describe the roles of fi nancial reporting and fi nancial statement analysis;

Q: Define specific identification

A: Method of Inventory: Inventory refers to the current assets that a company expects to sell during…

Q: Describe stakeholder orientation at REI.

A: Introduction: A stakeholder is a person that has an interest in a company and has the ability to…

Q: Explain how materiality affectsaudit reporting decisions.

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

Q: identify characteristics of a coherent fi nancial reporting framework and the barriers to creating…

A: Introduction: The structure for the financial reports specifies the collection of standards and…

Q: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

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 politics in standard setting.

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Describe the usefulness of a conceptual framework.

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: understandable. ncial statements that are fa nat they nurnort to renreser

A: Financial Statement: It is the statement that consists of the trial balance, income statement, and…

Q: explain the requirements for segment reporting, and calculate and interpret segmentratios;

A: Definition: Segment reporting: Segment reporting refers to the process of preparing accounting…

Q: Explain how copmany approch to planing and its mission can be translated inti action plans

A: Planning: Planning refers to the process which helps in bridging the gap between the point the…

Q: What are two objectives that enable reports to be considered useful?

A: Report: It can be defined as the document that assists the users and the management in providing…

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

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

Q: Explain the differences between IFRS and GAAP

A: GAAP is a common set of accepted accounting principles, standards, and procedures that companies and…

Q: describe a spectrum for assessing fi nancial reporting quality;

A: A quality spectrum provides a basis for evaluating quality reports and ranges from reports that are…

Q: Explain the status and purpose of the Conceptual Framework.

A: Solution The purpose of conceptual framework for financial reporting is to assist the IASB in the…

Q: Explain FLSA and its purpose.

A: FLSA stands for fair Labor Standards Act. It is an act that aims at protecting the interest of…

Q: describe the steps in the fi nancial statement analysis framework.

A: Introduction: The analysis of financial statements refers to the method of reviewing and evaluating…

Q: Summarize what are the MACRS guidelines?

A: The MACRS (Modified Accelerated Cost Recovery System) is the current tax depreciation system in the…

Q: Explain the concept of adequate disclosure.

A: Definition: Adequate Disclosures: In accounting, there is a need for adequate disclosures as these…

Q: ptual Framewor

A: A conceptual framework is a written or visual representation of how variables should interact.…

Q: Discus the elements of GAAS, how does it relate to GAAP?

A: GAAS(Generally Accepted Auditing Standards) :- provides standards by which the prepared financial…

Q: What are some pros and cons of the CERES CSR reporting framework i.e. the measure tools, reporting…

A: CERES CSR defines the corporate social responsibility of companies and their resultant action…

Q: What are the functions of the conceptual framework under IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: What is full form of CIP? Explain about it.

A: Carriage and Insurance Paid to is the full form of CIP

Q: Describe the primary roles of the PCAOB.

A: PCAOB indicates to a non-profit organization stated in US and set up by Sarbanes-Oxley Act in…

Q: What is ESG reporting and why does it matter?

A: Transparency on ecological and socially responsible actions is becoming more popular. Environmental,…

Q: Which method(s) are required for external reporting? For internal reporting?

A:

Q: describe implications for fi nancial analysis of diff ering fi nancial reporting systems and the…

A: Financial report may be defined as the collection of major financial statements which are prepared…

Q: Define the term understand ability.

A: The financial information refers to the data related to the monetary transactions of the business.…

Q: Define the term assurance.

A: Assurance: Assurance is a financial coverage that delivers payment for an occurrence that is sure to…

Q: Recommend wl decisions.

A: Profitability index is a calculation that divides the current value of expected anticipated cash…

Q: What are support events?

A:

Q: What is the purpose of the FASB’s conceptual framework?

A:

Q: Explain the measurement attributes employed in GAAP.

A: The measurement attributes employed in GAAP are as follows: Historical Cost Net Realisable Value…

Q: Explain the concepts and principles which underlie the SMEs standard

A: The concept and principle of sme standard are as follows

Q: Define assurance and assurance services.

A: Assurance basically is a type of audit with the main intention of improving the transparency and…

Career in Insurance Industry

The insurance industry offers a variety of jobs in a variety of divisions. A person can work as an administrative officer, assistant administrative officer, development officer, insurance or composite agent, actuary, or underwriter. These positions may be in the finance, marketing, or underwriting divisions.