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The Stock Exchange is the ultimate economic barometer as it directly reflects the current economic financial position and plays an integral role as it acts as an important strategic financial tool to predict the future financial estimates and the likely trend of the economy.
Cost Accounting is the process of accounting for costs from the point at which the expenditure is incurred or generated to the acertainment of its ultimate relationship with various cost centres and cost units. It is a system of accounting which is concerned with output of costs of doing a certain activity which can be manufacturing or rendering services.
Cost accounting is a formal system of accounting by means of which costs of various products or services, are ascertained and controlled.
WHAT IS TAX? Types of Taxes: Direct Taxes: Indirect taxes: The Fundamental Canons of Taxation by Adam Smith: Canons of Taxation: Canons of Taxation represent the main basic principles or rules laid down to establish a good tax system. Canons of taxation were first originally laid down by economist Adam Smith in his famous book … Read more
Meaning: STRENGTHS: Strengths are equivalent to assets of the organisation. It is an inherent capacity by which the organisation gets a competitive advantage. They represent the strongest aspects of the organisation. Strengths are the elements wherein the organisation is expert at. These are the factors responsible for the steady success of the organisation. For example: … Read more
Meaning: Objectives of Business: Types of business organizations: There are innumerable forms of business organization each one with its distinctive features, advantages and disadvantages. 1. Sole proprietorship 2. Hindu undivided family business 3. Partnership 4. Limited Liability Partnership 5. Company
WHAT IS DEMAND IN MANAGERIAL ECONOMICS? WHAT ARE THE DETERMINANTS OF DEMAND? 1. Price: The price of any given commodity determines its demand to a great extent. Consumers prefer to purchase a product in relatively large quantities when price of a product is less and purchase a product in small quantities when price of a … Read more
An audit that remains continue throughout the financial year is known as the continuous audit.
Concurrent Audit is the systematic and timely review of transactions on a regular basis to ensure accuracy and true and fair valuation of the business organisation.
WHAT ARE ACCOUNTING STANDARDS? Definition of Accounting Standards: Objectives of Accounting Standards: Advantages of Accounting Standards: Disadvantages of Accounting Standards:
What is a Financial Audit? Audit is an independent examination of the books of accounts undertaken by independent external auditors to check the accuracy, credibility,reliability of the financial statements. A financial audit is undertaken to examine the true and fair position of the organization. it is undertaken with the view that whether the stated financial … Read more
Insurance is an important economic tool to manage risks and to maintain a good ratio of risks and rewards. It is a financial hedging instrument.
WHAT ARE AUDIT WORKING PAPERS? Definition of Audit Work Papers: Importance of Audit Working Papers: Classification of working papers: Working papers should be properly organised. All significant matters which require the exercise of judgement and analysis by the auditor should be included. The working papers collected or classified into two parts, a permanent and the … Read more
The statutory audit is a type of audit which is mandatory by the Companies Law. The main motive behind the statutory audit is to make sure that the financial statements presented by the company display a true and fair view of the company’s financial position.
WHAT IS AN INTERIM AUDIT? Objectives of Interim Audit: Advantages of Interim Audit: Disadvantages:
An audit program is the auditor’s plan of action in a written form or a document.
It is a sort of time table containing the sequence in which the auditor wants to verify the books of accounts of an entity and the time he or she allots to each operation.
