QUALITIES OF AN AUDITOR
AUDITING

QUALITIES OF AN AUDITOR | PROFESSIONAL QUALITIES & PERSONAL QUALITIES

What are Qualities of An Auditor? As we know that an auditor is a watchdog means that he appointed to look after the interest of shareholders or owners of the business. A watchdog looks after the property of the owner. It is the qualities of an auditor to protect the property of the owners. He must inform […]

QUALIFICATION OF AN AUDITOR
AUDITING

QUALIFICATION OF AN AUDITOR | DISQUALIFICATION | STATUS OF AUDITOR

What is Qualification of An Auditor? A person shall be qualified for appointment as an auditor if he is a chartered accountant within the meaning of the Chartered Accountants Ordinance 1961. He can be appointed as auditor Of (A) public limited company or (B) a private limited company which is a subsidiary to a public […]

DIFFERENCE BETWEEN CONDITION AND WARRANTY
BUSSINESS LAW

DIFFERENCE BETWEEN CONDITION AND WARRANTY | CONDITION AS WARRANTY

What is the difference between condition and warranty? A contract of sale contains many stipulations regarding, the nature and quality of goods. These stipulations are not of equal importance. Some of them are the essence of the contract while others are not so indispensable. Whether any stipulation is condition or warranty depends on the construction […]

VOUCHING
AUDITING

VOUCHING | DEFINITION, OBJECTIVES, TECHNIQUES AND PROCEDURE

What is Vouching? It is the essence of auditing. The auditor can examine the documents that support and confirm a transaction. There is need to test the truth of items recorded in the books of accounts. Vouching means to prove an entry in the accounting record with documentary evidence as well as to see that transaction […]

DATA PROCESSING
COMPUTER

DATA PROCESSING | IMPORTANT STAGES IN THE PROCESSING CYCLE

What is Data Processing? Two components handle processing in a computer: the central processing unit, or CPU, and the memory. Both are located on the computer’s motherboard. let’s discuss in detail Data Processing in a computer. DATA PROCESSING IN COMPUTERS The Data Processing in computer are as under;- The CPU The CPU is that the […]

AUDIT WORKING PAPERS
AUDITING

AUDIT WORKING PAPERS | DEFINITION | OBJECTIVES | CONTENTS AND FILING

What is Audit Working Papers? An auditor has right to start audit work of a business. The load work is distributed among the audit staff. All audit clerks are allowed to examine the accounting statements and other records. They can collect information from the client. They can take notes from the books. The auditor can […]

PRINCIPLES OF AUDITING
AUDITING

PRINCIPLES OF AUDITING | BASIC AUDITING PRINCIPLES MUST BE FOLLOW

What are the Principles of Auditing? As we know that Auditing Standards is quality of work that can be used to measure the performance of auditors. let’s discuss in detail various principles of auditing. PRINCIPLES OF AUDITING The important Principles of Auditing are as under; 1. INTEGRITY: The auditor is straight of mind, honest and sincere in […]

BAILMENT
BUSSINESS LAW

CONTRACT OF BAILMENT | ESSENTIAL FEATURES, KINDS AND TERMINATION

What is Bailment? Bailment has been defined under section 148 of the Contract  Act as follows: ” It is the delivery of goods by one person to another for some purpose, upon a contract, that they shall, when the purpose is accomplished be returned or otherwise disposed of according to the directions of the person […]

INTERIM AUDIT
AUDITING

INTERIM AUDIT | DEFINITION | ADVANTAGES & DISADVANTAGES

What is an Interim audit? It refers to an audit conducted on a particular date within an accounting period. In large-scale business concern, the performance may be checked for a particular part of the year. Depending upon the amount of work the auditor may check the figures of a month or a quarter. The verification […]

INTERNAL CHECK
AUDITING

INTERNAL CHECK | OBJECTIVES & PRINCIPLES OF INTERNAL CHECK

What is Internal Check? An internal check is a part of internal control. It is concerned with staff duties so that a single person is not allowed to record every aspect of a transaction. The purpose is to prevent or disclose. errors and frauds/ One person automatically check the work of another person without duplication […]

Internal Control
AUDITING

INTERNAL CONTROL | DEFINITION | OBJECTIVES OF INTERNAL CONTROL

What is Internal control? Internal control means all measures taken by the management to improve working efficiency, to protect the asset from misuse, to check reliability and accuracy or accounting record, and, to see that prescribed policies of the management are follower’. The management is responsible for establishing and maintaining system of internal control. The […]

limitations of Auditing
AUDITING

LIMITATIONS OF AUDITING | IMPORTANT LIMITATIONS OF AN AUDIT

LIMITATIONS OF AUDITING What are the limitations of auditing? As we know that audit is the independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size, or legal form, when such an examination is conducted with a view to expressing an opinion thereon.There are many advantages of auditing […]

Objectives of auditing
AUDITING

OBJECTIVES OF AUDITING | PRIMARY , SECONDARY & SPECIAL OBJECTIVES

What are the objectives of auditing? The objective of an audit of monetary statements is to allow the auditor to specific opinion whether the financial statements are prepared, in entire material respects, in accordance with a recognized financial reporting framework. let’s discuss in detail important objectives of auditing. OBJECTIVES OF AUDITING The main objectives of auditing […]

Void Contracts
BUSSINESS LAW

VOID CONTRACTS | ESSENTIALS OF VOID CONTRACTS

What are Void Contracts? An agreement which is not enforceable by law is said to void. These are the agreements which do not create a legal relationship in between the contracting parties. In the eyes of law, a void agreements are not actually agreements and they are void ab-initio (from the very beginning).  Let’s discuss […]

Valid contract
BUSSINESS LAW

VALID CONTRACT | ESSENTIALS ELEMENTS OF A VALID CONTRACT

What is Valid Contract? Every contract is a valid contract unless it is not voidable, void or unenforceable by law. When one person makes an offer and other accepts it, it becomes a promise and when a promise has consideration for both the contracting parties, it becomes an agreement. According to The Contract Act, “an […]

MARKETING STRATEGIES
MARKETING

WHAT IS MARKETING STRATEGIES | TYPES OF MARKETING STRATEGIES | GLOBAL MARKETING

What is Marketing Strategies? We know that the main goal of a marketing manager is to develop a maintain a marketing mix that precisely matches the needs of the consumers in the target market. TYPES OF MARKETING STRATEGIES These are plans to meet marketing objectives. A good understanding of the marketing mix and the 7 […]

Marketing Process
MARKETING

MARKETING PROCESS | SIX IMPORTANT STEPS IN MARKETING PROCESS

What is Marketing Process? We know that Forecast is an essential activity of any organization. It allows a business to scrutinize its existing position within the market, consider the prospect to make stronger that position and determine the most valuable manner of implementing the required changes. Steps in Marketing Process The essentials six steps in […]

MARKETING DEFINITION
MARKETING

MARKETING DEFINITION | STRATEGIC ROLE & INFLUENCE OF MARKETING

What is Marketing? The  marketing definition is expressed in the following words; Marketing is employed primarily by a business as a technique of enhancing its revenue streams and increasing the market’s awareness of its product. The purpose of this is often to work out what the business ought to be manufacturing. MARKETING DEFINITION     […]

PRODUCTIVITY DEFINITIONPRODUCTIVITY DEFINITION
ECONOMICS

WHAT IS PRODUCTIVITY | PRODUCTIVITY DEFINITION & MEANING

What is productivity? We know that Productivity definition can be expressed as the quantity of output comes from a product during the production process by consumption of per unit of input by utilization of Labour and capital.   Image credits © Prof. Mudit Katyani. DIFFERENT PRODUCTIVITY DEFINITION Productivity refers to the speed of output per […]

FINANCIAL ENVIRONMENT
FINANCIAL MANAGEMENT

WHAT IS FINANCIAL ENVIRONMENT | FINANCIAL MARKETS

What is Financial Environment? Financial Environment in changing degrees, all organizations work inside the financial framework, which comprises of various foundations and markets serving business firms, people, and governments. At the point when a firm puts briefly sit without moving assets in attractive securities, it has coordinate contact with financial markets. All foundations and strategies […]