With respect to custody of assets - how should duties be segregated?

Q: What are the responsibilities of an originator?

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

Q: Which are the Methods of Title Assurance?

A: The methods of title assurance are as follows: Title covenants Title opinion based on public record…

Q: What are agency problems?

A: Owners of the company are shareholders. The number of the shareholders for a corporation will be…

Q: What is the separation of duties?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: When does an agency relationship happen

A: Agent Relationship : The official stipulations of a specific principal-agent relationship are…

Q: Explain the conditions under which assets and liabilities are derecognized

A: The answer for the theory question on the conditions under which assets and liabilities are…

Q: WHAT IS CONTRACTUAL LIFE OF ASSETS?

A: An asset is a resource of economic value which is own by an individual and a company and provides…

Q: Which two models may an entity opt for when accounting for investment property?

A: Investment property is a type of properly held by personnel for the intention of earning returns…

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: What are the two types of claims against assets?

A: Asset is a resource from which the company expected to generate future economic cash flows which can…

Q: When does an agency problem happen?

A: Agency problem is the probelm of difference in opinion of management and the shareholders.

Q: What functions should be separated to segregaterecord keeping from asset custody?

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: WHAT IS FUNCTIONAL OBSOLECENSE OF ASSETS?

A: Functional obsolescence of assets is discussed hereunder : The term ' Obsolescence' refers to…

Q: What are goods "in transit" and good in "consignment"? Why are they must be considered in light of…

A: The goods in transit are all such goods which has left the dock of seller and not yet reached the…

Q: How do fixed asset systems differ from purchases systems?

A: Definition: Purchase system: The identification and procurement of the inventory needs for the…

Q: 1. How is the separation of duties performed

A: Separation of duties is also termed as segregation of duties. segregation of duties is internal…

Q: what is qualifying assets?

A: Manufacturing plants, power generation facilities and inventories requiring time to get into…

Q: Explain how securitisation works and what the role is of each party involved during the process

A: Financial securities are the instruments that are used by investors to invest their funds and money…

Q: What are fictitious assets?

A: Fictitious assets: Asset formed by an accounting entry (and included under assets in the balance…

Q: A company with working capital of $940,000 and a current ratio of 2 pays a $144,000 short-term…

A: Working capital is the excess of current assets over current liabilities. Current ratio is the…

Q: What are the responsibilities of the PCAOB?

A: Introduction : The public company accounting oversight board is known as PCAOB. To monitor the…

Q: What is meant byseparation of duties?

A: In every organization, separation of duties is one of the features which should be used for the…