The correct answer is A.
GDP consists of all FINAL goods and services, and the only way it can be measured is through market prices.
Answer:
Management of a company is responsible for integrity and objectivity of financial statements. It is management's responsibility to comply with all applicable accounting standards while preparing financial statements.
Explanation:
There should be strict internal controls in a company. A company management is responsible to comply with all laws, and prepare financial standards free from errors. There should be no window dressing and information presented should be reliable. A company management is also responsible to maintain effective internal control system.
Answer:
Normal conditions not applying.
Explanation:
Project management can be defined as the process of designing, planning, developing, leading and execution of a project plan or activities using a set of skills, tools, knowledge, techniques and experience to achieve the set goals and objectives of creating a unique product or service. Generally, projects are considered to be temporary because they usually have a start-time and an end-time to complete, execute or implement the project plan.
The fundamentals of Project Management includes;
1. Project initiation
2. Project planning
3. Project execution
4. Monitoring and controlling of the project
5. Adapting and closure of project.
Refining estimates may be necessary for a number of reasons. For example, people working on prototype development needing time to interact with the design engineers after the design is completed is a good example of normal conditions not applying because it follows the discretion of the manager or team involved.
Answer:
The correct answer is letter "B": existence, completeness, and rights and obligations.
Explanation:
Assertions are management claims about certain matters regarding a company. Those claims are raised as a result of <em>auditing</em> the firm's financial statements. There are three (3) types of assertions which are:
- Transaction-level assertions: <em>accuracy, classification, completeness, cutoff, and occurrence.
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- Account balance assertions: <em>completeness, existence, rights and obligations, and valuation.
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- Presentation and disclosure assertions: <em>accuracy, completeness, occurrence, rights and obligations, and understandability.</em>