What are the impacts on your financial statement if you account the transactions not accurately

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial Accounting - This is a branch of accounting under which business transactions are recorded…

Q: . How are the balance sheet and the income statement related to one another? How would youexplain to…

A: The balance sheet and income statement are related to one another by double entry system. Each entry…

Q: What are some of the internal controls that an accountant should put into place to determine if…

A: Accounts payable controls are designed to help mitigate loss risk in the accounts payable function.…

Q: hy is it important to understand financial statem

A: Financial statement are representation of the performance of company and are show how is company…

Q: A theoretical measure does of income does not exist in the real world in which accountant must…

A: The theoretically correct measure of the income refers to the firm net income which determined on…

Q: Examine some of the limitations of financial statements and suggest ways to overcome them.

A: Financial Statements are organised summaries of detailed information about financial position and…

Q: What is the significance of accounting to people?

A: SOLUTION-   ACCOUNTING TO PEOPLE  MEANS ACCOUNTING TO USERS . THERE ARE SOME USERS OF ACCOUNTING ARE…

Q: What are the benefits of pro forma financial statements?

A: Pro forma financial statement:Pro forma financial statements is a report which are prepared on the…

Q: what are the possible violation of financial reporting protocols ?

A: Financial Statements: Financial statements are formal records of the monetary activities and…

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

A: Information asymmetry is simply the imbalance of information between the trade participants i.e. one…

Q: Explain how accounting activities are different from financing activities by providing real-life…

A: Accounting is the practice of preparing accounting records, including measuring, preparation,…

Q: What are financial statements and explain different types of users of finanacial statement including…

A: Financial statements are statements that are prepared at the end of the period in order to analyse…

Q: you agree or disagree upon accounting debits and credits as an information system?

A: Debits and Credits 1) An account shows the effect of transactions on a given asset, liability,…

Q: What may be defined as sufficiently important to influence decisions made by reasonable users of…

A: Users of financial statements are those who are linked to organization in some way and uses the…

Q: Why do you think Accounting Standards are mandatory?

A: Definition:   International Financial Reporting Standards (IFRS): IFRS are a set of international…

Q: A financial statement user can not gain a complete understanding of the financial statements…

A: A Financial Statement is the Statement which company prepares to show their business activities and…

Q: How is financial accounting different frommanagement accounting?

A: The financial accounting and the management accounting are used for taking decisions for the…

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: Who among the internal users need financial information the most

A: Internal users of financial information refer to the persons within an organisation who use…

Q: Is there a type of accounting that is not financial accounting?

A: Yes, there are two type of accounting which is not a financial accounting.

Q: What are financial statements and explain different types of users of finanacial statement including…

A: Financial statements are statements that are prepared at the end of the period in order to analyse…

Q: TRUE OR FALSE? The debit balances in suppliers' accounts should be netted against accounts payable.

A: Accounts payable is the amount owed by the business entity towards the suppliers in respect of the…

Q: What can be defined as sufficiently important to influence decisions made by reasonable users of…

A: The financial statements are the statements that record all the transactions of the company. These…

Q: With respect to the concept of materiality, which of the following statements is correct?a.…

A: Definition: Materiality: Materiality is the event or amount that influences financial statements on…

Q: How can you ensure that your accounting records are accurate?

A:

Q: Why Are Financial Accounting and Bookkeeping So Different?

A: The bookkeeping is recording the transactions and accounting is process to classify, record the…

Q: why ethics is important in reporting financial statement?

A: Ethics are the moral principles which a controller should follow while reporting financial…

Q: Why do people care about accounting?

A: This question discusses accounting.

Q: Difference Between Financial Accounting And Bookkeeping?

A: Definition:   Bookkeeping: Bookkeeping is the process of recording financial transactions and other…

Q: what is professional judgement in financial accounting ?

A: Financial accounting is that branch of accounting which deals in recording of transactions,…

Q: Financial accounting examines monetary and non-monetary events. Select one: True False

A: Financial accounting : Financial Accounting is the process of recording,summerizing and reporting 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: What's the difference between credit and debit in accounting terms

A: There are three golden principal of accounting.

Q: Explain accounting principles and how they are used within financial management in relation to…

A: SOLUTION - ACCOUNTING PRINCIPLES ARE THE BASIC CONCEPTS WHICH ARE FOLLOWED EVERYWHERE WHERE ACCOUNTS…

Q: Why is it necessary to account for dubious accounts in receivables accounting? Is it really…

A: As per prudence Principle :- always anticipate future losses but never anticipate future profit.…

Q: defination of accounting?

A: The business has various transactions while operating, the stakeholders of the business need to know…

Q: What are the limitations of the financial statements?

A: Definition:   Financial statements: Financial statements refer to those statements, which are…

Q: How should correction of errors be reported in the financialstatements?

A: Financial statement:

Q: why accounting important to people?

A: Accounting: Accounting is recording , classifying, summarising , analysing and interpreting of…

Q: What is disaggregated financial information?

A:

Q: world, explain whether a current account deficit might be seen as a problem?

A: A current account deficit may imply the economy is becoming uncompetitive and the conversion scale…

Q: wrong about the use of financial statement analysis?

A: There are internal and external stakeholders of a company who are interested in determining the…

Q: What are pro-forma financial statements? How are they different to the financial statements you have…

A: The financial statements of the business include the income statement and balance sheet.

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: What are the difficulties associated with the financial system and how these challenges can be…

A: Financial system is undergoing a significant change with the advancement of technology. It has…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.