Carmen is the beneficiary of an RESP. She just received an educational assistance payment of $5,000. Prior to the payment, her RESP had investment income of

Q: Explain consistency concept.

A: Consistency: Consistency principle emphasizes that companies should adhere to same accounting…

Q: Discuss the major characteristics of a theory.

A: Discussion of major characteristics of a theory

Q: Define control decisions.

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

Q: Define the Base Case and the Proposed Alternatives?

A: The base case is the output expected from the basic assumption made by the project team. The basic…

Q: The components of the conceptual framework ?

A:

Q: 6) Explain Realisation concept and provide example.

A: Accounting concepts are those rules, regulations and guidelines which are used for the…

Q: Define Intrinsic value.

A:

Q: Explain materiality , happens and why these are important? Explain with the help of example.

A: Materiality refers to the concept of determining whether a particular item, transaction, or…

Q: Describe sensitivity analysis? Give an example?

A: Sensitivity Analysis:The process to evaluate the effect of change in one variable on the end result…

Q: Define the term PW criterion?

A: Present worth is a systematic identicalness technique where cash flows of a task are limited at…

Q: Realization Test Principle/Theory.

A: Accounting is based on some principles, and to maintain uniformity, everyone must follow accounting…

Q: Define the term predictive value.

A: Predictive value refers to the fact that quality financial information can be used to base…

Q: Describe the assumptions underlying CVP analysis?

A: Cost-Volume-Profit Analysis (CVP Analysis): CVP Analysis is a tool of cost accounting that measures…

Q: Explain the purpose of the conceptual framework.

A:

Q: How do you explain or interpret predictive model information?

A: Meaning- Predictive Model As the name suggest, where with the help of historical figures or even…

Q: Highlight concept of faithful representation and is it valid or not?

A: The concept of Faithful representation advocates that the financial statements and information…

Q: What assumptions are inherent in the EOQ model as presentedhere?

A: Economic order quantity (EOQ): Economic ordering quantity (EOQ) is the perfect order quantity a…

Q: Explain the PSA prepayment model?

A: What Is a Prepayment Model? In lending, a prepayment model is used to estimate the level of…

Q: Distinguish between AIS and MIS.

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: Define and explain the significance of the term CMA.

A: Certified Management Accountant (CMA): CMA stands for certified management accountant. CMA…

Q: Explain recourse

A: A recourse is a legal right to demand a compensation  or repayment. it is an legal agreement that…

Q: Explain subsequent events and why these are important? Explain with the help of example.

A: Subsequent events refer to events or transactions that occur after the balance sheet date but before…

Q: Explain what is meant by the term decision model.

A: Every business has to take important decisions now and then. A proper understanding of the situation…

Q: Distinguish between association and cardinality.

A: Definition: Database management: Database management refers to the management of databases held…

Q: What is the objective of having a conceptual framework?

A: Conceptual framework means set of rules and guidelines that help the users and preparers in…

Q: Define uncertainity ?

A: "Uncertainty" in accounting refers to the difficulty of predicting outcomes because of limited or…

Q: What is counterbalancing?

A: Errors: The comparability and consistency of the financial statements decreases when a company…

Q: Explain prudence concept with example.

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

Q: Differentiate essential and non essential activities.

A: There are various types of activities that are performed in an organization in order to achieve the…

Q: Distinguish planning decisions from control decisions?

A: Decision Making: Management of the business has to make good decisions for the growth and success of…

Q: Examine the key assumptions underlying the CAPM and the APT model?

A: Introduction  The CAPM and the APT model are two of the most popular models used in finance, but…

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.