Which are the three types of reporting formats?

Q: Define each of the following terms:a. Agent; principal; agency relationship

A: Answer: Agent: An agent is one who provides work on principal’s behalf.  Principal authorizes agent…

Q: What

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

Q: What information is each type of document supposed to provide?

A: Answer: There are different types of documents which provide various information.

Q: What are the objectives and scope of all the standards of IFRS and IAS?

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: Which among the following form of reporting is best suited for comparison? a. Narrative form b.…

A: Tabular form of reporting is best suited for comparison purposes..... In this form the data of the…

Q: What are the three major sections of the CAFR?

A: CAFR is basically stands for Comprehensive Annual Financial Report which basically helps in…

Q: Describe in detail about the 3 measurement attributes employed in GAAP.

A: There are three measurement attributes employed in GAAP: Historical Cost Net Realisable Value…

Q: Ratios are an input into which step in the fi nancial statement analysis framework? C .…

A: Ratio analysis is a quantitative approach of looking at the financial statements such as the balance…

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: Describe the three groups of units that must be accounted for when using the FIFO method.

A:

Q: Explain the politics in standard setting.

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

Q: What can be understood from Integrated disclosure system.

A: Integrated disclosure system: It is an update in the security exchange commission’s guidelines to…

Q: What is meant by Wraparound filing?

A: Financial reporting: Financial reporting is the procedure used to communicate the information…

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

A:

Q: Which of the following is not a characteristic of a coherent fi nancial reporting framework? B .…

A: Coherent financial reporting framework is a reporting framework  which requires that a reporting…

Q: Describe three types of standards and provide examples of each?

A: Three Types of Standards are :-  a) Basic Standards. b) Current Standard. c) Normal Standards

Q: What are the 3 main sections of the CAFR?

A: CAFR is a set of financial statements for a state or other government entity that must conform with…

Q: What are the two inputs required in the preparation of the pro forma statements?

A: Pro forma financial statements are reports that are formed based on hypothetical situations in the…

Q: Identify three activities measures calculated by FCI.

A: Activity measures: Activity measures initially focus on how efficiently the assets are used. For…

Q: What are the two parts of a registration statement? What does each part contain?

A: Registration statement is composed of two parts 1. Prospectus 2. Informational needs of the staff of…

Q: What are the three major OE/S processes and what are the subsidary processes of  each major process?

A:

Q: describe a spectrum for assessing fi nancial reporting quality;

A: A quality spectrum provides a basis for evaluating quality reports and ranges from reports that are…

Q: Identify the three fundamental principles underlying GAAS.

A: Generally Accepted Auditing Standards (GAAS): Generally accepted auditing standards (GAAS) states…

Q: What is a reportable operating segment?

A: Operating segment is a segment of a company which can generate its own revenue and has its own…

Q: Define the term operating activities.

A: Operating activities are the functions of a business directly related to providing its goods and/or…

Q: What are some pros and cons of the CERES CSR reporting framework i.e. the measure tools, reporting…

A: CERES CSR defines the corporate social responsibility of companies and their resultant action…

Q: Explain Change in Reporting Entity.

A: A reporting entity is an entity whose general-purpose financial report is used by its users to have…

Q: For what purpose are entity relationship diagrams used?

A:

Q: What documents constitute the AP packet? Whatevidence does each document provide?

A: An organization should record a liability in its books of accounts based on the invoice amount after…

Q: What are the different comparison standards that can be used by the entities?

A: Net profit analysis .. Significant ratios and trends with the competitor and previous year…

Q: Name three types/categories of external stakeholders

A: Stakeholders is the wider term, it means group of people which help to run a business successfully.…

Q: Lists five measurement attributes employed in GAAP.

A: There are three measurement attributes employed in GAAP: Historical Cost Net Realisable Value…

Q: Evaluate two (2) major differences between GAAP and IFRS with respect to the statement of

A: The cash flow statement, also known as the statement of cash flows, is a financial statement that…

Q: What are the two phases of responsibility accounting?

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

Q: Which information is presented by an organization chart?

A: organisation chart is basically the information bulletin of all the functional departments in an…

Q: Which of the five disclosures is most informative? Which is least informative? Why?

A: Full disclosure: Full disclosure is an accounting principle which states that all the necessary…

Q: Explain the measurement attributes employed in GAAP.

A: The measurement attributes employed in GAAP are as follows: Historical Cost Net Realisable Value…

Q: What is interim reporting?

A: Financial Reporting:   It refers to the disclosure of the financial results of the organization to…