Define a provision, and give three examples of a provision.

Q: Discuss three general provisions of the Sarbanes-Oxley Act.

A: Sarbanes-Oxley Act (SOX) is a legal framework that requires corporate chiefs to ensure the precision…

Q: What is undercosting? Explain? Give three examples?

A: Under Costing: Under costing is a state in which the estimated or reported cost of a product is less…

Q: Discuss the THREE uses of Trial Balance  and by providing example for each use of Trial Balance?

A: A trial balance is a schedule in which total of debit column is always equals to credit. If there is…

Q: Which of the following orders allows for partial execution?

A: FOK (Fill or Kill Order): This type of order allows being executed immediately at the specified…

Q: What is make-whole provision?

A: A call provision helps the issuer of the bond to call back or repurchase the bond at any time before…

Q: Define three forms of EMH

A: Following are the three forms of EMH: Weak Form EMH: Recommends estimating all prior knowledge is…

Q: Find the APR, or stated rate, in each of the following cases. intermediato calqul

A: Annual Percentage Rate(APR) measures the amount of simple interest earned in a year. The Annual…

Q: What are the three major sections of the CAFR?

A: CAFR is basically stands for Comprehensive Annual Financial Report which basically helps in…

Q: What are the four distinct categories of adjustments?

A: Adjusting entries in accounting are made with a view to accurately reflect the expenses and income…

Q: Name three events that might change the balance of the plan assets.

A: Plan assets: Plan assets refers to the assets which are used to satisfy the postretirement…

Q: Which are the three types of reporting formats?

A: Th three types of financial reports are : 1. Balance Sheet 2. Income Statement 3. Cash Flow…

Q: Identify and explain five criteria by which a taccounting heory may be evaluated?

A: The accounting theory is considered as a branch of accounting that consists of all the set…

Q: define an' Other Matter paragraph and explain, providing examples, the use of such a paragraph.

A: For purposes of Generally Accepted Auditing Standards (GAAS), the following terms have the meaning…

Q: Describe the three groups of units that must be accounted for when using the FIFO method.

A:

Q: Define each of the following terms:c. Absolute priority doctrine; relative priority doctrine

A: Absolute priority doctrine: Absolute priority doctrine is the primary law of bankruptcy that has…

Q: Explain the three authorized controls

A:

Q: Describe three types of standards and provide examples of each?

A: Three Types of Standards are :-  a) Basic Standards. b) Current Standard. c) Normal Standards

Q: Name the four basic forms of cardinality.

A: Cardinality: Cardinality defines the degree of relationship between two entities which are…

Q: What are the 3 main sections of the CAFR?

A: CAFR is a set of financial statements for a state or other government entity that must conform with…

Q: What are the four basic assumptions underlie GAAP?

A:

Q: Define bill-and-hold arrangement with example.

A: Bill on hold: Bill on hold transaction specifies that shipping of the product is not done by the…

Q: Match the terms

A: Accounting principles are the accounting rules which an organization must follow while maintaining…

Q: In your own words, explain exempt supplies for VAT purposes and provide three examples of exempt…

A: Exempt supplies   Exempt supplies are  supplies of those goods or services on which VAT is not…

Q: ade level is BY

A: We prepare multistep income statement as under --…

Q: Explain the terms to account for and accounted for.

A: Account Account is refer as the record in the general ledger which is used to sort and store the…

Q: Match

A:

Q: Define unsyndicated offering

A: SOLUTION:-   A syndicate offering is a method of bringing a brand new security to the market. The…

Q: Identify the three fundamental principles underlying GAAS.

A: Generally Accepted Auditing Standards (GAAS): Generally accepted auditing standards (GAAS) states…

Q: Compare and contrast a condition precedent and condition subsequent.  Provide an example of each.

A: Condition precedent is an event that must occur before there is a duty to perform that contact on…

Q: What two conditions must valid entities meet?

A: Entity:   Entity in the context of database management implies anything regarding which data is…

Q: Define OEM and EOM? Give three differences between them?

A: Original Equipment Manufacturer (OEM):An original equipment manufacturer is referred to as a company…

Q: Define T-bill

A: A Treasury bills which are also known as T-Bills are mainly issue by Government of country. These…

Q: What are the three principal types of REITs?

A: The question is based on the concept of Real Estate Investment trust (REIT). They are an investment…

Q: Describe the four types of legacies, and give examples of each.

A: Types of Legacies:  A legacy is the gift of personal assets such as electronics, automobile, cash,…

Q: What is management by exception? Give three examples?

A: Management by Exception: Management by exception is the process of finding the deviations in the…

Q: Explain the Key Provisions of the Sarbanes-Oxley Act.

A: Due to a lot of financial scandals which occurred in the early 2000s particularly Enron Scandal,…

Q: Describe the four basic assumptions underlying GAAP.

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: 2. Match each of the following terms with the appropriate definition.

A: Answer:   1. Discounting The process of restating future cash flows in terms of present time value.…

Q: How do I solve subsections D and E?

A: Dividend is the portion of net income which is distributed among the shareholders. The dividend paid…

Q: Under what conditions should a provision be recorded?

A: Provision:   A provision is an account that records a liability of an organization. The liability is…

Q: Name three types/categories of external stakeholders

A: Stakeholders is the wider term, it means group of people which help to run a business successfully.…

Q: What are the four basic assumptions underlying GAAP?

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Describe the Key Provisions of the Sarbanes-Oxley Act.

A: Due to a lot of financial scandals which occurred in the early 2000s particularly Enron Scandal,…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.