What are the potential risks by carrying out financial transactions online?

What are the potential risks by carrying out financial transactions online?
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Which of the following procedures would an auditor be most likely to perform in planning a financial statement audit? a. Reviewing investment transactions of the audit period to determine whether related parties were created. b. Performing analytical procedures to identify areas that may represent specific risks. c. Obtaining a written representation letter from the client to emphasize management's responsibilities. d. Reading the minutes of stockholder and director meetings to discover whether any unusual transactions have occurred.

Description : Which of the following procedures would an auditor be most likely to perform in planning a financial statement audit? a. Reviewing investment transactions of the audit period to determine ... the minutes of stockholder and director meetings to discover whether any unusual transactions have occurred.

Last Answer : Performing analytical procedures to identify areas that may represent specific risks.

Which one of the following is not a reason why the users of financial statements desire for an independent assessment of the financial statement presentation? a. Complexity of transactions affecting the financial statements b. Lack of criteria on which to base information c. Remoteness of the user from the organization d. All of them are potential reasons

Description : Which one of the following is not a reason why the users of financial statements desire for an independent assessment of the financial statement presentation? a. Complexity of transactions affecting the ... c. Remoteness of the user from the organization d. All of them are potential reasons

Last Answer : Lack of criteria on which to base information

The need for assurance services arises because: a. There is a potential bias in providing information. b. Economic transactions are less complex than they were a decade ago. c. There is a consonance of interests of the preparer and the user of the financial statements. d. Most users today have access to the system that generates the financial statements they use

Description : The need for assurance services arises because: a. There is a potential bias in providing information. b. Economic transactions are less complex than they were a decade ago. c. There is a consonance ... . d. Most users today have access to the system that generates the financial statements they use

Last Answer : There is a potential bias in providing information

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Only use certified public accountants on the engagemenb. Place increased emphasis on the audit of objective transactions rather than subjective transactions. c. Supervise members of the audit team less closely and rely more upon judgment. d. Use less predictable audit procedures.t

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Only use certified public accountants on the engagement b. Place increased emphasis on the ... the audit team less closely and rely more upon judgment. d. Use less predictable audit procedures.

Last Answer : Use less predictable audit procedures.

While assessing the risk of material misstatement, the auditors identity risks, relate risk to what could go wrong, consider the magnitude of risks and: a. Assess the risk of misstatements due to noncompliance to laws and regulations. b. Consider the complexity of the transactions involved. c. Consider the likelihood that the risks could result in material misstatements. d. Determine materiality level.

Description : While assessing the risk of material misstatement, the auditors identity risks, relate risk to what could go wrong, consider the magnitude of risks and: a. Assess the risk of ... Consider the likelihood that the risks could result in material misstatements. d. Determine materiality level.

Last Answer : Consider the likelihood that the risks could result in material misstatements

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon judgment. b. Use less predictable audit procedures. c. Use only certified public accountants on the engagement. d. Place increased emphasis on the audit of objective transactions rather than subjective transactions.

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon ... engagement. d. Place increased emphasis on the audit of objective transactions rather than subjective transactions.

Last Answer : Use less predictable audit procedures.

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more uponjudgment.b. Use less predictable auditprocedures.c. Use only certified public accountants onthe engagement.d. Place increased emphasis on the audit ofobjective transactions rather thansubjective transactions

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon ... the engagement. d. Place increased emphasis on the audit of objective transactions rather than subjective transactions

Last Answer : Use less predictable audit procedures.

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon judgment. b. Only use certified public accountants on the engagement. c. Place increased emphasis on the audit of objective transactions rather than subjective transactions. d. Use less predictable audit procedures.

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon ... the audit of objective transactions rather than subjective transactions. d. Use less predictable audit procedures.

Last Answer : Use less predictable audit procedures.

It’s an era of online financial transactions. Help Julie in identifying any two challenges which a common man may face for the same. -Technology

Description : It’s an era of online financial transactions. Help Julie in identifying any two challenges which a common man may face for the same. -Technology

Last Answer : (i)A common man should have an electronic gadget like smart phone or computer.(ii) A common man should be oriented for online financial safety measures.

It’s an era of online financial transactions. Help Julie in identifying any two challenges which a common man may face for the same. -Technology

Description : It’s an era of online financial transactions. Help Julie in identifying any two challenges which a common man may face for the same. -Technology

Last Answer : i. A common man should have an electronic gadget like smart phone or computer.ii. A common man should be oriented for online financial safety measures

When a transaction is processed online, how can the merchant verify the customer's identity? a. use secure sockets layers b. use secure electronic transactions c. use electronic data interchange d. use financial electronic data interchange

Description : When a transaction is processed online, how can the merchant verify the customer's identity? a. use secure sockets layers b. use secure electronic transactions c. use electronic data interchange d. use financial electronic data interchange

Last Answer : b. use secure electronic transactions

……….. allows customers to conduct financial transactions on a secure Website. -Technology

Description : ……….. allows customers to conduct financial transactions on a secure Website. -Technology

Last Answer : E-banking allows customers to conduct financial transactions on a secure Website.

What are the Non financial transactions?

Description : What are the Non financial transactions?

Last Answer : Feel Free to Answer

How easy is it to keep track of financial transactions if you're in a small business?

Description : How easy is it to keep track of financial transactions if you're in a small business?

Last Answer : As a small business owner, it is easy to get overwhelmed by the sheer volume of financial information that you must track and store. The trail to every successful small business is littered with hundreds, if not thousands, or maybe even millions of transactions.

Which of the following cannot be called as a debt instrument as referred in financial transactions? A. Certificate of Deposits B. Bonds C. Stock D. Commercial Paper

Description : Which of the following cannot be called as a debt instrument as referred in financial transactions? A. Certificate of Deposits B. Bonds C. Stock D. Commercial Paper

Last Answer : C. Stock Explanation: Debt instruments are assets that require a fixed payment to the holder, usually with interest. Examples of debt instruments include bonds (government or corporate) and mortgages.

The practice of lending money to unrelated individuals, or “peers”, without going through a traditional financial intermediary such as a bank or other traditional financial institution is called__________ A. B2B transactions B. C2C transactions C. P2P lending D. PPP Model E. P2P Investing

Description : The practice of lending money to unrelated individuals, or “peers”, without going through a traditional financial intermediary such as a bank or other traditional financial institution is called__________ A. B2B transactions B. C2C transactions C. P2P lending D. PPP Model E. P2P Investing

Last Answer : C. P2P lending Explanation: P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders directly with borrowers.

The agency which is tasked with collecting analysing and disseminating information related to dubious financial transactions is ________ A. Financial Intelligence Unit(FIU) B. Financial Action Task Force(FATF) C. Central Economic Intelligence Bureau(CEIB) D. Central Intelligence Bureau(CIB) E. Financial Stability Board(FSB)

Description : The agency which is tasked with collecting analysing and disseminating information related to dubious financial transactions is ________ A. Financial Intelligence Unit(FIU) B. Financial Action Task Force( ... Bureau(CEIB) D. Central Intelligence Bureau(CIB) E. Financial Stability Board(FSB)

Last Answer : A. Financial Intelligence Unit(FIU) Explanation: The Financial Intelligence Unit (FIU), an agency tasked with collecting, analysing and disseminating information related to ... appropriate, disseminate valuable financial information to intelligence/enforcement agencies and regulatory authorities.

“Hawala transactions” in India are prohibited under the provision of which of the following acts? A. Banking Regulation Act B. Financial Action Task Force Act C. Foreign Exchange Management Act D. All of the Above E. None of the above

Description : “Hawala transactions” in India are prohibited under the provision of which of the following acts? A. Banking Regulation Act B. Financial Action Task Force Act C. Foreign Exchange Management Act D. All of the Above E. None of the above

Last Answer : C. Foreign Exchange Management Act Explanation: ―Hawala transactions‖ in India are prohibited under the provision of Foreign Exchange Management Act.

An auditor obtains an understanding of the entity and its environment in order to a. Make constructive suggestions concerning improvements to the client's internal control. b. Understand the events and transactions that may have an effect on the client's financial statements. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated. d. Develop an attitude of professional skepticism concerning management's financial statement assertion

Description : An auditor obtains an understanding of the entity and its environment in order to a. Make constructive suggestions concerning improvements to the client's internal control. b. ... misstated. d. Develop an attitude of professional skepticism concerning management's financial statement assertion

Last Answer : Understand the events and transactions that may have an effect on the client's financial statements

The underlying conditions that create demand by users for reliable information include the following except: a. Decisions are not time-sensitive. b. Transactions that are numerous and complex. c. Users separated from accounting records by distance and time. d. Financial decisions that are important to investors and users

Description : The underlying conditions that create demand by users for reliable information include the following except: a. Decisions are not time-sensitive. b. Transactions that are numerous and complex. c. ... records by distance and time. d. Financial decisions that are important to investors and users

Last Answer : Decisions are not time-sensitive

Generally accepted accounting principles (GAAP) are distinguished from generally accepted auditing standards (GAAS) in that: a. GAAP are the principles auditors follow when conducting an audit, while GAAS are the standards for presentation of financial statements and underlying transactions. b. GAAP are the principles for presentation of financial statements and underlying transactions, while GAAS are the standards that the auditors should follow when conducting an audit. c. When GAAP are violated, sufficiently strong GAAS may make up for most GAAP deficiencies. d. GAAP are promulgated by the SEC, while GAAS are promulgated by the PFRC

Description : Generally accepted accounting principles (GAAP) are distinguished from generally accepted auditing standards (GAAS) in that: a. GAAP are the principles auditors follow when conducting an audit, while GAAS ... deficiencies. d. GAAP are promulgated by the SEC, while GAAS are promulgated by the PFRC

Last Answer : GAAP are the principles for presentation of financial statements and underlying transactions, while GAAS are the standards that the auditors should follow when conducting an audit.

Which of the following might be considered a "red flag" indicating possible fraud in a large manufacturing company with several subsidiaries? a. A consistent record of above average return on investment for all subsidiaries b. The existence of a financial subsidiary c. Use of separate bank accounts for payrolls by each subsidiary d. Complex sales-transactions and transfers of funds between affiliated companies

Description : Which of the following might be considered a "red flag" indicating possible fraud in a large manufacturing company with several subsidiaries? a. A consistent record of above average ... payrolls by each subsidiary d. Complex sales-transactions and transfers of funds between affiliated companies

Last Answer : Complex sales-transactions and transfers of funds between affiliated companies

Audit programs generally include procedures to test actual transactions and resulting balances. These procedures are primarily designed to a. Detect irregularities that result in misstated financial statements. b. Test the adequacy of internal control. c. Gather corroborative evidence. d. Obtain information of informative disclosures

Description : Audit programs generally include procedures to test actual transactions and resulting balances. These procedures are primarily designed to a. Detect irregularities that result in misstated financial ... control. c. Gather corroborative evidence. d. Obtain information of informative disclosures

Last Answer : Gather corroborative evidence

A basic premise underlying analytical procedures is that a. The study of financial ratios is an acceptable alternative to the investigation of unusual fluctuations. b. Plausible relationships among data may reasonably be expected to exist and continue in the absence of known conditions to the contrary. c. These procedures cannot replace tests of details of transactions and balances. d. Statistical tests of financial information may lead to the detection of material misstatements in the financial statements.

Description : A basic premise underlying analytical procedures is that a. The study of financial ratios is an acceptable alternative to the investigation of unusual fluctuations. b. Plausible relationships ... financial information may lead to the detection of material misstatements in the financial statements.

Last Answer : Plausible relationships among data may reasonably be expected to exist and continue in the absence of known conditions to the contrary.

The essence of the attest function is to a. Detect fraud. b. Examine individual transactions so that the auditor can certify as to their validity. c. Determine whether the client's financial statements are fairly stated. d. Ensure the consistent application of correct accounting procedures.

Description : The essence of the attest function is to a. Detect fraud. b. Examine individual transactions so that the auditor can certify as to their validity. c. Determine whether the client's financial statements are fairly stated. d. Ensure the consistent application of correct accounting procedures.

Last Answer : Determine whether the client's financial statements are fairly stated.

Most of the independent auditor's work in formulating an opinion on financial statements consists of a. Studying and evaluating internal control b. Obtaining and examining evidential matter c. Examining cash transactions d. Comparing recorded accountability with assets

Description : Most of the independent auditor's work in formulating an opinion on financial statements consists of a. Studying and evaluating internal control b. Obtaining and examining evidential matter c. Examining cash transactions d. Comparing recorded accountability with assets

Last Answer : Obtaining and examining evidential matter

Transactions with related parties are important to the auditors because they will be disclosed in the financial statements if material. Generally accepted accounting principles would not require disclosure of a. Loans to officers during the year which had been repaid before the balance sheet date. b. The nature of the related-party relationship. c. A description of transactions, including peso amounts. d. The amounts due from and to related parties

Description : Transactions with related parties are important to the auditors because they will be disclosed in the financial statements if material. Generally accepted accounting principles would not require disclosure of ... transactions, including peso amounts. d. The amounts due from and to related parties

Last Answer : Loans to officers during the year which had been repaid before the balance sheet date

Which of the following factors most likely would influence an auditor’s determination of the auditability of an entity’s financial statements? a. The complexity of the accounting system. b. The existence of related-party transactions. c. The adequacy of the accounting records. d. The operating effectiveness of control procedures.

Description : Which of the following factors most likely would influence an auditor's determination of the auditability of an entity's financial statements? a. The complexity of the accounting system. b. The ... c. The adequacy of the accounting records. d. The operating effectiveness of control procedures.

Last Answer : The adequacy of the accounting records.

Reporting currency is the currency used _________ (a) In recording the financial transactions (b) In presenting the financial statements

Description : Reporting currency is the currency used _________ (a) In recording the financial transactions (b) In presenting the financial statements

Last Answer : (b) In presenting the financial statements

Reporting currency is the currency used in recording the financial transactions.

Description : Reporting currency is the currency used in recording the financial transactions.

Last Answer : FALSE

A set of complex and closely connected instructions, agents, practices, markets transactions, claims and liabilities relating to financial aspects of an economy is referred as: _____. a. Financial system b. Financial market c. Financial institution

Description : A set of complex and closely connected instructions, agents, practices, markets transactions, claims and liabilities relating to financial aspects of an economy is referred as: _____. a. Financial system b. Financial market c. Financial institution

Last Answer : a. Financial system

Financial accounting is concerned with – a) Recording of business expenses and revenue b) Recording of costs of products and services c) Recording of day to day business transactions d) None of the above

Description : Financial accounting is concerned with – a) Recording of business expenses and revenue b) Recording of costs of products and services c) Recording of day to day business transactions d) None of the above

Last Answer : c) Recording of day to day business transactions

Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities

Description : Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities

Last Answer : D] Solving tax disputes with tax authorities

Management accounting involves A. Preparation of financial statements B. Analysis and interpretation of data C. Recording of transactions D. None of the above

Description : Management accounting involves A. Preparation of financial statements B. Analysis and interpretation of data C. Recording of transactions D. None of the above

Last Answer : B. Analysis and interpretation of data

The basic function of management accounting is to: A. record all business transactions B. interpret the financial data C. assist the management in performing its functions effectively D. None of the above

Description : The basic function of management accounting is to: A. record all business transactions B. interpret the financial data C. assist the management in performing its functions effectively D. None of the above

Last Answer : C. assist the management in performing its functions effectively

This tax service includes the determination of the tax consequences of planned or potential transactions, followed by making suggestions on the most desirable course of action such as to legally minimize the tax liability while achieving the client’s objectives. a. Tax shelter b. Tax evasion c. Tax planning d. Tax compliance

Description : This tax service includes the determination of the tax consequences of planned or potential transactions, followed by making suggestions on the most desirable course of action such as to legally minimize the tax ... 's objectives. a. Tax shelter b. Tax evasion c. Tax planning d. Tax compliance

Last Answer : Tax planning

Which of the following is least likely included in an auditor’s inquiry of management while obtaining information to identify the risks of material misstatement due to fraud? a. Are financial reporting operations controlled by and limited to one location? b. Does it have knowledge of fraud or suspect fraud? c. Does it have programs to mitigate fraud risks? d. Has it reported to the audit committee the nature of the company's internal control?

Description : Which of the following is least likely included in an auditor's inquiry of management while obtaining information to identify the risks of material misstatement due to fraud? a. Are financial reporting ... d. Has it reported to the audit committee the nature of the company's internal control?

Last Answer : Are financial reporting operations controlled by and limited to one location?

Which of the following is not required by PSA No. 315, "Consideration of Fraud in a Financial Statement Audit"? a. Conduct a continuing assessment of the risks of material misstatement due to fraud throughout the audit. b. Conduct a discussion by the audit team of the risks of material misstatement due to fraud. c. Conduct inquiries of the audit committee as to their views about the risks of fraud and their knowledge of any fraud or suspected fraud. d. Conduct the audit with professional skepticism, which includes an attitude that assumes balances are incorrect until verified by the audito

Description : Which of the following is not required by PSA No. 315, "Consideration of Fraud in a Financial Statement Audit"? a. Conduct a continuing assessment of the risks of material ... professional skepticism, which includes an attitude that assumes balances are incorrect until verified by the audito

Last Answer : Conduct the audit with professional skepticism, which includes an attitude that assumes balances are incorrect until verified by the audito

The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting framework b. Nature of the entity, including the entity's selection and application of accounting policies c. Objectives and strategies and the related business risks that may result in a material misstatement of the financial statements d. All of these.

Description : The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting ... may result in a material misstatement of the financial statements d. All of these.

Last Answer : All of these.

PSA 315 requires: a. Obtaining an understanding of the entity and its environment b. Identifying and assessing the risks of material misstatement c. Discussion among engagement team members about the risk of material misstatement in the financial statements. d. All of the above

Description : PSA 315 requires: a. Obtaining an understanding of the entity and its environment b. Identifying and assessing the risks of material misstatement c. Discussion among engagement team members about the risk of material misstatement in the financial statements. d. All of the above

Last Answer : All of the above

Capitalism is characterized by all given below EXCEPT a. The elimination of financial risks b. Private ownership c. The ability to make profits d. The laws of supply and demand

Description : Capitalism is characterized by all given below EXCEPT a. The elimination of financial risks b. Private ownership c. The ability to make profits d. The laws of supply and demand

Last Answer : a. The elimination of financial risks

What are potential risks of transgenic crops? -Biology

Description : What are potential risks of transgenic crops? -Biology

Last Answer : answer:

Who are you: who lives their lives contemplating the potential risks while never cutting into anything, or who blindly dives into the unknown and possibly regrets his bad decision afterwards?

Description : Who are you: who lives their lives pondering the potential risks while never cutting into anything, or who blindly jumps into the unknown and possibly regrets their bad decision afterwards?

Last Answer : Well I'm a bit of a nature I'm first acting after thinking about it.

Once the project is approved and moves into the planninb. The total risk on the project typically reduces as activities are performed without loss. c. Risks must be weighed against the potential benefit of the project’s success in order to decide if the project should be chosen. d. Risks are identified with each major group of activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysisg stage, what happens in the next phase of the project life cycle? Select one: a. Agreements for risk sharing need to be concluded.

Description : Once the project is approved and moves into the planning stage, what happens  in the next phase of the project life cycle? Select one: a. Agreements for risk sharing need to be concluded. ... activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysis

Last Answer : d. Risks are identified with each major group of activities.

What is the first step in developing a risk management plan? Select one: a. Analyze the risks. b. Estimate the likelihood of the risks occurring. c. Identify potential project risks. d. Develop a risk mitigation plan. e. Estimate the potential impact of risk on the project goals.

Description : What is the first step in developing a risk management plan? Select one: a. Analyze the risks. b. Estimate the likelihood of the risks occurring. c. Identify potential project risks. d. Develop a risk mitigation plan. e. Estimate the potential impact of risk on the project goals.

Last Answer : c. Identify potential project risks.

Once the project is approved and moves into the planning stage, what happens in the next phase of the project life cycle?Select one: a. Agreements for risk sharing need to be concluded. b. The total risk on the project typically reduces as activities are performed without loss. c. Risks must be weighed against the potential benefit of the project’s success in order to decide if the project should be chosen. d. Risks are identified with each major group of activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysis

Description : Once the project is approved and moves into the planning stage, what  happens in the next phase of the project life cycle? Select one: a. Agreements for risk sharing need to be concluded. ... activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysis

Last Answer : d. Risks are identified with each major group of activities.

. In a population, unrestricted reproductive capacity is called as (a) biotic potential (b) fertility rate (c) carrying capacity (d) birth rate.

Description : . In a population, unrestricted reproductive capacity is called as (a) biotic potential (b) fertility rate (c) carrying capacity (d) birth rate.

Last Answer : (a) biotic potential