The following are the data taken from the book of KenGied Tailoring Shop for the year ended December 31,2019; Cash Accounts Receivable P18,600 10,000 Notes Receivable Prepaid Rent Furniture 5,000 4,000 10,000

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A: For nonprofit organizations, the FASB Accounting Standards Codification® is the excellent feature of…

Q: Which among the following form of reporting is best suited for comparison? a. Narrative form b.…

A: Tabular form of reporting is best suited for comparison purposes..... In this form the data of the…

Q: Define special journals and explain their usefulness.

A: General Journal   It is a chronological record of the transactions, showing an explanation of each…

Q: 3.What are the conditions for issuing a report modification and give examples

A: A modified opinion is when the auditor issues an opinion which is not unqualified. This is necessary…

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A: The accounting standards of IAS are as follows:

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Q: Describe the mission of the FASB.

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A: Data analytics has been for a long in a variety of forms, but businesses are now finding more…

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A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

Q: Which FASB accounting standard(s) are next in line to converge with an IFRS standard?

A: As of my last update in January 2022, the convergence efforts between the Financial Accounting…

Q: Justapose the relevance of a general journal

A: Justapose the relevance of a general journal?

Q: Which of the following phrases might be useful in writing the purpose statement for your formal…

A: The correct answers are:The report determinesThe research explainsThis report justifiesWe analyze…

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Q: What are c Post-audit Tasks?

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Q: List all the IAS and IFRS Standards, discuss briefly their definitions, thier objective and their…

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Q: Describe role and objectives of audit planning.

A: Audit planning Audit planning  start  at the initial stage  of audit process.

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A: The activities involved in entering into and contracting for an OD initiative are -

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A: Auditor:   The person who is considered responsible for assessing the credibility of the financial…

Q: FASB rules for research and development

A: solution FASB                 FASB stands for financial accounting standards board…

Q: What is full form of PBGC? Describe about it.

A: PBGC means Pension Benefit Guarantee Corporation. This corporation is a federal agency created by…

Q: Purpose of the Codification project.  Name some pros and cond

A: The answer is stated below:

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A: The conceptual framework serves as a fundamental reference that establishes the underlying…

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