Consulting Services Engagement Attestation Assurance Auditing Engagement Engagement Engagement a. Any information Financial statements Advice and decision Financial information support b. Financial information Advice and decision Financial statements Any information support c. Advice and decision Any information Financial information Financial statements support d. Financial statements Financial information Any information Advice and decision support

Q: What constitutes a dicontinued operations.?

A: Definition:   Income statement: The financial statement which reports revenues and expenses from…

Q: What is the primary objective of horizontal analysis and its concept

A: Horizontal analysis is a financial statement analysis.  Horizontal analysis used to compare…

Q: Which among the following form of reporting is best suited for comparison? a. Narrative form b.…

A: Tabular form of reporting is best suited for comparison purposes..... In this form the data of the…

Q: Which type of plan is used to manage an event that has reoccurrence? a. Rules b. Single Use Plan c.…

A: There are various types of plans which are prepared by business organization so that decisions can…

Q: What is the function of the optional delivery commitment?

A: Delivery Option:It allows to switch a short position to a different grade or quality for a standard…

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 a VIE? State it's full form and meaning.

A: Explain the term variable interest entity (VIE). A legal business structure is known as a variable…

Q: What is a standby commitment? When and why is it used?

A: A formal contract between a borrower and bank, that the bank will lend a certain amount to him/her…

Q: Can responsibility be delegated? Explain?

A: No,authority can be delegated but responsibility is absolute and cannot be delegated.

Q: operating activities

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: What is the main objective of IASB?

A: IASB: International Accounting Standards Board is abbreviated as IASB.  IASB is the organization…

Q: Define going-concern assumption

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

Q: Define the concept of going concern?

A: Going concern Concept: The basic principle of this concept is that business is assumed to exist for…

Q: What are the two inputs required in the preparation of the pro forma statements?

A: Pro forma financial statements are reports that are formed based on hypothetical situations in the…

Q: Which of the following elements of fi nancial statements is most closely related to measurement of…

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

Q: What is a reportable operating segment?

A: Operating segment is a segment of a company which can generate its own revenue and has its own…

Q: Was the conceptual framework created to achieve a specific goal

A: The conceptual framework created to achieve a specific goal will be explained :

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: What are the operating activities? Give some examples?

A: The statement of cash flows is the statement which shows the change in the cash and cash equivalents…

Q: What standards govern Review engagements?

A: Audit means independent examination of books of accounts or financial information  so so as to…

Q: hy should the stakeholders be interrelated with each other?

A: Partner or stakeholder relations is the act of forging commonly helpful associations with outsiders,…

Q: What are the Effects of Prepayment Illustrated?

A: Prepayments are mainly related with mortgage backed securities & corporate bonds. MBS or…

Q: What are the rules for SSARS engagements in terms of standards

A: It tells about the rules for SSARS engagements in terms of standards: