What major types of items are reported in the retainedearnings statement?

Q: What are the responsibilities of an originator?

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

Q: Define each of the following terms:a. Agent; principal; agency relationship

A: Answer: Agent: An agent is one who provides work on principal’s behalf.  Principal authorizes agent…

Q: Retained Eamings Statement

A: Retained earnings is the part of profits retained with the entity without distribution to…

Q: Explain how materiality affectsaudit reporting decisions.

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: Describe the situations that constitute a change in reporting entity.

A: A change in the reporting entity is referred to as the change in the combination of the companies…

Q: When is nonfinancial information relevant?

A: Non-Financial information: Non- Financial decisions are qualitative in nature and do not include…

Q: What does the disclosure principle require?

A:

Q: Describe about the full disclosure principle. Also tell the different ways in which information is…

A: Full disclosure principle: According to the principle of full disclosure, all the events occurred in…

Q: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: What is a wraparound filing?

A: Financial reporting: Financial reporting is the procedure used to communicate the information…

Q: Define Disclosure notes.

A: Disclosure notes in accounting refers to the footnotes which are included in financial statements.

Q: What is the guiding objective is that lessees and lessors provide disclosures?

A: Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of…

Q: Explain in detail Full disclosure principle with example.

A: The full disclosure concept or norm is an idea that allows a company to disclose all basic facts…

Q: Review the full disclosure principle and describe how it is implemented

A: While preparing the financial statements of company, some genera rules & guidelines have to be…

Q: Complete the following chart indicating the corresponding Auditing Standards Board assertions and…

A: The financial statements contain all the assertions of the management about the recorded information…

Q: Prepare retained Earning

A: Statement of retained earnings is an important financial statement which shows changes in retained…

Q: Provide some examples of attestation engagements

A:

Q: What is discretionary reporting?

A:

Q: What does disclosure mean?

A: Meaning of Disclosure - Disclosure is generally making the information and facts available to the…

Q: What is non-posted interest on statements? Please explain.

A: The answer is stated below:

Q: Which clients can have compilation engagements?

A: The main purpose of a compilation engagement is to compile the unaudited financial information of a…

Q: What is the importance of date of declaration, date of record, and date of payment?

A: Following are the importance of declaration date, record date and payment date in accordance with…

Q: What are the characteristics of a confirmation? Distinguish betweena confirmation and external…

A: Auditing: The process of critical examination and evaluation of the accounting information recorded…

Q: Explain the concept of adequate disclosure.

A: Definition: Adequate Disclosures: In accounting, there is a need for adequate disclosures as these…

Q: Describe how options, rights, and warrants are incorporated in the calculation of EPS.

A:

Q: What is understood by Incorporation by reference?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…

Q: What should be included for the Auditor's address?

A: Auditor's address should be mentioned in the Auditor's report. The city and state where the auditor…

Q: In addition to EPS numbers themselves, what additional disclosures should be provided concerning the…

A: Earning per share (EPS) refers to the measure of earnings that are available to each share in a…

Q: What is ESG reporting and why does it matter?

A: Transparency on ecological and socially responsible actions is becoming more popular. Environmental,…

Q: Which method(s) are required for external reporting? For internal reporting?

A:

Q: Define collection policy

A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…

Q: Describe the obligations of postretirement.

A:

Q: Describe the term certificate of compliance?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Explain Change in Reporting Entity.

A: A reporting entity is an entity whose general-purpose financial report is used by its users to have…

Q: Define the management assertions of existence or occurrence, completeness, rights and obligations,…

A: Management assertion is the declaration by the management about the content of the financial…

Q: COA needs to journalize the appropriation and allotment released by DBM. * true or false?

A: The government uses a different way to report their financial statements than the private sector…

Q: Under what conditions should a provision be recorded?

A: Provision:   A provision is an account that records a liability of an organization. The liability is…

Q: What indexes does Target use to measure the LIFO provision?

A: Inventory:   Inventory for a business refers to stock in hand, work in process, raw materials,…

Q: What is interim reporting?

A: Financial Reporting:   It refers to the disclosure of the financial results of the organization to…

Q: What is disclosure? Write down about disclosure notes.

A: Disclosure means disclose the information properly for the users. Disclosure should be complete and…

Electronic Health Records, HIPAA, and HITECH

Electronic health records mean maintaining patients’ medical records in an electronic version. Electronic health records are patient-centric records that provide patient information immediately and enable the authorized person to access them. Electronic health records contain the details of patients, treatment details, medical records, radiology reports, and laboratory reports.