Explain the purpose of IFRS for SMEs and how it differs from full IFRS.

Q: Explain the differences between a PPO and an HMO.

A: The question is based on the concept of different types of health insurance policy and their…

Q: Provide examples of how finacial statments are useful and or how they are used?

A: Financial statements refer to such statements which report the profitability and the financial…

Q: Why are CMOs overcollateralized?

A: CMO is the abbreviation used for collateralized mortgage obligation. It uses collaterals which are…

Q: In general terms, how does IFRS for SMEs differ from full IFRS?

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

Q: Describe the purpose of the AICPA. What is the AICPA’s primary function?

A: The American Institute of CPA (AICPA) is a non-profit organization of Certified Public Accountants…

Q: How to audit PPE?

A: Introduction:- PPE means:- PPE means property , plant, Equipment Which is identified as Fixed asset…

Q: What are the similarities between MRP and DRP?

A: Material Requirement Planning and Distribution Requirement Planning are the essential components…

Q: Along what two dimensions can we classifytrading procedures?

A: Trading procedures: It is the methods and available venues from where trading (Buying and selling of…

Q: Discuss the differences between the attest function and assurance services.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: Explain how an IT environment affects the segregation of functions.

A: Segregation of Duties (SoD) is a set of controls and policies intended to ensure accuracy and keep…

Q: What form is required?Explain why this is the correct form?

A: Taxation states the financial charge or obligation which is imposed through the government or…

Q: Explain all differences between GAAP and IFRS

A: Generally accepted accounting principle (GAAP) It is the common set of procedures, principles, and…

Q: Explain Matching Principles?

A: Matching concept is an accounting principle which explains the need to match revenue with the…

Q: Explain how directmaterials standards and directlabor standards are set

A: Cost Standards: Cost Standards are prepared to analyze the variances between the actual and the…

Q: Describe WACC and its components.

A: WACC: The weighted average cost of capital (WACC) is a computation of   cost of capitalof a company…

Q: What approaches may be employed in applying the LCNRVprocedure? Which approach is normally used and…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

Q: What are the various levels of aggregation to which the LCNRV and LCM approaches can be applied?

A: LCNRV (Lower of Cost or Net Realizable Value) approach:   It is an approach that compares the cost…

Q: Explain the relationship between MRP II and ERP.

A: Material Resource Planning II: An automated system which controls planning of inventory or raw…

Q: explain the specific identification approach

A: Introduction:   Inventory valuation is an accounting practice used by businesses to determine the…

Q: Distinguish between AIS and MIS.

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

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 the steps required to apply the APV approach.

A: Adjusted present value is used for estimating the value of projects and the worth of the firms. It…

Q: Name two different ways that MPTBs can be overcollateralized

A: The MPTBs are viewed as hybrid securities. Such bonds have qualities of mortgage backed bond (MBB)…

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 limitations of CAPM.

A: A mathematical model that describes the link between a security's expected return and risk is…

Q: What is the LIFO conformity rule?

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Describe the steps taken to Switch from the DB method to the SL method?

A: Depreciation:- Depreciation is allocating the value of the fixed (long lived) assets over the period…

Q: How can forwardrates be used for hedging purposes?

A: SOLUTION:- Risk management is the main stimulus for forward contracts. Forward contract is a…

Q: Identify some potential problems with the CAPM.

A: The CAPM is a model that depicts the connection between the expected return and risk of putting…

Q: Define FIFO method

A: FIFO stands for , First in first out method , is an asset management and valuation method in which…

Q: What is the difference between the CML and the SML?

A: The term CML refers to capital market line. Whereas the term SML refers to security market line.

Q: What is the primary difference between the APT and the CAPM?

A: APT is an abbreviation used for arbitrage Pricing Theory whereas CAPM is an acronyms used for…

Q: How is the access control list approach different from RBAC?

A:

Q: Explain how Naics Works?

A: OMB created NAICS as a standard for Federal statistical agencies to use in identifying businesses…

Q: Define the term lnvesting activities? Explain with an example?

A: Investing activities are the activities in a business which involves investment done during a…

Q: What are the three primary CBIS functions that must be separated?

A:

Q: What are the common benefits of GSIS and SSS?

A: GSIS is termed as a "government service insurance system" and it provides coverage of insurance to…

Q: Difference Between Traceability and Controllability? Explain briefly in points.

A: Traceability and controllability are two concepts used in cost accounting. These are the forms of…

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

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