Accounting

An audit report is an appraisal of a small business’s complete financial status. The preparation of an audit report is the last work of audit.…

Contents of the Audit Report The auditor should check the books of accounts and balance sheet and need to prepare the audit report addressing to…

Audit of Educational Institutions Audit of books of educational institutions like school, college, universities, etc. or other such institutions which are engaged in the educational…

Audit of Charitable Institution An auditor may evaluate the internal control system in general, to ensure that the procedure is reliable. Institutions which are established…

Audit of Non-Governmental Organizations (NGOs) The non-governmental organization (NGO) is an organization which is established by a group of people to render service to the…

Audit on Behalf of Quasi Partner A quasi partner is one who was once a partner of the business but left his share capital to be used in…

Audit on Behalf of the Representative of a Deceased Partner The line of action by the auditor in such a case will be the same…

Audit on Behalf of a Retiring Partner An auditor is appointed by a retiring partner to see that the assets and liabilities are properly valued…

Audit on behalf of a Sleeping Partner A partner who does not take any part in the business is known as a sleeping partner. He…

Concept of Master Budget The master budget is a one-year budget planning document for the firm encompassing all other budgets. This budget is prepared for…

Sales Budget and its Preparation The sales budget provides an estimate of goods to be sold and revenue to be derived from sales. A business…

Preparation of Production Budget A production budget is stated in physical units. It helps a company to plan its manufacturing schedule and ensure that it…