Explain the problems associated with inappropriate accounting practices.

Q: Can you name some common errors in accounting?

A: Some of the common errors in Accounting are as under: Error of omissions: Here some transactions…

Q: what is Segregation of Duties in accounting and how it can prevent fraud?

A: Segregation of duties: In a firm, segregation of duties (SOD) is a fundamental building element of…

Q: Answer the following: In detail, what's the benefit of accounting harmonization?

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

Q: Which of the following benefits of an effective accounting information system provides safeguards…

A: Accounting information system: It is a process which collects data, processes the same into…

Q: If the accounting information is not clearly presented, which of the qualitative characteristic of…

A: Introduction Information in the books of accounts need some qualities, which are to be fulfilled in…

Q: What is forensic accounting? How Accounting Information System is used to achieve this?

A: Forensic accounting is investigation over financial statements, accounting records, and other notes…

Q: Explain voluntary changes in accounting principle.

A: An accounting principle is a general guideline to follow when recording and reporting financial…

Q: Explain how serious regulatory lapses in the system is one of the difficulties associated with the…

A: The financial system is an system that facilitates the exchange of money and funds between the…

Q: What are some of the most common types of accounting distortions that can arise?

A: Accounting refers to the process of examining and documenting all the financial and other…

Q: What are some possible pitfalls of using nonauthoritative sources when doing accounting research

A: Non-authorized Sources:- These are the sources that are not permissible by the government and other…

Q: “Management accounting should not fit the straitjacket of financial accounting.” Explain and givean…

A: Financial accounting is concerned primarily with the financial data related to an organization…

Q: what is the Judgement Traps in accounting?

A: Judgment trap is also known as judgment triggers which refers to the inherited issue that leads…

Q: accounting principle is violated.

A: Accounting principles are the set of rules and conventions to be followed while accounting business…

Q: Which of the following is most closely linked to accounting conservatism? Lower-of-cost-or-market…

A: Answer:

Q: nship or differences between Accounting and accountability?

A: Accounting: Every business has various types of transactions like monetary, goods and services. To…

Q: Why do you believe Accounting Standards should be mandatory?

A: A document created by a rule-making body that prescribes how accounting transactions should be…

Q: How can SPEs be used to manipulate financial statements? Give one real case example on the misuse of…

A: Special purpose entities are the subsidiaries created for a specific purpose. These are used to…

Q: What are the common errors in accounting?

A:

Q: What is the relationship between CSR and accounting fraud?

A: CSR or Corporate Social Responsibility refers to the management principles which tries to integrate…

Q: What cause Fraud in Computerised Accounting

A: Computerized Accounting System:   A computerized accounting system are software programs that are…

Q: How CSR related to accounting fraud?

A: CSR or Corporate Social Responsibility refers to the practices and policies implemented by corporate…

Q: TRUE or FALSE Accounting records and statements are based on the most reliable data available so…

A: The objectivity principle states that accounting records should be free from personal opinions.  All…

Q: Explain when and why the users of financial statements are not able to detect earnings management.

A: Earning management means making the financial statement as per managements requirements and…

Q: Are computerized accounting systems different than manual accounting systems? How are these…

A: Computerized accounting system refers to the the use of computer software/system for recording the…

Q: What are some of the flaws of teaching accounting only as a skill?

A: Accounting can be defined as the process of recording, analyzing, reporting and summarizing the…

Q: What is information asymmetry? Why is it considered a problem to the financial system?

A: Information spatiality could be a condition in social science wherever one party has higher…

Q: When is it permissible to violate generally accepted accounting principles (GAAP)

A: Certain types of information must be disclosed in a company's audited financial statements in…

Q: Why should you as accounting student need to understand normalization

A: Normalization techniques are important because they help in proper storage of data by eliminating…

Q: most common types of accounting distortions

A: Accounting distortions are differences occur when comparing the reported financial information with…

Q: Explain how an IT environment affects the firm’s obligation to maintain adequate accounting records.

A: Solution- The IT  Software helps to record even the complex transactions with accurate calculations…

Q: Explain what is meant by adverse economic consequences of new or changed accounting standards.

A:

Q: How can the enhancing characteristic understandability be improved in high-quality accounting…

A: Accounting standards: These are rules and policies adopted by the management to present accounting…

Q: May you tell me where I can get reliable IFRS relevant to accounting changes

A: This question explains about reliable IFRS relevant to accounting changes

Q: Which of the following benefits of an effective accounting information system provides safeguards…

A: Definition:   Accounting information system (AIS): An accounting information system (AIS) is a…

Q: Why accounting is an infromation system? Explain with your own point of view with example.

A: Accounting Information Systems helps to perform the tasks in the job of Budget Analysis. An…

Q: Understand the reporting of accounting changes and errors.

A: Accounting Changes and Errors: Meaning: Error Correction and Accounting changes are guidance that…

Q: Explain the difference between earnings management and financial statement fraud.

A: Definition: Fraud: It refers to the intentional misrepresentation of the financial information or…

Q: Role of Judgment in Application of Accounting Standard. Should it reduced or expand the role?

A: Irrespective of the approach that is used by the standard setters to establish accounting standards,…

Q: Why is the evidence provided by source documents important to accounting?

A: Source Document Source document are refer as the original record which contains the detail…

Q: Explain differential effects on accounting standards.

A: Accounting standards deals with the issues of: Recognition of events and transaction in financial…

Q: How does the ethics are important in the accounting?

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

Q: How can you tell the difference between accounting mistakes and accounting fraud in financial…

A: This question tells about the difference between accounting mistakes and accounting fraud in…

Q: Discuss the types of errors in financial accounting and explain why some errors need to go through…

A: Accounting errors are the events which occur unintentionally and not for misleading the information…

Q: Identify one specific type of accounting fraud. What damage does the perpetration cause? What could…

A: An accounting fraud refers to frauds originating from within the business (internal frauds). The…