Answer:
True
Explanation:
Critical thinking is the thinking that deals in analyzing the facts so that the judgment could be created. It involves various things like rationality, non-biased, proof-based on facts provided, etc
Here the factors that directly impact the critical thinking are people, constraints and the consumption this results in shaping your goals and objectives you made
hence, the given statement is true
A major difference between IFRS and GAAP relates to the A Revaluation Surplus Account.
A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.
This reserve is only used when the organization prepares its financial statements in accordance with International Financial Reporting Standards. No revaluation reserve is allowed for companies using generally accepted accounting principles.
A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.
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Answer:
Statement is true
Explanation:
Internal control over financial reporting was designed to give assurance related to financial statements preparation and authenticity of financial reporting.
Material weakness refers to inefficiency in internal control which could lead to misstatement in financial statement thereby making financial reporting unreliable. As such, even one material weakness would prove ineffective internal control over financial reporting.
Answer: B. Fundamental weighting.
Explanation:
A fundamentally weighted index refers to a type of equity index whereby the components that are chosen based on the fundamental criteria like the dividend rates, book value, revenue, dividend rates, etc.
Fundamental weighting is the index weighting which results in portfolio weights shifting away from securities that have increased in relative value toward securities that have fallen in relative value whenever the portfolio is rebalanced.
The 3 activities which are part of the function of accounting includes:
- Classifying financial transactions
- interpreting financial transactions
- Recording financial transactions
Accounting (<em>including bookkeeping</em>) refers to the process of recording, preparing, analyzing and interpreting financial information or statements for future purpose.
As regards the options, 3 activities which are part of the function of accounting includes:
- Classifying financial transactions
- interpreting financial transactions
- Recording financial transactions
In conclusion, the process of accounting helps to identifies, records, classifies and communicate the company's economic events to interested users.
Missing word includes <em>"1. prioritizing financial transactions 2. classifying financial transactions 3. planning financial transactions 4. interpreting financial transactions 5. recording financial transactions"</em>
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