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

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

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 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: What form is required?Explain why this is the correct form?

A: Taxation states the financial charge or obligation which is imposed through the government or…

Q: What does overstated mean?

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

Q: What are some recent trends regarding absolute versus relativepriority doctrines?

A: The priority rules are methods of making payments to the creditors and shareholders in case of…

Q: What are the relative merits of input from source documents and direct input?

A: Definition: Direct input: The data that are directly inserted into the system from the source data…

Q: What is a modified retrospective approach of FASB?

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

Q: Are there any nonfinancial advantages or disadvantages of changing to a JIT system

A: JIT is a method/management strategy that is used to reduce the cost of inventory and increase…

Q: When is independence impaired under PCAOB standards?

A: Independence would be considered to be impaired if a covered member accepts more than a token gift…

Q: What are the major procedural differences in applying the current rate and temporal methods of…

A: The key differences related to monetary assets carried at historical cost. Under the temporal…

Q: What are the classes of transcription errors?

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

Q: What is an estoppel? Why is it used?

A: Estoppel is the legal principle which is helpful for any future contradiction. It means that…

Q: Highlight concept of faithful representation and is it valid or not?

A: The concept of Faithful representation advocates that the financial statements and information…

Q: How does accounting for permanent differences less complex than is accounting for temporary…

A: Temporary Difference:   A temporary difference is the difference of an income recognized under the…

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 are circumstance-imposed scope limitation and client-imposed scope limitation?

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

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: How do fixed asset systems differ from purchases systems?

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

Q: controlling translation exposure?

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

Q: What are the differences between FOB shipping and FOB destination?

A: FOB shipping: FOB (Free On Board) shipping point is one of the terms of inventory sale. Under 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: How can the owners be disclaimers?

A: A disclaimer is a term utilized to define or restrict the range of duties and rights enforceable in…

Q: Effective Hedging of Translation Exposure Would a more established MNC or a less established MNC be…

A: Translation exposure, also known as the accounting exposure, can be defined as the level at which a…

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 is a validity check?

A:

Q: What are intracompany comparisons? What are intercompany comparisons? How do they differ?

A: The examination of two or more procedures, papers, benchmark datasets, or other items is referred to…

Q: Why is EBITDA controversial?

A: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a metric used to assess…

Q: what is the reconciling DIFFERENCE:

A: A bank reconciliation statement has been prepared to reconcile the balance as per pass book and…

Q: Why is the goodwill procedure best described as a revaluation procedure? No plagarism

A: The answer is provided as follows:

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: 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: What are the differences between adjunct account and a contra account?

A: Definition:An adjunct account increases the book value of a liability account.A contra Account…

Q: What is a MIS report, why is it  prepared?

A: MIS is Management Information System. Management information system is an integrated collection of…

Q: What exactly are temporary differences? What types of transactions cause these differences?

A: Discrepancies among the carrying value of an asset or liability in the financial statements and its…

Q: Why is the content of a proxy statement considered to be so important?

A: Importance of content of a proxy statement: Most of the significant actions undertaken by a company…

Q: What is indirect quotation.Explain with example

A: A quote is the most recent price at which an asset sold; it is the most recent price at which a…

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…