Accounting

Value Added Tax (VAT) is an indirect tax on spending. It produces large and regular tax revenue. It helps to reduce tax evasion. It is…

Value Added Tax (VAT) is tolerated by final consumers, so it is a consumption tax. It has the advantage of offering an efficient way to…

A VAT is tolerated by final consumers, so it is a consumption tax. A huge amount of revenue is generated on a low tax rate…

Types of Value Added Tax (VAT) A VAT is levied on the difference between the purchase cost of an asset and the price at which…

Principles Governing Value Added Tax (VAT) A value-added tax (VAT) can be explained as a type of consumption tax.  It is based on a taxpayer’s consumption rather…

Concept of Auditing Auditing is the process of examining the financial statement and information of the entity. The word ‘Audit’ is derived from the Latin…

Subsidiary objectives of Audit The audit is a critical review of the system of accounting and internal control. The objective of an audit is to…

The basic objective of auditing is to prove true and fairness of results presented by profit and loss account and financial position presented by the…

Scope of Audit The scope of Audit means the depth of an audit performed. Generally, auditors used to check cash transactions if there were suspected…

Techniques of identifying Errors while Auditing Generally, the auditor prepares the trial balance himself. The main objective of an audit is to prepare and present…

Auditing has become a compulsory task in the business organization. It is an important process for the company itself, the government, the investors, creditors, shareholders,…

Accounting and Auditing are two very important processes related to the financial activities and records of an organization. Accounting is related to the collection, recording,…