Distinguish between responsibility, authority, and accountability.

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

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

Q: Relevant financial information is: Select one: а. free from bias and error

A: solution concept Relevant financial information                 Relevance as a qualitative…

Q: Whaat is accountability

A: The transactions that are happened in the company will be analyzed, and recorded in the first book…

Q: Scheduled reports may contain some information that is relevant to some decisions and irrelevant to…

A:

Q: What is meant by the phrase management by exception?

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Q: Which concept states that accounting information should be complete, neutral, and free from material…

A:

Q: "hich of the following is not a principle ôf internal Control?

A: Internal controls are the controls used to safeguard the business from internal frauds. Internal…

Q: Explain the phrase “Auditing and governing are not mutually exclusive”.

A: The auditing is the examination of financial statements with the audit evidence and forms opinions…

Q: Can responsibility be delegated? Explain?

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

Q: Answer the following questions:a. In your own words, describe Segregation of Duties. Why is it…

A: a) Segregation of duties refers to the delegation of various duties to different employees to…

Q: Essay about The Importance of Accountability

A: Accountability means to take the responsibility by a person for their own actions. The accountable…

Q: anuty What general internal control v

A: Given case is: All-Around Sound Co. discovered a fraud whereby one of its front office…

Q: The rules for meeting material participation are more strict than the rules for meeting active…

A: Active participation means where you help the management to take right decisions where as for…

Q: True or False Segregation of duties is one of the categories of control activities.

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Q: procedures is a test of control or a substantive test.

A: Test of controls and substantive tests are two types of audit procedures conducted by auditors. Test…

Q: understandable. ncial statements that are fa nat they nurnort to renreser

A: Financial Statement: It is the statement that consists of the trial balance, income statement, and…

Q: agency problem

A: The concept of Agency is established between two persons, i.e. a principal and an agent. The…

Q: Distinguish between a fictitious transaction and an artificial transaction?

A: The difference between fictitious transaction and an artificial transaction is based on the…

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

A: An attest service, or consulting service is an associate freelance review of a company's financial…

Q: Highlight concept of faithful representation and is it valid or not?

A: The concept of Faithful representation advocates that the financial statements and information…

Q: istinguish between responsibility, authority, and accountabilit

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: control is the process of setting goals and determining way to achieve them true false

A: Control is a function of management in accounting which helps to check errors in order to take…

Q: Distinguish between AIS and MIS.

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: Provide one example where information is not relevant but is faithfully represented.

A: Relevance is the primary characteristic of financial information which says that the information…

Q: Define management by exception.

A: Management by exceptions: Management by exceptions determines that the managers should not focus if…

Q: Identify instances for which feedback becomes useless in helping to control activities.

A: Definition: Internal Control: Internal control refers to the plan of a company. Implementation of…

Q: Individual primary users have different and possibly conflicting information needs and desires. ,…

A: Since we answer only one question, we will answer the first one. Please resubmit the question. 9.…

Q: What is management by exception?

A: Management by Exception: Management by exception is one of the management styles where the…

Q: Discuss the difference between the Management Letter and the Legal Representation Letter

A: Definition: Auditing: In auditing, auditors verify the correctness and fair presentation of…

Q: BARTLEBY should not be copied. Explain simply what accounting is

A: Accounting is a comprehensive word with various sub-branches such as cost accounting, management…

Q: What is meant by the term management by exception?

A: Business Management:   Business management refers to the skills associated with running a company…

Q: Clear lines of authority and responsibility are essential to establishing a responsibility…

A: Responsibility Accounting System:  Its a system which Divides the Entire Organization in to multiple…

Q: efine the term materiality and explain why it may be d

A: Materiality is quite important in preparing the financial statement and it is very important to the…

Q: In what form should embedded instructions be written—active or passive voice? Why?

A:

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Distinguish between responsibility, authority, and accountability

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Which of the following management assertions is not associated with classes of transactions and…

A: Rights and obligations represent that the company has the right to use the assets and obligation to…

Q: segregation of duties

A: Internal control is the function by which the company avoids errors and fraud in the company. It…