performance of the investment made in real estate with…

Q: Describe any differences in segment disclosure requirements between U.S. GAAP and IFRS.

A: International Financial Reporting Standards IFRS is a set of global accounting standards issued by…

Q: What analytical procedures might be informative regarding the existence assertion?

A: The existence of assertion is the assertion that liabilities, assets and shareholders equity…

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: and is objecting to an assessment received from SARS

A: In Republic of South Africa   South African Revenue Services is the tax…

Q: What guidance does the Codification provide concerning the disclosure of research and development…

A: Research and development (R&D) incorporate activities that are taken up by an organization to…

Q: When are analytical procedures required, and when are they optional?

A:

Q: Why should distribution be limited for reports on projections, agreed-upon procedures, and…

A: Audit Report: The auditor's statement is the auditor's written letter which states if the accounting…

Q: What are some of the techniques of disclosure for thebalance sheet?

A: Balance Sheet: Balance Sheet is one of the financial statements which summarize the assets, the…

Q: What is meant by the term level of assurance? How does thelevel of assurance differ for an audit of…

A: Level of assurance states the assurance degree, which the entity has adequately verified while…

Q: Which analytical approaches are the most critical for note payable verification? Which sorts of…

A: Procedure for auditing: Audit procedures are the processes, strategies, and methods used by auditors…

Q: What does an audit procedures should be applied to Required Supplementary Information?

A: Definition:   Audit report: An audit report refers to the written report issued by an auditor to…

Q: What is the total revenue of the reportable segments after considering the quantitative thresholds…

A: The reportable segments are those segments which have to be shown and to be declared by the company…

Q: What is a reportable segment in accordance with IFRS 8? What criteria are used in determining what…

A: The question is related to IFRS 8 Operating Segement.

Q: Explain why determination of materiality is a matter of auditor judgment. Refer to both qualitative…

A: The audit staff’s correct determination of materiality is a matter of sound professional judgment…

Q: What is the primary purpose of analyzing interest expense? Giventhis purpose, what primary…

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: What is the purpose of dual dating the auditor’s report?

A:

Q: Why determination of Materiality is a matter of Auditor Judgment? Explain both Qualitative and…

A: The financial statement is used for making economic decisions. Planning of upcoming year depended…

Q: What role does the audit trail play in terms of configaration?

A: Audit trail is a series of documents, files or other evidence of accounting transaction which are…

Q: What are the characteristics of a confirmation? Distinguish betweena confirmation and external…

A: Auditing: The process of critical examination and evaluation of the accounting information recorded…

Q: Of what merit is the contention that the allowance methodlacks the objectivity of the direct…

A: Direct write-off method: This method does not make allowance or estimation for uncollectible…

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: In testing for lower-of-cost-or-market, the auditor is gathering evidence to support which of the…

A: The audit is an examination of the financial statement of the company that helps to find the errors…

Q: What disclosures are required For areas determined to be reportable operating segments?

A: Definition: Operating segment: Operating segments are different business verticals of a company that…

Q: What is the difference between assurance services, attestation services, and auditing services?

A: Auditing: Audits are analyses and examinations into a particular area of your business. Information…

Q: How does the concept of materiality influence the auditors’ report?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…

Q: Why should receiving reports be prenumbered? What assertion would an auditor test using thereceiving…

A:

Q: What are the auditor's responsibilities for 'going concern assumptions’'?

A: Going concern assumption is one of the concept of accounting, under which it is assumed that the…

Q: What quantitative materiality tests are applied to determine whether a segment is significant enough…

A: Explain the quantitative materiality tests that are applied to determine whether a segment is…

Q: How is the directional risk of inventories applied in determining the appropriate audit procedures…

A: Answer: During the audit of any balance sheet items, proper audit procedures are to be gathered to…

Q: What criteria must an instrument meet to be negotiable?

A: Following are the formal requirements that an instrument must meet to be negotiable: Must be in…

Q: How do contingent liabilities effect the audit?

A: Contingent liability is a liability that may occur depending on the outcome of future uncertain…

Q: What type of audit opinion is preferred when analyzing fi nancial statements? A . Qualifi ed

A: There are different types of audit opinion  1) Qualified 2) Adverse  3) Unqualified

Q: Does the audit opinion extend to the "other information"? Explain. *

A: Auditing refers to the process of scrutinizing the financial statement of the business entity and…

Q: What are the possible obstacles or hindrance of operational audi

A: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot, therefore, obtain…

Q: By type, timeliness, and scope of additional audit processes, what do we mean

A: Here's how it's done. Auditors use audit processes to test the accuracy and completeness of the…

Q: How does a very material GAAP issue affect the Audit Report?

A: Audit opinions are the opinions given by the auditor about the financial statements. There are…

Q: How would an auditor test the realizable value audit objective fora financial instrument classified…

A: Auditor: Auditor is a person appointed to perform the functions of audit and check the accuracy of…

Q: Explain what is meant by the audit expectation gap.

A: Audit expectation gap refers to the difference between public expectation about the auditor's role…