Explain about the PROSPECTIVE APPROACH: WHEN RETROSPECTIVE APPLICATION IS IMPRACTICABLE.

Q: Explain about the modified retrospective approach.

A: Change in accounting principle is a change from one generally accepted accounting principle to…

Q: Describe the approaches for Comparing Defender and Challenger?

A: The following are the approaches for comparing defender and challenger: Cash flow approach: Treat…

Q: In case where there is a conflict, the requiremnents of Conceptual Framework prevail those of the…

A: SOLUTION CONCEPTUAL FRAMEWORK MEANS THE WAY THE ACCOUNTS IS PREPARED , ACCOUNTING STANDARD BUILD AND…

Q: Explain how the retrospective approach offers consistency and comparability.

A: Retrospective approach is the principle in which previously issued financial statements are recasted…

Q: What is a modified retrospective approach of FASB?

A: Definition: Financial accounting standards board (FASB): This is the organization that creates,…

Q: Why is there a need to re-evaluate impairments due to trigger events?

A: When-ever there are any types of assets which are non-tangible assets as well as tangible assets…

Q: A critical assumption of the exploratory factor analysis (EFA) is that it is only appropriate for…

A: Definition: Exploratory Factor Analysis (EFA): It is a statistical approach to determine the…

Q: “Costs of abnormal spoilage are losses.”Explain.

A: Abnormal spoilage is spoilage that is not inherent in a specific production process and will not…

Q: Disadvantage of institutional based correction

A: Following is the answer to the given question

Q: Why is there a cost associated with reinvestedearnings?

A: There is some adaptability in the measure of funds that will be created from new reinvested earnings…

Q: Explain errors of principle and give two examples with measures to rectifythem.

A: An error of principle is an accounting mistake in which an entry is recorded in the incorrect…

Q: Which decision is called the abandonment decision?

A: Answer: The decisions relating to the company that provides flexibility to discontinue the project…

Q: What type of Risks are exists in the conversion cycle?

A: Cash conversion cycle (CCC) CCC is a tool for tracking the time the company spends to get the cash…

Q: Future costs that do not differ among the alternatives are not relevant in a decision.

A: In accounting when it comes to making decisions we classify costs into different types or…

Q: Should VAS be completely replaced by IFRS? Why/ Why not?

A: IFRS stands for International Financial Standards where as VAS stands for Vietnamese Accounting…

Q: What alternatives are available to Wilkinson and Walker to deal with this situation, and what are…

A: Introduction: When a person or organization becomes insolvent, it is unable to meet its financial…

Q: Discuss the risk of material misstatement inthe acquisition and expenditure cycle.

A: Material Misstatement refers to the misleading information in the statement of affairs of the…

Q: s

A: Interim reporting : An interim statement is a financial report that covers a period of less than a…

Q: “What has been regarded as normal spoilage in the past is not necessarily acceptable as normal…

A: Spoilage:   Spoilage is the defective item in an intermediate or final stage. The spoilage goods…

Q: It could be said that strategy invalidates the net present value rule Explain the reasoning behind…

A: The net present value rule is an investment concept stating that projects should only be engaged in…

Q: Under IFRS, the retrospective approach should not be used if:

A: Here is the answer :

Q: Describe the fundamentals of Replacement-Analysis?

A: Replacement analysis is the process where it is determined whether it would be beneficial to replace…

Q: Short-term decisions are viewed as decisions that have short-term impacts and can be changed or…

A: Business decisions that affect the short term plans of a business are known as short-term decisions.…

Q: “Total input includes abnormal as well as normal spoilage and is, therefore, inappropriate as a…

A: Inventory shrinkage: It represents the loss of inventory. In other words, it refers to the…

Q: What is the monetary threshold value, when a Statement of Advice (SOA) may be replaced by a Record…

A: Statement of advice is the way by which one can communicate his advice in relation to investment to…

Q: What are the risks that exist in the conversion cycle and the changes needed to reduce the risks?

A: The risks involved in the current system of the conversion cycle are as given below: There can be a…

Q: An inaccurate estimate of asset needs can have serious consequences. Explain how?

A: Estimates of assets:  Estimate of assets is the estimated worth of assets of original worth of…

Q: What are the benefits of adopting a Condition Base Monitoring (PredictiveMaintenance) in the…

A: A condition monitoring system is a critical component of AM and reliability. CMS scope typically…

Q: When does a project deny the merit consideration?

A: Project is assessed on the basis of various important considerations such as profitability, social…

Q: According to our authors, what is a misstatement? Provide examples.

A: Misstatement: A remark that is not accurate or the provision of erroneous information is referred to…

Q: Explain Replacement-Analysis Fundamentals?

A: Replacement-analysis fundamentalUnder this, the decision regarding the replacement of obsolete as…

Q: According to IFRS, the retrospective technique should not be employed if any of the following…

A: The question explains about  According to IFRS, the retrospective technique should not be employed…

Q: When should the defender be replaced?

A: When should the defender be replaced?

Q: efine the term materiality and explain why it may be d

A: Materiality is quite important in preparing the financial statement and it is very important to the…

Q: Future costs that do not differ among the alternatives are not relevant in a decision. True or False…

A: A expense that is anticipated to be incurred in the future is referred to as a future cost. It is…

Q: Explain Handling Unequal Service Life Problems in Replacement Analysis?

A: Companies often consider various options when it does the replacement projects. Companies come…

Q: What serious consequences occur in an inaccurate estimate of asset needs?

A: Estimates of assets:   It is approximate value of assets of original value of assets which is used…

Q: Is it possible to fully eliminate non-value added activities? If yes, how? If no, why?

A: Value can simply be defined as something which the customer is willing to pay or receive. Non Value…

Q: Methods and rules to be followed in case of reconstitution?

A: Solution- It is often noticed that a partnership firm undergoes restructuring. These changes are…

Q: Explain Prepayment Penalties?

A: Prepayment penalties are those penalties that lender charges from the borrower if borrower…

Q: What is loss aversion?

A: What is loss aversion?

Q: Only sets of non-nominal items that presumably belong to reflective latent factors are acceptable…

A: Definition: Analysis of Factors (EFA): An experiment's variables are analyzed using statistical…

Q: What are the risks associated with conversion cycle and changes need to reduce that risks?

A: Cash conversion cycle The cash conversion cycle is a method that tracks the time a company would…

Q: ving alternatives represents the correct balar admission of Mqithwa?

A: The right answer is option B 123.00

Q: What is the definition of “retrospective application”?

A: The first book that the company will prepare is the journal book in which all the transactions of…