related party transactions

Q: Define the term Approval of payment requests?

A: The payment is an amount of money paid by the customer to the seller in exchange of goods and…

Q: What is meant by cardinality in entity relationship diagrams?

A: An entity relationship diagram is a representation of all the resources that are associated with the…

Q: What are the purpose of subsidiary ledger

A: Solution:- Introduction:- Subsidiary ledger gives the details that make up the balance of specific…

Q: How are gain contingencies recorded?

A: Introduction Gain Contigencies are the uncertain events that result in gain. The gain is purely…

Q: What is shared service agreement menas in a internal control system?

A: Internal Control System:-It is a set of rules and protocol which the company and management set for…

Q: What standards govern SSARS engagements?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: What are the objectives of application controls?

A: An application control consists of compactness and validity checks, identification, authentication,…

Q: Name the major transaction cycles

A: In simple terms, the transaction cycle categorizes the basic business processes. It helps in…

Q: Explain what internal and external linkages are.

A: Interior linkage alludes to everything just in extent of an interpretation unit. Outside linkage…

Q: Explain Concept Syndications?

A: Syndication is a process by which small lenders come together and they lend the money to a big…

Q: Examples of transaction costs

A: Transaction costs are the costs which occur during buying or selling of services and goods. They are…

Q: What can be understood from Integrated disclosure system.

A: Integrated disclosure system: It is an update in the security exchange commission’s guidelines to…

Q: What is AB Share Mechanism and what is this mechanism used for?Provide Example

A: An organization's total capital is bifurcated into many units. Each unit represents ownership in the…

Q: operating activities

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Who is considered a related party when we refer to related party transactions

A: Transactions where the client or the client's top management is related to each other or where the…

Q: Define trademarks.

A:

Q: Define agency conflict

A: Agency conflict denotes to the conflicts that arise between the agent and Principal. In the finance…

Q: Explain the term Voluntary Conveyance

A: Voluntary Conveyance: Voluntary conveyance is defined as an elective transmission of title from one…

Q: Explain pooling of interests

A: Amalgamation is accounted for using any of the two methods based on the criteria met viz, pooling of…

Q: Discuss transaction cycles.

A: A transaction cycle is an interlocking set of the  business deals. Utmost of these deals can be…

Q: Define copyright

A: Definition:   Intangible assets: These are the long-term assets that are not physical in nature, but…

Q: Define operating activities.

A: Explain the meaning of operating activities:Statement of cash flows: This statement reports all the…

Q: important to manage transaction exposure

A: The RISK - posed by firms participating in international commerce that currency exchange rates will…

Q: Mutual agency is defined

A: In a partnership, two or more parties agree to operate and manage a business and share the profits…

Q: What are the types of external user?

A: Entity needs to prepare a financial statement for the use of internal and external decisions making.…

Q: What is the purpose of a subsidiary ledger?

A:

Q: key internal and external stakeholders

A: The internal stakeholders of a company are listed as below: Employees, Managers, The board of…

Q: Define license.

A: A license is a official permission in written given by licensor to use or do for which permission is…

Q: Explain consignment arrangement with example.

A: Goods in transit: Goods in transit can be described as the inventories which are shipped by the…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.