Which of the following statements regarding Forfaiting is/are accurate?

Q: Describe what is the assumed liability?

A: An assumed liability is an obligation under the terms of the agreement assumed by a party. Insurance…

Q: Differentiate the common misconceptions and controversies on the prohibition of Riba.

A: Riba means excess, addition, growth or augmentation. It is divided in to two categories…

Q: What are the requirements for nonattest engagements?

A: Non-attest engagements or services   The non-attest services are the engagements with a client and…

Q: Describe the approaches for Comparing Defender and Challenger?

A: The following are the approaches for comparing defender and challenger: Cash flow approach: Treat…

Q: Explain Regulatory Provisions?

A: Regulations: The regulation is processed by which a complex system is managed under a set of rules.

Q: Explain when you would issue a reservation of rights?

A: A reservation of rights is generally issued by insurance companies.

Q: What are the two prerequisites for the application of EAC

A: The Answer is about the two prerequisites for the application of EAC:

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 assurance and non assurance services?

A: Assurance services are less formal than attestation services for financial statements.  Accounting…

Q: Which statement is correct related to "presumptively mandatory requirements"? O They are identified…

A: Auditing is the examination of the financial reports of the company to ascertain reasonable…

Q: What are “participation rights”?

A: Convertible securities: Convertible security is a security that has the potential to be converted…

Q: Which of the following is not an insurance management tool? Group of answer choices deductibles.…

A: Insurance management: Insurance Management is the administration of all insurance requirements, both…

Q: What are the two primary ways to conduct substantive tests? Explain how the tests are different.

A: Substantive testing: Substantive testing is the last phase of auditing process where an auditor…

Q: Which of the following statements is true regarding insurance regulation?

A: The regulation of the insurance business is an essential component of the industry, with the main…

Q: Explain the difference between substantive and procedural due process.

A: Definition: Managerial accounting: Managerial accounting is the process of identifying, measuring,…

Q: What are the characteristics of a Covered Member?

A: Covered member is an individual on the attest engagement team. Covered member is an individual in a…

Q: on based

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

Q: explain why the author's assessment of the appropriateness of the going concern assumptions is so…

A: Going Concern Assumption- As per the going concern assumption business will continue its…

Q: what is the advantages and disadvantage of disclosure? and why is disclosure important?

A: The full disclosure means that company's financial statements should tell about all the important…

Q: What are the categories of liability? Explain them.

A: Liabilities:   A liability is a sum of money owed by the company towards external entities like a…

Q: What makes an account significant or an assertion relevant?

A: Significant Account  An account is said to be significant when there is a chance that the account…

Q: In an Unmodified Opinion with Emphasis-of-Matter / Other-Matter sections, what is the order of the…

A: An unmodified opinion is an opinion on the financial statements that they are true and fair in all…

Q: Generally speaking, what kinds of reactions and events characterize the absorptive state? The…

A: Solution-   In an absorptive state, the amounts of nutrients are high. It is nothing but a fed…

Q: What is immunized?

A: Immunization is concept which states that the change in interest rates will not affect the value of…

Q: What are intracompany comparisons? What are intercompany comparisons? How do they differ?

A: The examination of two or more procedures, papers, benchmark datasets, or other items is referred to…

Q: prudent person concept

A: Prudent person concept is a widely used term in accounting and auditing. It suggests that the person…

Q: What major types of items are reported in the retainedearnings statement?

A:

Q: What standards govern Review engagements?

A: Audit means independent examination of books of accounts or financial information  so so as to…