In case where there is a conflict, the requiremnents of Conceptual Framework prevail those of the PFRS.

Q: Solution was marked wrong.

A: Future value refers to the concept of time, the value of money used for determining the value of…

Q: Give two examples of errors of principle?

A: Errors of principle refers to errors that are carried out at time of noting down transactions…

Q: The like-kind exchange rules are elective. True or false

A: Like kind exchange is when money from selling one assets is invested in similar types of assets than…

Q: DTA and DTL are DISCOUNTED and are presented as non-current items TRUE OR FALSE

A: Taxable income is net income calculated as per prevailing tax laws. Book income is the income…

Q: 2. Define and describe a conflict of interest.

A: Solution Concept Conflict of interest                 The term conflict of interest means when there…

Q: What is assurance and non assurance services?

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

Q: nonrecurring

A: Extraordinary things vs. Nonrecurring Items: an summaryExtraordinary things area unit gains or…

Q: Actions that may be taken to address risks include acceptance, avoidance, mitigation or transfer.…

A: After the risk has been identified and assessed, the project team develops a risk mitigation plan,…

Q: Req C is incorrect.

A: Equivalent unit of production is multiplied by cost per equivalent unit to compute the assignment of…

Q: Question: Are count standards and ethical standards the same? TRUE OR FALSE

A: Ethical standards are a set of principles developed by the organization's founding members  to…

Q: What is a reasonableness test?

A: Reasonableness tests is an analytical procedure used to examine the validity of the accounting…

Q: Part B is the incorrect answer

A: The LIFO method is defined as one of the important methods of inventory calculation in which the…

Q: The use of the word “prior” is a key indicator that information is nonrelevant to a current…

A: The use of the word "prior" is not a key indicator to know that information is non-relevant to a…

Q: The risk of incorrect rejection is associated with the use of negative confirmations. Question 32…

A: The given Statement is True....

Q: Just answering the questions asked in an interview is not enough.

A: Interview is an event where all the technical, emotional skills of the candidate is judged. In…

Q: What Constitutes Default?

A: When an individual or a company is unable to pay the loan amount then it's termed as default. It…

Q: "Good will can not be depreciate" Explain statement?

A: Goodwill can be defined as intangible assets that is recorded as non-current asset on the asset side…

Q: The definition of provision in uses the term ‘probable’. How would you interpret ‘probable’? What…

A: Provisions are shown on the liability side of the balance sheet.

Q: 8. Financial information is capable of making a difference in decisions if it has predictive value…

A: Financial information: It implies to the information that relates to the company's financial status…

Q: What does an acknowledgment certify?

A: An acknowledgment is a formal declaration made by an individual to verify the genuineness and…

Q: feature of relevant information

A: Which one of the following is a feature of relevant information?  Answer :- D. Neutrality

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: Question is incomplete.

A: Since you have posted a question with multiple sub-parts we will do the three sub-parts for you. To…

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: How does compound interest differ from simple interest?

A: Budgeting is a process to prepare the financial statement by the manager to estimate the…

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: In what ways is this true or untrue?

A: Asset is anything which is owned and controlled by the entity which will provide the future economic…

Q: Which is an error of omission

A: Accounting error is error in entering, computing, and analysis of data. This includes the recording…

Q: Does the MM theory appear to be correct according to either empirical research or observations…

A: The question is based on the concept of Modigliani Miller (MM) approach of capital structure and…

Q: FASB is considered to be the primary beneficiary of the conceptual framework. Select one: True False

A: The Financial Accounting Standards Board (FASB) is a private, nonprofit organization that sets…

Q: What are fictitious assets?

A: Fictitious assets: Asset formed by an accounting entry (and included under assets in the balance…

Q: Is "true and fair view" the same as truth? Give reason for your answer

A: true means that it is in accordance with truth or reality. fair means to be without any bias

Q: These answered came back as incorrect?

A: To calculate the return on equity (ROE) under each of the three economic scenarios, we need to first…

Q: The Conceptual Framework is not an IFRS.

A: IFRS is an acronym of International Financial Reporting Standards The IFRS provides the standards…

Q: Explain the Nonrecourse clause?

A: A sum of money that an individual or company owes is called liability. It is an obligation between…