What are the Contingent Liabilities
Contingent liability is a potential obligation which may in the future develop into actual liability or may dissolve without necessitating any outlay. The crucial characteristics…
Audit
Usual Contents of Work Paper File
The following are the usual contents of work paper file: 1. A complete list of all the books in use, and the names of the…
Importance of An Accurate Valuation of Inventories
The auditor examines the particular thing to assume himself of its existence. Physical examination requires identification of the item. One must be convinced that he…
Explain Prepayment
Prepayment also known as prepared expenses are those expenses which are incurred or paid during the year under audit but relate to the period subsequent…
Divisible Profits
Profit may be defined as follows: 1. Generally speaking the profit of the business during a given period is the excess over the expenditure for…