Give the meaning of Trust.

Q: Provide examples of how finacial statments are useful and or how they are used?

A: Financial statements refer to such statements which report the profitability and the financial…

Q: Define control decisions.

A: Managerial accounting: Managerial accounting is a system, or a process of collecting and organizing,…

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: Define Intrinsic value.

A:

Q: What does the disclosure principle require?

A:

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: what is the Social-ethic audit?

A: The social work ethics audit is a method for social workers to evaluate ethical questions in a…

Q: Define Goodwill.

A: Goodwill refers to the intangible asset which arises when buyer acquires the existing business.

Q: Can responsibility be delegated? Explain?

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

Q: What is a statement of circumstances?

A: The external auditor is expected to lodge a statement of circumstances at the company's registered…

Q: Explain what internal and external linkages are.

A: Interior linkage alludes to everything just in extent of an interpretation unit. Outside linkage…

Q: Define the term predictive value.

A: Predictive value refers to the fact that quality financial information can be used to base…

Q: Define each of the following terms: c. Signaling hypothesis; clientele effect

A: To define the following terms signalling hypothesis and clientele effect as below,

Q: Describe Inherent Risk.

A: Definition:   Audit Planning: Audit planning is the first step in the auditing process. The auditor…

Q: What is a responsibility center?

A: Responsibility center: Responsibility centers are the segment of an organization which is authorized…

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: Which of the following is not a principle of trust services?a. Security.b. Authentication.c.…

A: Trust Services:   Trust services are assurance services that report over reliability of the…

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: Explain pooling of interests

A: Amalgamation is accounted for using any of the two methods based on the criteria met viz, pooling of…

Q: Compare consulting and assurance services.

A: Consulting is classified as the practice of giving insight on a subject to a third party for a fee.…

Q: Explain the specific relationship between risk and reward and why this relationship must be true.

A: Risk refers to probability for loss of investment value by an investor whereas Reward refers to…

Q: Define Express Trust.

A: The express trust refers to the contract which is derived from the donor wishes or to settlor in the…

Q: Explain the principle of matching and realisation

A: Accounting principal or standards are the principles and rules that organizations should follow when…

Q: What is the objective of having a conceptual framework?

A: Conceptual framework means set of rules and guidelines that help the users and preparers in…

Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.