What information is required in a proxy statement?

Q: What does XML stand for?

A: Accounting Information System: AIS collects, records, stores and processes accounting and other data…

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 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 a registration statement?

A: Statement: It can be defined as any sentence or a line that provides information in a definite or a…

Q: What does the process of providing this information to external users is called? Describe about it…

A: Financial Reporting System:   It refers to monitoring the financial resources of an organization as…

Q: What is an ERP system?

A: Enterprise Resource Planning (ERP) System: Enterprise Resource Planning System refers to a…

Q: When is nonfinancial information relevant?

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

Q: What islockbox system?

A: Banks provide various services to the organizations such as lock box facility, overdraft facility,…

Q: Why is a source document important? List some examples of source documents.

A: Source documents refers to the documents pertaining to a business transaction. It captures the key…

Q: What is shared service agreement menas in a internal control system?

A: Internal Control System:-It is a set of rules and protocol which the company and management set for…

Q: What are the relative merits of input from source documents and direct input?

A: Definition: Direct input: The data that are directly inserted into the system from the source data…

Q: What are the objectives of application controls?

A: An application control consists of compactness and validity checks, identification, authentication,…

Q: Explain what internal and external linkages are.

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

Q: What can be understood from Integrated disclosure system.

A: Integrated disclosure system: It is an update in the security exchange commission’s guidelines to…

Q: Define Reconciliation method

A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…

Q: What rules govern data collection?

A:

Q: What is an XBRL instance document?

A: Extensible Business Reporting Language (XBRL):   The extensible business reporting language (XBRL)…

Q: What is an access control list?

A: Access Control List  The list which restricts the access of the objects attached in an information…

Q: What do the relational features restrict, project, and join mean?

A: Database Management: Database management refers to management of databases held within an…

Q: What are the two parts of a registration statement? What does each part contain?

A: Registration statement is composed of two parts 1. Prospectus 2. Informational needs of the staff of…

Q: Which clients can have compilation engagements?

A: The main purpose of a compilation engagement is to compile the unaudited financial information of a…

Q: Explain an example of internal events.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: Explain discretionary access privileges.

A: In discretionary access privilege, the proprietor of the item indicates which subjects can get to…

Q: What is EBITDA?

A: EBITDA is a metric which is used to measure the company's profitability. Though there is no legal…

Q: What is information overload?

A: Report: The formal document used for providing information to the managers is called report. The…

Q: What is involved in the posting process?

A: Posting: Posting process means posting of all transactions of business into general ledgers. Every…

Q: What is the client-server model?

A: Client Server model: A client-server model can be defined as the architecture of distributed…

Q: How do HTTP and HTTP-NG differ?

A:

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: How can forwardrates be used for hedging purposes?

A: SOLUTION:- Risk management is the main stimulus for forward contracts. Forward contract is a…

Q: What is the importance of a Form 8-K? What is the importance of a proxy statement?

A: Importance of a Form 8-K:   Form 8-K is issued by a company when there is something unique or…

Q: For what purpose are entity relationship diagrams used?

A:

Q: What documents constitute the AP packet? Whatevidence does each document provide?

A: An organization should record a liability in its books of accounts based on the invoice amount after…

Q: Why is the content of a proxy statement considered to be so important?

A: Importance of content of a proxy statement: Most of the significant actions undertaken by a company…

Q: What are the components of relevant information? What are the components of faithful representation?

A:

Q: What assertions are tests for transaction classes?

A: Management assertions are the claims made by the management about the items in the financial…