Practicing the ethics of the accounting profession, its principles and standards in one of the basic and important matters for the success of financial companies. If the companies do not apply theses principles, they may end up entering the world to fraud and deception and from it to the collapse of the company.. Based on the above explain the importance of applying ethics of the accounting and it's standards supported by real life examples on at least two companies that didn't adher to the ethics and how their failure to comply had led to financial losses and collapses...

Q: Fair Value measurement

A: Fair value is the estimated selling price of an asset or settlement price of a liability.

Q: What are the responsibilities of an originator?

A: The originator's responsibilities are: Originator communicates with all borrowers of mortgage loans…

Q: does open interest mean and where can it be found

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Q: How does the decision-maker use the scenario analysis?

A: Scenario analysis helps investors and analysts in making better decisions.

Q: What does the disclosure principle require?

A:

Q: What Does RiskReally Mean?

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A: The external auditor is expected to lodge a statement of circumstances at the company's registered…

Q: What is the purpose of a Limit Test?

A: Definition:   Limit test: It checks the data by evaluating it with the predetermined upper and…

Q: What is a reasonableness test?

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

Q: How does the change in the PBO occur?

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Q: What are the characteristics of Substantive Tests?

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Q: When is independence required?

A:

Q: What are the Differences in Maturities?

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Q: Why would a proposal not be accepted

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.