Auditing Audit of Partnership Firms – tryspring

Auditing – Audit of Partnership Firms Although no compulsory audit is provided by the Indian Partnership Act, 1932 but in practice most of the partnership firm get their accounts audited. As per the Income Tax Act, 1961, Tax Audit of partnership firm is mandatory if the turnover/ gross receipt exceeds Rupees One Crore in case… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Financial Accounting Co Operative Societies – tryspring

Financial Accounting – Co-Operative Societies Any ten persons who are competent to contract may file an application to the Registrar of Co-operative Societies as per Section 6 of the Co-operative Societies Act, 1912. By law, may be framed by each society and should be registered with the Co-operative Societies. Effectiveness of change by the law… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Auditing Management Audit – tryspring

Auditing – Management Audit Management audit is a new concept in auditing. Area of Management audit is beyond conventional audit; it reviews all aspects of management. It is an audit of overall performance of management. It covers planning, organizing, co-ordination and control, etc. Management audit detects and diagnoses the problem and suggests various means to… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Auditing Mechanized Accounting – tryspring

Auditing – Mechanized Accounting In the traditional manual system of accounting, a lot of steps were involved in recording the Accounting transactions. In the present day business scenario a lot of information can be fetched in very less time, without spending a lot of workforce and resources. Therefore, various machines are doing the work of… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Financial Accounting Investment Account – tryspring

Financial Accounting – Investment Account Anyone can buy and sell securities from a stock exchange with the purpose to increase his/her (monetary) assets. Sale and purchase of the securities is done through banks. The stockbrokers help people in trading by paying the amount of commission, stamp duty, and brokerage on it, which are the essential… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Auditing Capital and Revenue – tryspring

Auditing – Capital and Revenue In this chapter, we will discuss the Auditing of Capital and Revenue. It is essential to distinguish revenue expenses and capital expenditure to prepare correct financial statements. The absence of these will lead to misleading results where no one can conclude anything. As per this principle, revenue item should be… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Auditing Audit Vouching – tryspring

Auditing – Audit Vouching Accounting entries made in the books must be supported by documentary evidence and inspection of that evidence is called vouching. The Auditor judges the authenticity, of the accounting entries using the technique of vouching. In case of unavailability of proper supporting documents, the Auditor may have all reasons to doubt about… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Financial Accounting Joint Venture – tryspring

Financial Accounting – Joint Venture An association of two or more persons or we may say temporary partnership combined for the carrying out a specific business, and divide profit or loss thereof in agreed ratio is called a Joint Venture. Concerned parties to joint venture are known as co-venturers. The liabilities of co-venturers are limited… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Auditing Audit Sampling – tryspring

Auditing – Audit Sampling These days, auditors may not go for detailed examination and verifications of records. With the introduction of efficient internal control system in organizations, Auditors pick selective portion of entries out of complete data for making judgement on the complete data. Checking of all transaction and verifying entries and record of the… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Depreciation, Reserves and Provision – tryspring

Depreciation, Reserves and Provision In this chapter, we will discuss auditing related to Depreciation, Reserves and Provision. We will proceed by discussing Depreciation and move on to discussing Reserves and Provision further. What is Depreciation? Reason of Depreciation Wear and Tear Exhaustion Obsolescence Effusion of Time Other Causes Need for Depreciation Basis of Depreciation Depreciation… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Accounts of Private Individuals – tryspring

Accounts of Private Individuals Most of the private individuals never keep their accounts to record earned income or expenditure incurred by them. It is advisable for everyone to maintain an account to know what he has earned during a particular period, what he spent, and what was his saving out of that income. It is… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Auditing Internal Check and Auditor – tryspring

Auditing – Internal Check and Auditor The nature and extent of the scope of the Auditor’s work depends upon the system of Internal Check in an organization. The system of Internal Check will determine the reliability on work which an Auditor can place. The External Auditor is ultimately responsible for the final accounts. The Internal… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Auditing Audit of Hotels – tryspring

Auditing – Audit of Hotels In this chapter, we will discuss the Audit of Hotels. There are many types of facilities that are provided by the hotels to their customers these days. Hotels generate their income from room rent, room service, laundry, restaurants, swimming pool, bar-room, sports room, health clubs, conference halls and banquet hall… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Analysis of Changes in Income – tryspring

Analysis of Changes in Income The purpose of preparing a financial statement is not only to know the net income or losses of concern for the current year, but also to know the change in net income or losses of a firm in comparisons to the preceding years. There are two types of financial statements,… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Auditing Audit of Sole Proprietary Concern – tryspring

Auditing – Audit of Sole Proprietary Concern There is no obligation for a sole proprietor under any law to get the accounts except in case where the turnover of a proprietary business in any financial year exceeds One Hundred Lacs Rupees and gross receipt from profession exceeds Twenty-five Lacs Rupees. In both the cases, the… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Auditing Internal Audit – tryspring

Auditing – Internal Audit In this chapter, we will understand the concept of Internal Audit in Auditing. A team of experts reviews the procedures and operations of an organization and reports it to the management in cases such as non-compliance, lack of control and inefficiency, especially in big organizations where thousands of employees work and… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Financial Accounting Final Accounts – tryspring

Financial Accounting – Final Accounts Final Accounts are the accounts, which are prepared at the end of a fiscal year. It gives a precise idea of the financial position of the business/organization to the owners, management, or other interested parties. Financial statements are primarily recorded in a journal; then transferred to a ledger; and thereafter,… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Financial Accounting Single Entry – tryspring

Financial Accounting – Single Entry As we know, there are two systems of recording transactions in our books of accounts. In the previous chapters, we have learned about the double entry system, now let’s discuss another system of accounting i.e. Single Entry System (SES). Meaning and Silent Features of SES Difference between SES and DES… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Financial Accounting Capital and Revenue – tryspring

Financial Accounting – Capital and Revenue One of the major aspects of preparing a correct financial statement is to distinguish revenue and capital in regard to revenue income, revenue expenditure, revenue payments, revenue profits, and revenue losses of the company with capital income, capital receipts, capital profit, or capital losses. In fact, without differentiating, we… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook

Government Accounting – tryspring

Government Accounting Government accounting is a scientific procedure of collecting, classifying, recording, summarizing, and interpreting all the financial transactions including revenues and expenditures of all the government offices. It keeps the record of public funds. Followings are the main objectives of the Government Accounting − Information about Revenues − One of the most important functions… Read More »

Share this article:
Follow us on Twitter Follow us on Facebook