Define Ethics.

Q: What are the responsibilities of an originator?

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

Q: Discuss the major characteristics of a theory.

A: Discussion of major characteristics of a theory

Q: The components of the conceptual framework ?

A:

Q: Explain the difference between external events and internal events. Give an example of each type of…

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: Define the term materiality concept.

A: Accounting concept:   They are the basic rules and assumptions that forms the base for recording the…

Q: Define the term service company.

A: A service company is a business that generates income by providing services instead of selling…

Q: Can responsibility be delegated? Explain?

A: No,authority can be delegated but responsibility is absolute and cannot be delegated.

Q: What is Materiality?

A: Audit is the examination conducted by the professional (auditor) on the financial statements and…

Q: Define relevant risk

A: For investors, risks are classified into the following two types: Systematic risk/relevant…

Q: Explain the purpose of the conceptual framework.

A:

Q: Describe the usefulness of a conceptual framework.

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: Accountability in

A: Accountability is assigning roles and responsibilities of persons regarding work done by them.

Q: Define tangible.

A: Tangible means anything that can be touched and  seen.

Q: Explain thoroughly why it is the answer.

A: solution : liabilities are : correct answer is present obligation arising from past events and…

Q: Define the concept of going concern?

A: Going concern Concept: The basic principle of this concept is that business is assumed to exist for…

Q: se explain it properly

A: Given: To find the capital balances as, Capital Balances of Banner = P 65,000 and Strange = P 35,000…

Q: Define the term realization principle.

A: Accounting: Accounting refers to the information system, where the economic activities of a…

Q: Explain the status and purpose of the Conceptual Framework.

A: Solution The purpose of conceptual framework for financial reporting is to assist the IASB in the…

Q: Explain FLSA and its purpose.

A: FLSA stands for fair Labor Standards Act. It is an act that aims at protecting the interest of…

Q: Summarize what are the MACRS guidelines?

A: The MACRS (Modified Accelerated Cost Recovery System) is the current tax depreciation system in the…

Q: Define agent

A: Introduction: An agent is a party that has oral or written authority to perform for another…

Q: Describe Caveats?

A: A notice that is given to the court that it must give caveator a fair hearing before making any…

Q: What is the objective of having a conceptual framework?

A: Conceptual framework means set of rules and guidelines that help the users and preparers in…

Q: Define charter

A: Introduction: Charters are legalized documents that lawfully set up corporate companies. Only…

Q: What is accountability

A: The transactions that are happened in the company will be analyzed, and recorded in the first book…

Q: Explain prudence concept with example.

A: Prudence principle- According to this concept, businesses should instantly recognize all future…

Q: Describe moral hazard.

A: Moral hazard refers to circumstances in which an individual chooses to apply little or no effort, or…

Q: Define the term external users.

A: An external user is a person outside of an organization who does not directly run its operations and…

Q: relation to the practice

A: Section 28. Limitation of the Practice of Public Accountancy. - Single practitioners and…

Q: What is Agency theory ?

A: Agency theory Agency theory explains the connection between the principal and agent. concerned…

Q: Differentiate essential and non essential activities.

A: There are various types of activities that are performed in an organization in order to achieve the…

Q: define auditor?

A: Auditor is the person who is responsible for audit work. Audit means checking, verifying and…

Q: Distinguish planning decisions from control decisions?

A: Decision Making: Management of the business has to make good decisions for the growth and success of…

Q: Define the term Force account?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Distinguish between responsibility, authority, and accountability. Which flow upward and which flow…

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: 1. Define "Ethics" in your own words. Using an example, explain how it is related to decision…

A: Comment - We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Define the term assurance.

A: Assurance: Assurance is a financial coverage that delivers payment for an occurrence that is sure to…

Q: Define the term lnvesting activities? Explain with an example?

A: Investing activities are the activities in a business which involves investment done during a…

Q: What is a postaudit? What are its potential benefits?

A:

Q: What are support events?

A:

Q: Explain what is meant by the decision pattern ?

A: Decisions patterns is how decisions are made what is psychology behind the decision making.

Q: Define Materiality.

A: In accounting, materiality refers to the relative size of an amount. Relatively large amounts are…