What are the responsibilities of an originator?

Q: What are the characteristics of good or useful information?

A:

Q: What is the purpose of EDI?

A: Transparency in electronic data exchange: Expanding EDI enables suppliers to get access to a buyer's…

Q: What does Vouching test?

A: Vouching is the process that involves reviewing of original evidence to check whether the…

Q: What are the scopes of the IPSASs?

A: Financial Accounting- It is the branch of accounting that records events of financial nature that…

Q: What is responsibility accounting?

A:

Q: What form is required?Explain why this is the correct form?

A: Taxation states the financial charge or obligation which is imposed through the government or…

Q: What is the IPSASB and reason(s) it was established?

A: IPSASB : INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (IPSASB). It plays a significant…

Q: When is nonfinancial information relevant?

A: Non-Financial information: Non- Financial decisions are qualitative in nature and do not include…

Q: What does the disclosure principle require?

A:

Q: What is Materiality?

A: Audit is the examination conducted by the professional (auditor) on the financial statements and…

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: What is asset

A: Assets are those items that provide value for money and future economic benefit for an organization.…

Q: What is the purpose of the Maceda Law?

A: The Maceda Law, also known as The Realty Installment Buyer Act or Republic Act 6552 is the law that…

Q: What is an estoppel? Why is it used?

A: Estoppel is the legal principle which is helpful for any future contradiction. It means that…

Q: purpose of FA

A: FASB stands for Financial Accounting Standards Board. It is a non-profit organization that follows…

Q: What’s the AMT, and what is its purpose?

A: The main purpose of AMT is to set a limitation on the tax payers who may be making use of the excess…

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: on based

A: There are three main models of the judicial decision-making that explain how judges come to a…

Q: What are the functions of the PCAOB?

A: Introduction PCAOB stands for Public Company Accounting Oversight Board. This is a private…

Q: What is materiality? Explain?

A: Materiality: The accounting concept which focusses that all the financial items and figures which…

Q: What does disclosure mean?

A: Meaning of Disclosure - Disclosure is generally making the information and facts available to the…

Q: What are Subsequent Events and what do they require?

A: Auditing:   It is a systematic verification of the books of accounts of an organization by an…

Q: What is hedging?

A: SOLUTION:- Hedging  refers to shielding of  investments. A hedge is an investment method which aims…

Q: What is identifying owner?

A: The answer is provided as follows:

Q: Who are stakeholders?

A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…

Q: What is meant by the term responsibility accounting?

A: Introduction: responsibility accounting is the process of the controlling the cost by giving the…

Q: What is an LBO?

A: Leveraged buyout (LBO): It is another firm's takeover, employing a huge sum of borrowed capital to…

Q: What is a CMO?

A: A collateralize mortgage obligation (CMO) refers to a type of mortgage-backed security that contains…

Q: What is ESG reporting and why does it matter?

A: Transparency on ecological and socially responsible actions is becoming more popular. Environmental,…

Q: What are the types of external user?

A: Entity needs to prepare a financial statement for the use of internal and external decisions making.…

Q: What is lead underwriter?

A: Underwriting is a process through which securities of company sale by third party in the market.…

Q: In general, relevant information possesses which qualities?

A: Relevance is an important characteristic of accounting information. It refers to how helpful the…

Q: What does the statement mean?

A: A financial system is a collection of entities that allow money to be exchanged, such as banks,…

Q: What is the SEC and what role does it play?

A: SEC stands for Securities and Exchange Commission. It is an agency of United States, which is a…

Q: What is the purpose of the IPSASB and what are the reasons for its establishment?

A: This question tells about the purpose of the IPSASB and what are the reasons for its establishment .

Q: What is the confirmation process?

A: Confirmation Process: Confirmation process refers to the process for the authentication of the…

Q: What is a performance obligation?

A: Definition: Performance obligation: Performance obligation is a promise to transfer goods or…

Q: What is a postaudit? What are its potential benefits?

A:

Q: what is the procedure used?

A: Journal entry is a basic accounting entry and is the first step in double entry system of…

Q: What is the purpose of the FASB’s conceptual framework?

A:

Q: What are the responsibilities of the PCAOB?

A: Introduction : The public company accounting oversight board is known as PCAOB. To monitor the…

Q: What do you understand by IFRS?

A: Financial reporting: Financial reporting is a process of preparing reports which disclose financial…

Q: What is managments primary goal?

A: The management’s primary goal is to increase the wealth of the shareholders or the owners.