Which of the following is not a contributory factor towards faithful representation? A. Freedom from error B. Consistency C. Completeness D. Neutrality

Q: When faced with uncertainty there is a need to exercise prudence. Which of the following would be…

A: PRUDENCE IS USALLY SEEN AS A VIRTUE . HOWEVER , IT CAN BE EXCESSIVE IF IT HAS AN UNREASONABLE IMPACT…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Two characteristics contributing to reliability are ‘neutrality’ and ‘prudence’. Explain the meaning…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: Two characteristics contributing to reliability are ‘neutrality’ and ‘prudence’. Explain the meaning…

A:

Q: "hich of the following is not a principle ôf internal Control?

A: Internal controls are the controls used to safeguard the business from internal frauds. Internal…

Q: In case where there is a conflict, the requiremnents of Conceptual Framework prevail those of the…

A: SOLUTION CONCEPTUAL FRAMEWORK MEANS THE WAY THE ACCOUNTS IS PREPARED , ACCOUNTING STANDARD BUILD AND…

Q: Is Fair Presentation the same with Faithful representation? with wxplanation.

A: Fair Presentation and Faithful Representation are two qualities that every important financial…

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: The rules for meeting material participation are more strict than the rules for meeting active…

A: Active participation means where you help the management to take right decisions where as for…

Q: Which of the following is false about Faithful Representation?

A: Answer Faithful representation is the requirement that the financial statements should be accurate…

Q: The practice of bringing specific issues to the attention of management if they depart from…

A: Management by exception is a recognition and interaction device that alerts a manager whenever and…

Q: What is the distinction between comparability and consistency?

A: Comparability means to make comparison between or among the companies according to their status…

Q: The use of the word “prior” is a key indicator that information is nonrelevant to a current…

A: The use of the word "prior" is not a key indicator to know that information is non-relevant to a…

Q: Is fair representation the same with faithful representation

A: Fair presentation, as per IAS 1, entails the faithful representation of the impacts of events,…

Q: MCMC and autocorrelation related to each other? If related, then what are the disadvantages…

A: GIVEN     MCMC and autocorrelation related to each other? If related, then what are the…

Q: istinguish between responsibility, authority, and accountabilit

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: What are the advantages and disadvantagesof the residual policy? (Hint: Don’t neglect signaling and…

A: The residual dividend policy is one of the types of policies for the payment of dividends to…

Q: Provide one example where information is not relevant but is faithfully represented.

A: Relevance is the primary characteristic of financial information which says that the information…

Q: The quality of information that gives assurance that it is reasonably free of error and bias and…

A: Faithful representation refers that financial statement is free from material error.

Q: feature of relevant information

A: Which one of the following is a feature of relevant information?  Answer :- D. Neutrality

Q: It could be said that strategy invalidates the net present value rule Explain the reasoning behind…

A: The net present value rule is an investment concept stating that projects should only be engaged in…

Q: Comparability, understandability, timeliness, and verifiability are enhancing qualitative…

A: Answer:- Qualitative characteristics of accounting information that must be present for information…

Q: the quality of information that makes it complete, neutral, and free from error relavance O…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: What are (a) an internal control deficiency, (b) a significant deficiency, and (c) a material…

A:

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

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

Q: The concept of reasonable assurance recognizes that the cost of internal control should not exceed…

A: Internal control would seem to be a method created by an institution or university's governing…

Q: The following are qualitative characteristics of presentation, except O Uniformity O…

A: Uniformity- It is the quality of being homogeneous.  Understandability-The information must be…

Q: Which of the following is FALSE with respec Multiple Choice

A: On the death of an individual, tax returns of the deceased are filed by his legal representative or…

Q: Distinguish between counterbalancing and non-counterbalancing errors. Give an example of each.

A: Distinguish between counterbalancing and non-counterbalancing errors. Give an example of each.…

Q: The fundamental qualitative characteristic of faithful representation has the components of;

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: Timeliness and neutrality are two components of relevance. Select one: True False

A: Relevance is an important characteristic of accounting information which means information should be…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: The primary qualities that make accounting information useful for decision-making are :(a) Relevance…

A: Accounting information: Accounting information refers to the data or the information about the…

Q: Which of the following is NOT an output attribute?a. relevanceb. exception orientationc. zonesd.…

A: Output Attribute: Some specific attributes should be explained by the output views such as…

Q: The Conceptual Framework is not an IFRS.

A: IFRS is an acronym of International Financial Reporting Standards The IFRS provides the standards…

Q: What is the underlying cause of ranking conflictsbetween NPV and IRR?

A: Net Present Value considers the time value of money that discounts the future cash flows to the…

Q: Which of the following statements is/are correct? Statement I. Internal auditors should have the…

A: Audit refers to examination of the books or financial statements of the entity and it is done to so…

Q: egarding materiality, both amount and nature of misstatements should be considered. One of the…

A: solution: Regarding materiality, both amount and nature of misstatements should be considered. True…

Q: Provide one example of a threat to the Reporting objective and one example of a threat to the…

A: Answer: COSO framework is implemented so that there is proper internal control in any business…

Q: The underlying theme of the conceptual framework is: a. decision usefulness.  b. understandability.…

A: CONCEPTUAL FRAMEWORK DESCRIBE HOW THE INFORMATION SHOULD BE PRESENTED AND DISCLOSED IN FINANCIAL…

Q: Identify the appropriate qualitative characteristic(s) being described in the statements below.…

A: A account balance or a transaction is said to be material if misstatement of such account or…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…