This document discusses outstanding assets and liabilities and how to account for them correctly in financial statements. It explains that expenses incurred for future benefits should be accounted for as prepaid expenses or deferred expenses. Similarly, income earned but not yet received should be recorded. Outstanding liabilities like unpaid expenses, unearned income, and purchases made at the year-end also need to be included to accurately reflect the year's profits or losses. The auditor's role is to verify these accounts and ensure amounts due are properly adjusted across periods.
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
Verification and valuation of assets presentation by Syed Ali Gohar Shah 21/1...Syed Ali Gohar Shah Shah
This presentation was assigned by Respected Teacher SIR ATTA HUSSAIN SHAH and was presented by SYED ALI GOHAR SHAH In SINDH UNIVERSITY MIRPURKHAS CAMPUS. On the date of Monday 21/10/2019.
Presentation on vouching and verification for the benefit of B Com financial Audit students, topics covered are vouching of revenue items , verification and valuation of capital expenditure, receipts and valuation and verification of inventory
MEANING OF COMPANY
Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 1956, states that 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.
IT CONTAINS BASICS OF AUDIT AND AUDITOR
MEANING OF AUDIT, DEFINITION, ORIGIN AND DEVELOPMENT, TYPES OF AUDIT, DIFFERENCE BETWEEN ACCOUNT AND AUDIT, AUDITOR
IT WILL HELP THE STUDENTS TO UNDERSTAND THE BASIC OF AUDIT.
Balance Sheet Inc is a leading tax service provider in the West Palm Beach area. Having an experience of more than 26 years on our side, we have been providing exceptional services to our client in preparing and filling forms to strategic tax planning. We also offer audit related services and can also represent you before IRS cases of audit and collection.
Some of our tax services are
1. Payroll returns
2. Individual Income
3. Business
4. Non Profit Returns
5. Offers in compromise
6. Direct IRS Communication
So, whether you hate preparing your tax returns or find taxes to be time consuming, we can help you out. We can also help you if you need 100% accuracy in your taxes or are facing issues related with IRS debt/audit.
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
Verification and valuation of assets presentation by Syed Ali Gohar Shah 21/1...Syed Ali Gohar Shah Shah
This presentation was assigned by Respected Teacher SIR ATTA HUSSAIN SHAH and was presented by SYED ALI GOHAR SHAH In SINDH UNIVERSITY MIRPURKHAS CAMPUS. On the date of Monday 21/10/2019.
Presentation on vouching and verification for the benefit of B Com financial Audit students, topics covered are vouching of revenue items , verification and valuation of capital expenditure, receipts and valuation and verification of inventory
MEANING OF COMPANY
Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 1956, states that 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.
IT CONTAINS BASICS OF AUDIT AND AUDITOR
MEANING OF AUDIT, DEFINITION, ORIGIN AND DEVELOPMENT, TYPES OF AUDIT, DIFFERENCE BETWEEN ACCOUNT AND AUDIT, AUDITOR
IT WILL HELP THE STUDENTS TO UNDERSTAND THE BASIC OF AUDIT.
Balance Sheet Inc is a leading tax service provider in the West Palm Beach area. Having an experience of more than 26 years on our side, we have been providing exceptional services to our client in preparing and filling forms to strategic tax planning. We also offer audit related services and can also represent you before IRS cases of audit and collection.
Some of our tax services are
1. Payroll returns
2. Individual Income
3. Business
4. Non Profit Returns
5. Offers in compromise
6. Direct IRS Communication
So, whether you hate preparing your tax returns or find taxes to be time consuming, we can help you out. We can also help you if you need 100% accuracy in your taxes or are facing issues related with IRS debt/audit.
Definition and purpose of account adjustment
Common types of account adjustments (e.g., Accrued Revenue ,Accrued Expenses ,Deferred Revenues ,Deferred Expenses)
time issue
Types of adjusting entries
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This presentation was uploaded with the author’s consent.
3. OUTSTANDING ASSETS
There may be an expenditure
already incurred for which the corresponding
benefit could not be made available for the
business during the period or some portion of
this pertains to the period subsequent to the date
of balance sheet.
5. Like the outstanding assets,
outstanding liabilities should also be included in
the Profit and Loss Account. If it is not done, the
final accounts will not reveal the correct position
of profit and loss and also of financial affairs of
the business concern.
7. To calculate correct profits or losses of
the current year, provision should be made for all
liabilities for rent, rates and taxes. If it is not done,
the Profit and Loss Account will not reveal correct
position. This is a liability for expenses payable which
become due for payment during current year.
8. The auditor’s duty is to
inspect the relevant accounts in the ledger,
demand notes, receipts, etc., and find out what
period is covered. The accounts should be
adjusted for the amount, which has become due
but not yet paid.
Wages and Salaries
Other Liabilities
Apportionment of Expenditure between Capital
and Revenue