Which of the following management assertions is not associated with classes of transactions and events? Select one: a. classification b. rights and obligations c. occurrence d. accura

Q: In order to be relevant, financial information must have O neutrality. O confirmatory or predictive…

A: Financial information is the information regarding the financial aspects of business and this…

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: Relevant financial information is: Select one: а. free from bias and error

A: solution concept Relevant financial information                 Relevance as a qualitative…

Q: Which type of control is considered a compensating control? a. segregation of duties b. access…

A:

Q: Scheduled reports may contain some information that is relevant to some decisions and irrelevant to…

A:

Q: The analyst can obtain a better picture of the operating performance of an entity if percentage of…

A: The statement which is used to see the percentage change in one item in relation to other related…

Q: What is meant by the phrase management by exception?

A:

Q: Transactions need to be classified appropriately. This internal control objective relates to all of…

A: Internal control objectives are desired goals or conditions which we want a system to satisfy. The…

Q: Identify each of the following as a (a) purpose of an internal control system, (b) principle of…

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…

Q: Why an internal control system can only provide reasonable assurance on the achievement of an…

A: Internal Control is the process designed, implemented and maintained by those  charged with…

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: With which one of the five categories of management assertions is the classification…

A: With which one of the five categories of management assertions is the classification…

Q: A principle that is concerned with information that should be significant enough to affect…

A: Accounting Principles: These are the methods, guidelines, and rules that shall be followed by the…

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: Which of the following is not one of the components of internal control according to the framework?…

A: Internal control means the way to doing the work and reducing the risk to any loss. Sound internal…

Q: From the list of assertions provided, select the relevant assertion(s) to each control objective.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Define agency conflict

A: Agency conflict denotes to the conflicts that arise between the agent and Principal. In the finance…

Q: What kind of information is gathered from a valid and trusted source and can be depended upon to be…

A: Accounting information is very useful information which is being collected for the purpose of…

Q: Neutrality of information in the fi nancial statements most closely contributes to which qualitative…

A: The qualitative characteristic of the financial information refers to that attribute of 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: describe motivations that might cause management to issue fi nancial reports that are nothigh…

A: The reports that are prepared by the management of to represent the financial performance of a…

Q: s

A: Interim reporting : An interim statement is a financial report that covers a period of less than a…

Q: Discuss the difference between the Management Letter and the Legal Representation Letter

A: Definition: Auditing: In auditing, auditors verify the correctness and fair presentation of…

Q: What is meant by the term management by exception?

A: Business Management:   Business management refers to the skills associated with running a company…

Q: Clear lines of authority and responsibility are essential to establishing a responsibility…

A: Responsibility Accounting System:  Its a system which Divides the Entire Organization in to multiple…

Q: What are the auditor's responsibilities for 'going concern assumptions’'?

A: Going concern assumption is one of the concept of accounting, under which it is assumed that the…

Q: To achieve faithful representation, the financial information must be: relevant, comparable, and…

A: Lets understand the meaning of faithful representation in short. It is a representation which should…

Q: Discuss the objectives of eliminating receiving functions. Also, discuss the accounting and audit…

A: Step 1 When shipments of goods arrived at the warehouse to replenish stocked inventory, then the…

Q: Define the management assertions of existence or occurrence, completeness, rights and obligations,…

A: Management assertion is the declaration by the management about the content of the financial…

Q: hether or not a report is effective?

A: To evaluate an organization's strategy's performance and efficiency, consider how it ties your goals…

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: Distinguish between responsibility, authority, and accountability

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

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: describe mechanisms that discipline fi nancial reporting quality and the potential limitationsof…

A: The mechanism that discipline financial reporting quality includes the free market and incentives…

Q: Which of the following is not an assertion relating to classes of transactions? Accuracy, Adequacy,…

A: Classes of transaction includes the transactions of the company which are grouped together for…

Q: Which of the following is not one of the categories of control activities? a.Checks on recorded…

A: Control activities are implemented by a entity as a part of internal control in order to safeguard…

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: Which of the following is considered different and more limited in objectives than theothers?a.…

A: Auditing is basically an inspection or checking of books of accounts maintained by the business.…

Q: Which of the following is NOT included in the concept of internal control? O entity's resources O…

A: Internal controls are the set of rules and procedures through which an entity ensures integrity and…

Q: Distinguish between responsibility, authority, and accountability.

A: Accountability simply means to answer about the things which are in his or her power. And power…