Which of the following is not an assertion relating to classes of transactions? Accuracy, Adequacy, Cut off, or Classification

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

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

Q: What is the basis for distinguishing between operating and nonoperating items?

A:

Q: describe the advantages of using a disregarded entity in assessing a choice of entity

A: The word disregarded entity means how the IRS can tax a single-member LLC. If the LLC is considered…

Q: Explain the phrase “Auditing and governing are not mutually exclusive”.

A: The auditing is the examination of financial statements with the audit evidence and forms opinions…

Q: Are there any reasons to question the validity of the CAPM?Explain.

A: In any ‘well-diversified portfolios’ the relationship between the ‘risk’ and the ‘required rate 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: uncertainty?

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

Q: whether the statement is true or false.

A: Asset-based financing is the finance availed by a company in lieu of its assets. In such cases, the…

Q: Which of the following statements is false about CD's

A: Certificate of Deposits or CD's is offered by banks or financial institutions. The CD's are deposits…

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: What do we call it when one party has more information than the other party does in a transaction? O…

A: Option B is correct Asymmetric information, it is referred that when one party has more information…

Q: Distinguish between a fictitious transaction and an artificial transaction?

A: The difference between fictitious transaction and an artificial transaction is based on the…

Q: Which of the following statements is not correct?

A: Leave monetization is actually the leave encashment which means the if there is any earned leaves…

Q: Which one of the following statements is INCORRECT?

A: Statement (2) is correct as under FIFO method, the earlier goods purchased would be comparatively…

Q: What is non-posted interest on statements? Please explain.

A: The answer is stated below:

Q: State the meaning of incomplete records?

A: Accounting refers to the process through which the financial transactions related to a business are…

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: What makes an account significant or an assertion relevant?

A: Significant Account  An account is said to be significant when there is a chance that the account…

Q: feature of relevant information

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

Q: Explain Charges and Liens?

A: The question is based on the concept of legal terms used to grant security against loan or debt.

Q: What criterion should be used to evaluate trade-offs between information characteristics?

A: Financial accounting: It refers to the process of recording the financial transactions of the…

Q: Test of details of balances involves direct testing of the ending balances.  TRUE OR FALSE? WHY?

A: Introduction:- Tests of details means verifying and obtaining audit evidence on the actual details…

Q: Which of the following statements is NOT correct?

A: The yield of the bond refers to the return that investors will realize on investment when the…

Q: What do we call it when one party has more information than the other party does in a transaction? O…

A: B . Assymetric information

Q: How can the owners be disclaimers?

A: A disclaimer is a term utilized to define or restrict the range of duties and rights enforceable in…

Q: In the Framework, it is possible that an entity may not disclose relevant information. Why?

A: The <IR> Framework is the International Integrated Reporting Framework, which presides over…

Q: BARTLEBY should not be copied. Explain simply what accounting is

A: Accounting is a comprehensive word with various sub-branches such as cost accounting, management…

Q: Interpretation of reported information involves each of the following except limitations of reported…

A: Reported Information are those information which is available to all for general understanding or…

Q: Distinguish between substantive tests of transactions and tests ofdetails of balances. Give one…

A: Distinguish between substantive tests of transactions and tests of details of balances.

Q: With regard to segregation of duties, rule one is that transaction authorization and transaction…

A: Answer: One of most important part of internal control is segregation of duties. It includes that…

Q: arbitrage

A: The term arbitrage refers to simultaneous purchase & sale of assets, securities or commodities…

Q: What are fictitious assets?

A: Fictitious assets: Asset formed by an accounting entry (and included under assets in the balance…

Q: Which of these statements are true about information? Check all that apply. O Data that has been…

A: In the given case the following statements are true.. Data that has been processed is Information...…

Q: Which of the following statements is false?

A: Sinc as there are multiple questions are given, so as per answering guideline we do only first one.

Q: Distinguish between a test of control and a substantive test of transactions. Give two examples of…

A: SOLUTION- Test of controls: auditors assess control risk based on understanding of internal control…

Q: What are the differences between adjunct account and a contra account?

A: Definition:An adjunct account increases the book value of a liability account.A contra Account…

Q: What transaction is covered by Maceda Law?

A: MACEDA LAW is also known as REALTY INSTALLMENT BUYER ACT, was approved in 26th August 1972 to…

Q: Which statement is false?

A: Corporate Bonds: These are bonds issued by the corporation for raising capital. These are…

Q: What is a MIS report, why is it  prepared?

A: MIS is Management Information System. Management information system is an integrated collection of…

Q: What exactly are temporary differences? What types of transactions cause these differences?

A: Discrepancies among the carrying value of an asset or liability in the financial statements and its…

Q: Explain how to account for the impairment of a held-tomaturitydebt security.

A: Debt securities: Debt security is money borrowed at a specific rate of interest which must be repaid…

Q: Which of the following is not an operating activity?

A: ANSWER Option B is correct = payment of cash dividend   Explanation Payment of cash dividend is an…

Q: Which of the following statement/s are incorrect?

A: Liability: Liability: Amount of money or fund entity owns to pay outside or within the organization.…

Q: Which of the following statements is false

A: A Bondholder gets a coupon amount calculated at a rate, on the face value. And at the end of…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.