It is good to assume that unusual items will be zero. True or False

Q: Give two examples of errors of principle?

A: Errors of principle refers to errors that are carried out at time of noting down transactions…

Q: Define Errors.

A: Accounting error means occurrence of mistakes which are committed while recording the transactions…

Q: What items could increase the risk of material misstatement?

A: Risk of material misstatement (ROMM) is a risk that the financial statements when audited will…

Q: Which of the following is incorrect?

A: Accounting system is a structured system that is incorporated in a business entity to collect,…

Q: What does overstated mean?

A: Definition of Overstated:- Overstated uses two way terms by accountant: The entered or reported…

Q: The answer provided is not correct, please provide the correct value

A: Free Cash Flow Free Cash flow which can be determined by using the amount of net operating cash flow…

Q: What is the purpose of a limit check?

A: Internal controls: Internal controls are the control established within an organization to check…

Q: Determine if the mistake is counterbalancing or noncounterbalancing. Give a specific example for…

A: The mistake is counterbalancing or noncounterbalancing will be explained:

Q: All of the following statements are incorrect, except

A: In a different case in the case of Individual is a resident if he lives longer in the Philippines he…

Q: Which of the following is false about Faithful Representation?

A: Answer Faithful representation is the requirement that the financial statements should be accurate…

Q: For each of the following independent scenarios, indicate the effect of the error (if any) on:

A: Step 1 Journal is the part of book keeping.

Q: Which of the following statements is false about CD's

A: Certificate of Deposits or CD's is offered by banks or financial institutions. The CD's are deposits…

Q: =) FALSE?

A: The exchange rate refers to the value of the one currency converted into the other currency. The…

Q: How are errors corrected if they're not properly accounted for?

A: The errors can happen as all the things are human oriented. The error can happen as the process of…

Q: It’s not easy sometimes to distinguish between a change in principle and a change in estimate. In…

A: Definition:   Accounting changes: Accounting changes are the alterations made to the accounting…

Q: What is an observation that lies outside its expected distribution?   Multiple Choice   Outlier…

A: Given the following question What is an observation that lies outside its expected distribution?…

Q: Which of the following statements is not correct?

A: Leave monetization is actually the leave encashment which means the if there is any earned leaves…

Q: Which of the following is incorrect regarding measurement period?

A: Business combinations are the result of acquisitions or mergers. Here, one party acquires the other…

Q: Which one of the following statements is INCORRECT?

A: Statement (2) is correct as under FIFO method, the earlier goods purchased would be comparatively…

Q: feature of relevant information

A: Which one of the following is a feature of relevant information?  Answer :- D. Neutrality

Q: Distinguish between counterbalancing and noncounterbalancing errors. Give an example of each.

A: Difference:Counterbalancing errors are the type of errors that cancels out or equalize other error…

Q: Which of the following statements is NOT correct?

A: The yield of the bond refers to the return that investors will realize on investment when the…

Q: An information is called as correct if it is. a. Misleading b. Free from error c. Irrelevant d. Not…

A: An information is called as correct if it is not Misleading ,  Free from error , relevant and…

Q: If the trial balance does not balance, the preparer should check to see if the difference is evenly…

A: Transposition error: Transposition error occurs when the two digits of the amount that is entered…

Q: If the trial balance is balanced, are we certain that there are no errors in it? How so?

A: Trial balance is the statement which is prepared by an entity to check if the debits in the books…

Q: What are (a) an internal control deficiency, (b) a significant deficiency, and (c) a material…

A:

Q: Interpretation of reported information involves each of the following except limitations of reported…

A: Reported Information are those information which is available to all for general understanding or…

Q: Scope limitation results from an inability to collect sufficient appropriate evidence. * True O…

A: Scope limitation: It is a restriction on an audit that is caused by the client, issues beyond the…

Q: Which of the following is FALSE with respec Multiple Choice

A: On the death of an individual, tax returns of the deceased are filed by his legal representative or…

Q: Distinguish between counterbalancing and non-counterbalancing errors. Give an example of each.

A: Distinguish between counterbalancing and non-counterbalancing errors. Give an example of each.…

Q: Which is an error of omission

A: Accounting error is error in entering, computing, and analysis of data. This includes the recording…

Q: Name the error which was made under the following circumstances:

A: The error of omission is a type of error that takes the account of results caused due inactions or…

Q: Risk of material misstatements increases if

A: Please see the next step for the solution

Q: hich of the following statements are true and which are false?

A: I. Externalities is the one of the reason for market failure not an only reason. They are many…

Q: Give two examples of errors of commission?

A: Accounting error: Accounting errors can be defined as omission of the fundamental accounting…

Q: Which of the following is NOT an output attribute?a. relevanceb. exception orientationc. zonesd.…

A: Output Attribute: Some specific attributes should be explained by the output views such as…

Q: What is an uncorrected misstatement?

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: Counter balancing error is sometimes referred to as: which of the following? a Compensating errors…

A: Rectification entry means where some error has been done in past and we need to rectify that errors.…

Q: the standard deviation for part c are all wrong. could you please check it again?

A:

Q: Describe the problems that might come from using an incorrect bill of material in MRP.

A: About Bill of Material Once of the most significant master data elements of any manufacturing ERP…

Q: Which of the following statement/s are incorrect?

A: Liability: Liability: Amount of money or fund entity owns to pay outside or within the organization.…

Q: In a transportation and assignment problems, a dummy source is given a zero cos. Select one: O True…

A: the answer is provided as follows:

Q: Which of the following statements is false

A: A Bondholder gets a coupon amount calculated at a rate, on the face value. And at the end of…