Answer of the following question related to these characteristics and constraints. When there is agreement between a measure or description and the phenomenon it purports to represent, information possesses which characteristic?

Q: What are tests of controls? What is the audit team’s goal in performing them in an…

A: Tests of controls: Test of control is performed by the auditor to verify that whether the control…

Q: What are the broad classes of facts that need to be gathered in the system survey?

A: Accounting Information System: AIS collects, records, stores and processes accounting and other data…

Q: Along what two dimensions can we classifytrading procedures?

A: Trading procedures: It is the methods and available venues from where trading (Buying and selling of…

Q: Discuss the differences between the attest function and assurance services.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: The components of the conceptual framework ?

A:

Q: what does measurement focus mean?

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: Answer asap please,   With the use of examples, differentiate between: Theoretical expertise and…

A: Sharing and rapid knowledge growth are made easier by information technology. Information technology…

Q: When there is agreement between a measure or description and the phenomenon it purports to…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: What are the steps to achieve conformance to specification?

A: Conformation to specification:   This refers to the regulatory requirements of an organization. The…

Q: What is the current approach embraced by standard setters in measurement and write its advantages…

A: Measurement is the manner of determining the quantitative values at which items of financial…

Q: What approaches may be employed in applying the LCNRVprocedure? Which approach is normally used and…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

Q: explain the relationship between hedging and measuring exposure.

A: Hedging is basically a type of risk management strategy through risk can be reduced significantly…

Q: Answer of the following question related to these characteristics and constraints. In general,…

A: Relevant information is data that can be applied to solve a problem. The relevance concept can mean…

Q: Which of the following relationships between types of analytical procedures and sources of…

A:

Q: What are the characteristics of Substantive Tests?

A: Audit Planning: Audit planning is the first step in the auditing process. Auditor gathers all the…

Q: Explain the put call parity model. What are the advatages and disavantages of it?

A: Put-call parity characterizes the connection between calls, puts and the underlying assest price or…

Q: What are the relative merits and disadvantages of a current system survey?

A: System Survey: System survey is defined as the process of determining the elements of information of…

Q: What is an attestation engagement?

A: Attestation Engagement: An association between the client and the certified public accountant where…

Q: Discuss how the different between conceptual system and physical system and which function are…

A: Accounting Information System:  AIS collects, records, stores and processes accounting and other…

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: explain the specific identification approach

A: Introduction:   Inventory valuation is an accounting practice used by businesses to determine the…

Q: What is one objective of an appraisal program? a. having tho

A: What is the one Objective of an appraisal program ? a. having the employee feel more valued  b.…

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: Why is the reporting of segment information required? Justify your response. Why is the reporting of…

A: Segment reporting deals with in-detail segment-wise financial reporting in the financial statements…

Q: Differentiate between applied and actual FOH with two examples, support your response with…

A: Overhead are those expenses which are not directly consumed to make a product or render service but…

Q: What does it mean for a source to be objective?

A: Objective means anything which is free from emotions, personal prejudices or bias.

Q: Which qualitative characteristic is an ingredient of relevance? O understandability O materiality O…

A: Answer

Q: Which of the following is related to science systems of maintaining account?

A: a) Single Entry System: A single entry system of accounting is a method of maintaining book keeping…

Q: Explain the purpose of substantive testing and give examples of the main types of substantive tests.

A: Substantive Testing: Meaning: It is an audit procedure that helps examine the supporting documents…

Q: What does the EMH imply for the use of technical and fundamental analysis?

A: The efficient market hypothesis (EMH), as a substitute called the efficient market theory. It is a…

Q: define the following relevance, reliability,comparability, verifiability and understandability

A: There are some qualitative characteristics which accounting information should possess while…

Q: Distinguish between technical analysis and fundamental analysis, highlighting assumptions in each…

A: Fundamental analysis deals with evaluating and analysing the company’s financial statements to know…

Q: When information about two different entities has been prepared and presented in a similar manner,…

A: Comparability The characteristics comparability of financial statements can be achieved by following…

Q: Why are the realization and matching principles important? Only the importance

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: Difference Between Traceability and Controllability? Explain briefly in points.

A: Traceability and controllability are two concepts used in cost accounting. These are the forms of…

Q: What are the components of relevant information? What are the components of faithful representation?

A:

Q: Explain the Abstract and Opinion Method?

A: Abstract and Opinion method is an approach of assuring of property’s title. Abstract and Opinion…

Q: Why are the realization and matching principles important?

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…