Which of the following elements of fi nancial statements is most closely related to measurement of performance? C . Liabilities.

Q: Which of the following is the impact of agency cost?

A: Agency costs are internal costs incurred due to the competing interests of Shareholder i.e the…

Q: How is a gain contingency reported?

A: Gain contingencies: The excess of book value over the amount to be received is actually gain…

Q: What

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

Q: Classify the Costs for Financial Statements?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Difference Between Traceability and Controllability?

A: Following is the answer to the given question

Q: Distinguish between losses from transaction exposure, operating exposure, and translation exposure?…

A: The Answer :

Q: dvance and crec

A: As per standard accounting procedures revenue is to be recognized when it is earned and not when it…

Q: How should one establish performance measurements? And how can they be aggregated?

A: Business Sustainability: Business sustainability is increasing the business worth for a long term,…

Q: How one can identify the respective Loss Exposures in Risk

A: The degree of uncertainty and/or potential financial loss connected with an investment choice is…

Q: What is the current approach embraced by standard setters in measurement and write its advantages…

A: Measurement is the manner of determining the quantitative values at which items of financial…

Q: On what basis should the transaction price be allocated to various performance obligations? Identify…

A:

Q: What standards govern SSARS engagements?

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

Q: uncertainty?

A: Answer - Option D Relevance is where the information is useful and appropriate , predictive or…

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: Define the term performance obligations.

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

Q: How to Allocate the Transaction Price to Each Performance Obligation?

A: In revenue recognition , following steps are done- first of all we determine whether there is a…

Q: How is the ERC (efficient response coefficient) determined and which role analyst forecasts play in…

A: The earnings response coefficient, or ERC, is a calculated ratio between stock returns and the…

Q: Describe the basic assumptions of underlie GAAP.

A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…

Q: Explain the differences between IFRS and GAAP

A: GAAP is a common set of accepted accounting principles, standards, and procedures that companies and…

Q: Explain the relationship of performance materiality, inherent risk, and control risk to planned…

A: Auditing:   It is an independent examination of the financial information of an organization to test…

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: why to conduct feasivility study

A: Forecasting by financial analysts assists management in determining appropriate ways to attain the…

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 compensating balance (CB)

A: Compensating balance is a minimum amount a borrower has to maintain with the lender. This is very…

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: The usefulness of the balance sheet is enhanced by classifying assets and liabilitiesaccording to…

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

Q: Define the following terms: Input risks, financial risks, property risks, personal risks

A: Input risks refers to the input price risk or commodity price risk. The risk arises for either of…

Q: In what circumstances is the compressed adjustedpresent value (APV) model useful, and how wouldit be…

A: The question is based on the concept of adjusted present value (APV). APV uses net present value…

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

A:

Q: define auditor?

A: Auditor is the person who is responsible for audit work. Audit means checking, verifying and…

Q: What indicators suggest that a performance obligation has been satisfied at a single point in time?

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

Q: Which of the following elements of fi nancial statements is most closely related to measurement of…

A: Financial statements are statements which provides the information about the financial position of…

Q: What is a performance obligation?

A: Definition: Performance obligation: Performance obligation is a promise to transfer goods or…

Q: What are the three i nancial measurements necessary to adequately measure a firm’s performance?

A: the three financial measurements necessary to adequately measure a firm's performance are: net…

Q: What are the two phases of responsibility accounting?

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

Q: How is the process of the NPW measure implemented with the decision rule?

A: As an organization expands, it needs to take important decisions that involve immense capital…

Q: Explain the measurement attributes employed in GAAP.

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

Q: Define Statement of fi nancial condition

A: The financial statements of any business firm is prepared for telling the financial results of the…

Q: Explain how to allocate the transaction price to each performance obligation.

A: If a customer receives a discount for acquiring a bundle of goods or services, the entity should…