What is management by exception?

Q: What constitutes a dicontinued operations.?

A: Definition:   Income statement: The financial statement which reports revenues and expenses from…

Q: Whaat is accountability

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

Q: Define control decisions.

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

Q: What are agency problems?

A: Owners of the company are shareholders. The number of the shareholders for a corporation will be…

Q: What is responsibility accounting?

A:

Q: Explain how materiality affectsaudit reporting decisions.

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

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

A:

Q: What is managing underwriter?

A: Managing Underwriter: The leading company in a guaranteeing group, which creates the transaction and…

Q: what is control risk

A:

Q: What is a special order? How does operating capacity affect a special order? In what scenario would…

A: A special order mean a sales order which is in addition to the sales to regular customers of a…

Q: Can responsibility be delegated? Explain?

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

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: What is activity based management? Why is it important? taking example

A: Activity based management:Activity based management is the process of applying activity-based costs…

Q: IS a outsource?

A: Outsourcing is the process of hiring a third party to perform the company's services that are…

Q: Give an explanation about this statement: Why does control or internal control fails?

A: Internal control refers to the process of implementing and exercising the various mechanisms, rules,…

Q: When is independence required?

A:

Q: What's control account?

A: Accounting means the summarizing, recording and analyzing of the all business transaction during a…

Q: Define agency conflict

A: Agency conflict denotes to the conflicts that arise between the agent and Principal. In the finance…

Q: When does an agency problem happen?

A: Agency problem is the probelm of difference in opinion of management and the shareholders.

Q: What is discretionary reporting?

A:

Q: Define management by exception.

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

Q: What are circumstance-imposed scope limitation and client-imposed scope limitation?

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: What is management’s primary objective?

A: The primary objective of the management is Shareholders wealth maximization which is a long-term…

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 are the limitations on Control Activities?

A: Internal control: Internal control is a process which ensures continuous reliability of…

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: What is accountability

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

Q: Explain prudence concept with example.

A: Prudence principle- According to this concept, businesses should instantly recognize all future…

Q: What is lead underwriter?

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

Q: What is internal control?

A: Internal controls are policies incorporated by the Management to safeguard the assets of the…

Q: What are internal controls?

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

Q: What is organization structure?

A: Organisation structure is a system used to define a hierarchy within an organization. It identifies…

Q: What is a management control system?

A: Management control system:

Q: What are the components of the Control Environment?

A: Control environment refers to the set of policies, processes, standards, and actions of top-level…

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: What is the internal control principle?

A: Internal control means to control and check everything related to management. It ensures that the…

Q: What is a control account?

A: Control account: It is a particular account that is recorded in the general ledger in a summarized…

Q: What is an agency problem?

A: The agency drawback may be a conflict of interest that happens once agents do not absolutely…

Q: What are some limitations of internal control?

A: The below-mentioned points indicate that every system has its frailties and despite such…

Q: What is a run-to-run control?

A: During computer processing, processing controls keep an eye on the quality of accounting results.…