Which of the following is most likely to be described as a depository institution?

Q: Define the term Approval of payment requests?

A: The payment is an amount of money paid by the customer to the seller in exchange of goods and…

Q: Which of the following is related to Scientific system of maintaining accounts?

A: Double entry system is the scientific system of  maintaining accounts

Q: Explain Regulatory Provisions?

A: Regulations: The regulation is processed by which a complex system is managed under a set of rules.

Q: Explain principal (agency relationships)

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

Q: Branches of accounting

A: In accounting, there are many branches of accounting. Some of the main important branches of…

Q: What is the relationship between future exchange and clearinghouse?

A: Future exchange and clearing house are two different parts of future markets.

Q: When is nonfinancial information relevant?

A: Non-Financial information: Non- Financial decisions are qualitative in nature and do not include…

Q: What does the disclosure principle require?

A:

Q: What are the branches accounting?

A: Accounting represents the recording of the financial and non-financial information in the books of…

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: How efficient is an Analysis at the account level technique?

A: The question is to discuss efficiency of financial analysis at account level or based on the data…

Q: What is deposits in transit?

A: Definition: Bank reconciliation: Bank statement is prepared by the bank. The company maintains its…

Q: What is financial accounting's principal purpose?

A: The financial accounting main and principal purpose is to allow the third parties to assess the…

Q: What is the important of Accounting

A: Accounting is the process of systematically recording, measuring, analyzing and communicating…

Q: What is the definition of bookkeeping?

A: Bookkeeping is considered as a part of accounting. It deals with the recording of day-to-day…

Q: Define receivables and explain issues related to their recognition.

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

Q: What is discretionary reporting?

A:

Q: Define receivables and understand issues related to their recognition.

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

Q: ng information?

A: Concept: Information contains in the financial statements is said as free from bias. It reflects a…

Q: What are the primary advantages of having a Codification of generally accepted accounting…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: What does disclosure mean?

A: Meaning of Disclosure - Disclosure is generally making the information and facts available to the…

Q: Define the term accounts.

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

Q: What are the functions of the conceptual framework under IFRS?

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

Q: explain the relationship of fi nancial statement elements and accounts, and classify accounts into…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: what is a validity check?

A:

Q: What mathematical relationship is used among proprietary account balances?

A: Answer:-  Mathematical relationship meaning:- A mathematical relationship in the general term can be…

Q: Which method(s) are required for external reporting? For internal reporting?

A:

Q: What are the classifications of financial assets in accordance with PFRS 9?

A: PFRS :  It stands for Philippines Financial Reporting Standard which is fully converged with IFRS.…

Q: What major types of items are reported in the retainedearnings statement?

A:

Q: What is bookkeeping

A: Book Keeping is one of the functions of accounting.

Q: How important is document design in accouting and finance?

A: Document design in accounting and finance is very important as a person can understand the message…

Q: Which of the following is related to science systems of maintaining account?

A: a) Single Entry System: A single entry system of accounting is a method of maintaining book keeping…

Q: What are finanicial transactions?

A: Transaction process system: It is a transaction process system can be defined as a system which is…

Q: What is the SEC and what role does it play?

A: SEC stands for Securities and Exchange Commission. It is an agency of United States, which is a…

Q: Indicate how to present and analyze liabilities and contingencies.

A: The liabilities are the amount of money which a business has to pay to the outside parties. The…

Q: Explain the term Verification of Borrower Assets?

A: Borrower is the person who take money on credit from a financial or non- financial institution.…

Q: What are the responsibilities of the PCAOB?

A: Introduction : The public company accounting oversight board is known as PCAOB. To monitor the…