What are the scopes of the IPSASs?

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: What is full form of GAAP? Describe about it.

A: Generally Accepted Accounting Principles, are commonly known as GAAP

Q: The components of the conceptual framework ?

A:

Q: What are the causes of information risk

A: Information risk is related to the risk of three elements in any business, these are…

Q: What are the two preconditions for the use of EAC?

A: It is also called as EAC, is the yearly expense of owning and preserving a asset that is calculated…

Q: What does the disclosure principle require?

A:

Q: What are the relative merits of input from source documents and direct input?

A: Definition: Direct input: The data that are directly inserted into the system from the source data…

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: What is the PCAOB? Describe its mission.

A: Introduction:   Businesses must register with the PCAOB in order to audit brokers, dealers, and…

Q: What is the difference between Aseet allocation and Security selection?

A: Asset allocation refers to the distribution of an investment portfolio across different asset…

Q: Define NRV method.

A: Definition:   Product costs: The costs incurred to acquire the merchandise, ship the stock, prepare…

Q: What is the relevant range of CVP?

A: Introduction: Cost-Volume-Profit (CVP) analysis, also commonly referred to as break-even analysis,…

Q: What are the distinguishing features of a legacy system?

A: Legacy system:   It is an old method technology computer system. It can also be called an…

Q: What is the goal of codification

A: Codification refers to the process of organizing and consolidating laws, rules, or standards into a…

Q: purpose of FA

A: FASB stands for Financial Accounting Standards Board. It is a non-profit organization that follows…

Q: What are the key assumptions of the CAPM?

A: Introduction: The CAPM is an equilibrium model that stipulates the relationship between necessary…

Q: What is GAAP and why it is needed?

A: GAAP - Generally Accepted Accounting Principles

Q: What is GAAP and how does it work

A: The accounting is based on various principles that are defined by GAAP or IFRS.

Q: What are the categories of processing controls?

A: Internal Control:   It is a process of assuring the effectiveness and efficiency of the objectives…