ain the importance of recording the commercial substance rather than the legal form of           transactions. Give example s where recording the legal form may be misleadi

Q: Which concept states that accounting information should be complete, neutral, and free from material…

A:

Q: Explain promissory notes?

A: Promissory note refers to a signed written document that contains an unconditional promise to pay…

Q: What category of control procedures best describes a reconciliation account, such as Accounts…

A: Internal Controls:   It refers to a process for ensuring the business is conducted in an effective…

Q: What do you mean by Revenue Centre?

A: An operational unit within an organization which is responsible for the activities and tasks…

Q: _7. The average daily balance method – new purchases included means that the company adds any new…

A: The average daily balance method computes the interest costs by considering the purchases, the…

Q: What three documents must accompany the payment of an invoice? Discuss where these three documents…

A: The three documents which must accompany the payment of an invoice are  Purchase Requisition…

Q: What do we call it when one party has more information than the other party does in a transaction? O…

A: Option B is correct Asymmetric information, it is referred that when one party has more information…

Q: Positive laws are passed and promulgated by competent and legitimate

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Distinguish between a fictitious transaction and an artificial transaction?

A: The difference between fictitious transaction and an artificial transaction is based on the…

Q: Explain Charges and Liens?

A: The question is based on the concept of legal terms used to grant security against loan or debt.

Q: Ay 2. Discuss the importance of disclosing information and the potential benefits/pitfalls of not…

A: Disclosure of Information - Disclosure in financial terms would mean disclosing or presenting the…

Q: 5. Development original and planned investigation undertaken with the prospect of gaining scientific…

A: Since you have asked multiple sub-parts so we can solve only first three sub parts for you please…

Q: What do we call it when one party has more information than the other party does in a transaction? O…

A: B . Assymetric information

Q: How can the owners be disclaimers?

A: A disclaimer is a term utilized to define or restrict the range of duties and rights enforceable in…

Q: BARTLEBY should not be copied. Explain simply what accounting is

A: Accounting is a comprehensive word with various sub-branches such as cost accounting, management…

Q: Generally, we can group transactions into different types based upon the other party to the…

A: Transactions can be categorized into different types based on the parties involved in the…

Q: Indicate whether the statement is true or false. 1. A credit card can be used to purchase items on…

A: Credit card can be used to purchase items on credit only

Q: _5. A finance charge is applied to your charge account each month whether you have an unpaid balance…

A: Finance charges are a form of compensation to the lender for providing the funds/credit to a…

Q: relationship between substantive tests of transactions and substantive tests of balances

A: Substantive audit procedures are audit techniques to collect audit evidence regarding account…

Q: What additional issues are involved with miscellaneous, other, and clearing accounts?

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

Q: Which of the following management assertions is not associated with classes of transactions and…

A: Rights and obligations represent that the company has the right to use the assets and obligation to…

Q: covered transaction b. possible suspicious transaction c. confidential transaction d. immoral…

A: This is an example of confidential information... Because to hiding of the deposit from the wife…

Q: Which of the following is not an assertion relating to classes of transactions? Accuracy, Adequacy,…

A: Classes of transaction includes the transactions of the company which are grouped together for…

Q: The great advantage of the IRR technique over the NPV technique is that you don't need to calculate…

A: There are different discounting methods that can be used to evaluate projects. One of the most…

Q: Which of the following is often called a compensating control?a. transaction authorizationb.…

A: The compensating control is referred to as a type of control that is meant for reducing attacks and…