which MACRS convention is generally applicable to PP&E (equipment), and what other two MACRS conventions there are and exactly when or under what circumstances they would be mandatory.

Q: Explain common principles and limitations of internalcontrol.

A: Internal Control is a concept which ensures management to to safeguard its assets. Internet control…

Q: In general terms, how does IFRS for SMEs differ from full IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: tutes an AD

A: Introduction : An ADT can be understood as the programmer-defined type having the following…

Q: What form is required?Explain why this is the correct form?

A: Taxation states the financial charge or obligation which is imposed through the government or…

Q: describe tools and techniques used in fi nancial analysis, including their uses and limitations;

A: Financial analysis can be defined as the evaluation of the profitability, durability and feasibility…

Q: What necessitated the Aadhaar Paperless Offline e-kyc? What are the steps involved in conducting it?

A: The Unique Identification Authority of India provides a system to verify the identity of an…

Q: Which of the following is not a required fi nancial statement according to IAS No. 1? A . Statement…

A: IAS 1 deals with the presentation of FS (financial statements). This standard explains all the rules…

Q: What are the steps to achieve conformance to specification?

A: Conformation to specification:   This refers to the regulatory requirements of an organization. The…

Q: What are the two preconditions for the use of EAC?

A: It is also called as EAC, is the yearly expense of owning and preserving a asset that is calculated…

Q: What is a special order? How does operating capacity affect a special order? In what scenario would…

A: A special order mean a sales order which is in addition to the sales to regular customers of a…

Q: Explain how directmaterials standards and directlabor standards are set

A: Cost Standards: Cost Standards are prepared to analyze the variances between the actual and the…

Q: What are the main costs and limitations of implementing ABC systems?

A: Activity Based Costing: Activity based costing is one of the methods of costing to identify the…

Q: What standards govern SSARS engagements?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: Controls are only as good as the predetermined standard on which they are based. Discuss the…

A: Predetermined standard are the estimate or budgets that are made in the beginning of the period.…

Q: What approaches may be employed in applying the LCNRVprocedure? Which approach is normally used and…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

Q: List all the IAS and IFRS Standards and state thier objectives

A: The accounting standards of IAS are as follows:

Q: What are the objectives of application controls?

A: An application control consists of compactness and validity checks, identification, authentication,…

Q: What are the IFRS and IAS standards trying to accomplish, and how broad is their scope?

A: In the era of globalization, businesses around the world work together. Investors have more…

Q: Explain the politics in standard setting.

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

Q: When is independence impaired under PCAOB standards?

A: Independence would be considered to be impaired if a covered member accepts more than a token gift…

Q: Identify all major assumptions of the CAPM, how they can be violated, and the implications of these…

A: Capital Asset Pricing Model (CAPM) was developed by Willian F. Sharpe and John Linter keeping in…

Q: How to calculate Specification identification

A: Inventory is considered as the items that kept in a business for production or sale or production.…

Q: Explain the difference between setting ideal standards and setting reasonably achievablestandards.

A: Definition: Note: Ideal standard denotes the setting ideal standards and normal standard denotes…

Q: Could someone please explain the DCF model

A: Introduction : Discounted cash flows (also known as discounted cash flows): As discounted cash…

Q: Explain the purpose of IFRS for SMEs and how it differs from full IFRS.

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

Q: Differentiate between general and application controls. Give two examples of each.

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: Describe The Standard-Setting Process.

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

Q: IPSASB What are the scopes of the IPSASs? What are the similarities and differences (if any) between…

A: The international public sector accounting standard board (IPSASB) seems to be an unbiased…

Q: What is the LIFO conformity rule?

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: hat are the Sarbanes-Oxley Act and GAAP?

A: In order to reduce the fraud in corporations while recording financial transitions or preparing…

Q: Briefly describe the NBBO and the order protection rule. Whatregulation implemented them?

A: NBBO is a securities exchange commission regulation that requires brokers to trade at the best…

Q: What is the primary difference between the APT and the CAPM?

A: APT is an abbreviation used for arbitrage Pricing Theory whereas CAPM is an acronyms used for…

Q: What is covered by Regulation S–X?

A: Regulation S-X is a U.S. Securities and Exchange Commission rule that covers annual reports from…

Q: Distinguish between ideal and practical standards.

A: There are 4 types of standards in accounting namely, 1. Ideal 2. Normal 3. Basic and 4. Practical…

Q: For what purpose Form 2553 is required?

A: Form 2553   By completing IRS Form 2553, Election by a Small Business Corporation, businesses…

Q: The solution must be under the GAAP standards

A: The equity method of accounting is the approach for recording the investment made by a company in…

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: What is covered by Regulation S–K?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…