What are the major procedural differences in applying the current rate and temporal methods of translation?

Q: What is the differencebetween direct and indirect quotations?

A: Introduction: Exchange rate for a pair of currencies is quoted in two ways. They are, Direct quote,…

Q: What is the Tolerable Error Rate?

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Q: What concept underlies the temporal method of translation? What concept underlies the current rate…

A: The basic objective underlying the temporal method of translation is to produce a set of U.S.…

Q: Along what two dimensions can we classifytrading procedures?

A: Trading procedures: It is the methods and available venues from where trading (Buying and selling of…

Q: what factor influences the decisions to employ real time data collection with batch updating rather…

A: Transaction process system:   Transaction process system can be defined as a system designed to…

Q: Should an auditor wishing to assess the adequacy of separation of functions examine a data flow…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: What’s the primary difference between the MIRR and the regular IRR?

A: It refers to the rate of return that is computed by the company to make a decision of selection of a…

Q: What are the major differences between the IFRS conceptual framework and the FASB conceptual…

A: ANSWER     The components of the conceptual framework for ­financial reporting include recognition…

Q: What is the control issue related to reentering corrected error records into a batch processing…

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Q: Which method is more efficient to obtain an equivalence?

A: Answer: The concept of equivalence tends to compare the cash flows in such a way that two…

Q: Why should distribution be limited for reports on projections, agreed-upon procedures, and…

A: Audit Report: The auditor's statement is the auditor's written letter which states if the accounting…

Q: What is a modified retrospective approach of FASB?

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

Q: What approaches may be employed in applying the LCNRVprocedure? Which approach is normally used and…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

Q: What are the classes of transcription errors?

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

Q: What very important precautions must be taken during the data conversion procedures?

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Q: What are roll-forward procedures? Provide some examples

A: Roll-Forward Procedure: Auditors perform procedure to draw out the conclusion from an interim date…

Q: What criterion should be used to evaluate trade-offs between information characteristics?

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

Q: What kinds of information can be confirmed with a transfer agent?

A: The transfer agent is an entity that holds the information about the financial records of the…

Q: What is the difference between the Codification and the Codification Research System?

A: FASB: The FASB is an independent, designated and non-profit organization established by SEC for…

Q: What factor influences the decision to employ real-time data collection with batch updating rather…

A: Definition: Transaction process system: The transaction process system can be defined as a system…

Q: What is meant by (a) vouching, (b) tracing, and (c) scanning? What is the difference betweenvouching…

A: Vouching: Vouching is a method by which an auditor traces the transactions to its origin. The…

Q: controlling translation exposure?

A: Translation exposure refers to the change in the value of assets and liabilities which is affected…

Q: Why are denormalized tables used in data ware-houses?

A: Data Warehouse:   Data warehouse is also termed as enterprise data warehouse. It can be defined as…

Q: When is remeasurement rather than translation appropriate? How does remeasurement differ from…

A: Foreign Currency Financial Statements:   Foreign currency financial statements are those statements…

Q: What is multiple discriminant analysis?

A: Multiple discriminant analysis (MDA) is a statistical method used by many financial planners to…

Q: Do equivalence calculations require a common time basis for comparison?

A: Answer: The calculation of equivalence method is used where duration of the projects is not equal.…

Q: What role does the general ledger department play in the conversion cycle?

A: Conversion Cycle: A set of all processes that are used to collect inputs and convert them into final…

Q: What is the primary difference between the APT and the CAPM?

A: APT is an abbreviation used for arbitrage Pricing Theory whereas CAPM is an acronyms used for…

Q: Can a turnaround document contain information that is subsequently used as a source document? Why or…

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Q: Explain the difference between direct and indirect quotations.

A: The quotation is a document listing all the prices that are determined and fixed for a project. The…

Q: What is the concept underlying the current rate method of translation? What is the concept…

A: There are two main methods of currency translation accounting: The current method -when the…

Q: Does the Equivalence Calculations require a common time basis for comparison?

A: Equivalence approach for calculation is used when lives of the projects are not equal. When the…

Q: What is changed data capture?

A: Definition: Database: A database can be defined as the collection of data in an organized manner…

Q: Briefly provide your opinion whether an auditor wishing to assess the adequacy of separation of…

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Q: How would you describe the key differences between differentiation and positioning

A: Differentiation and positioning are the marketing technique used by marketing managers.

Q: Compare and contrast the difference between the retrospective analytics approachand the predictive…

A: Retrospective analytics approach is a process of finding the useful data in order to evaluate what…

Q: What problems does the data cleansing step attempt to resolve?

A: Accounting information system : AIS is a structure used in business for collecting, storing,…