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QUALITIES OF AN AUDITOR

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

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…

UNPAID SELLER

UNPAID SELLER | DEFINITION & MEANING | RIGHTS OF AN UNPAID SELLER

What is Meant by Unpaid Seller? A seller is a person who sells or agrees to sell goods and deemed to be an unpaid seller within the meaning of this Act. i. When the whole of the price has not been paid or tendered: ii. When a bill of exchange or other negotiable instrument has…

DIFFERENCE BETWEEN CONDITION AND WARRANTY

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

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…

TEST CHECKING

TEST CHECKING | DEFINITION | ADVANTAGES & DISADVANTAGES

What is Test Checking? An auditor may not be in position to check cent percent items while auditing the accounts of any concern. He can examine some entries and remaining items may be considered checked. The data is very large and sufficient time is not available for checking. The cost of audit may be high…

DATA PROCESSING

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

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…

AUDIT PROGRAMME

AUDIT PROGRAMME | DEFINITION | PURPOSE OF AUDIT PROGRAMME

What is Audit Programme? Audit programme is a list of work to be done by an auditor. The time period for the completion of audit work is stated. The duties are assigned to audit staff. The procedure is prepared that will help to verify each item of statements. The duplication of work is avoided and…

PRINCIPLES OF 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

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

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

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

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

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

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

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

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…

FINANCIAL ENVIRONMENT

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…

BUSINESS ENVIRONMENT

BUSINESS ENVIRONMENT | TYPES OF BUSINESS ENVIRONMENT

What is Business Environment? In the United States there are four basic of business organization in business environment; Sole proprietorships (one owner), partnership, corporations, And limited liability companies (LLCs), Sole proprietorships out number other combined by over 2 to 1, but corporations rank must by far when measured by sales, assets, profits, and contribution to…

REPRODUCTION IN ANIMALS

REPRODUCTION IN ANIMALS | TYPES OF REPRODUCTION

What is Reproduction in Animals? Reproduction is the ability to produce new individuals of ones own kind or reproduction is the biological process which leads to the production of the new individuals. Let’s discuss in detail reproduction in animals are as under; TYPES OF REPRODUCTION IN ANIMALS There are two types of reproduction in animals:…

PHOTOPERIODISM

WHAT IS PHOTOPERIODISM | PHYTOCHROMES & VERNALIZATION

What is Photoperiodism? The variations in day length are Galled photoperiod and the phenomenon is called photoperiodism. It is another very important way in which light exerts its influence on living organisms. Let’s discuss in detail photoperiodism in plants are as under; PHOTOPERIODISM IN PLANTS In plants photoperiod and temperature affects flowering, fruit and seed reproduction,…

REPRODUCTION IN PLANTS

REPRODUCTION IN PLANTS | DEFINITION | IMPORTANCE & TYPES

What is a Reproduction in Plants? Reproduction is the mechanism that produces new generations and maintains a species. Every species of organism can reproduce new individuals of that species. In organisms, methods of reproduction are varied and some are quite complex. In one respect, reproduction differs from all other functions of animals. it is not…

LEARNING BEHAVIOUR

LEARNING BEHAVIOUR | DIFFERENT TYPES OF LEARNING BEHAVIOUR

What is Learning Bahaviour? Thorpe defined learning as that process which manifests itself by adaptive changes in individual behaviour as a result of experience. Thorpe classified learning behaviour into six types: Imprinting Habituation Conditioning or conditioned reflex type I Operant conditioning or conditioned reflex type II Latent learning Insight learning. TYPES OF LEARNING BEHAVIOUR 1….

BEHAVIOUR

DEFINITION OF BEHAVIOUR | TYPES | INNATE BEHAVIOUR & INSTINCTS

What is Behaviour? Behaviour is defined as a change in response to the stimulus. In other words, animal behavior is the sum of everything that animals do, i.e. flying, walking, sitting, sleeping, eating, mating, rearing young ones, etc. Let’s discuss various types of behaviour are as under; TYPES OF BEHAVIOUR Behaviour is divided into two…

HUMAN NERVOUS SYSTEM

HUMAN NERVOUS SYSTEM | NERVOUS SYSTEM PARTS AND FUNCTIONS

What is Human Nervous System? The Human Nervous System is a type of centralized nervous system’, which includes various parts i.e Central Nervous System and Peripheral Nervous System. Let’s discuss in detail various parts of nervous System are as under; PARTS AND FUNCTIONS OF HUMAN NERVOUS SYSTEM The Human nervous system consists of two parts. Central…

CLASSIFICATION OF INFORMATION SYSTEMS

CLASSIFICATION OF INFORMATION SYSTEMS | INFORMATION SYSTEMS

What is Classification of Information Systems? Several other categories of information provide more unique or broad classifications. That’s because these information systems can support either operations or management applications. Classification of information systems are discussed as under; CLASSIFICATION OF INFORMATION SYSTEMS As we know that expert systems can provide expert advice for operational chores like…

NERVOUS SYSTEM

NERVOUS SYSTEM | ELEMENTS OF NERVOUS SYSTEM

What is Nervous System? The System engage specialized cells or neurons linked together directly or via the central nervous system, to outline network that attach the cell or organ’ which receive stimuli (receptors) and those which carry out actions or responses (effectors). The neuron has the capacity to produce and carry out impulses which pass…

PLANT HORMONES

PLANT HORMONES | FOUR MAJOR TYPES OF PLANT HORMONES

What is Plant Hormones? The special substances produced by the plants which influence the growth and plant responses to various stimuli are called plant hormones.Let’s discuss in detail different types of plant hormones are as under; TYPES OF PLANT HORMONES There are four types of plant hormones; Auxins Gibberellins Cytokinins Abscisic acid AUXINS These are…

COORDINATION IN PLANTS

COORDINATION IN PLANTS | PLANT MOVEMENTS & HORMONES

What is Coordination in Plants? Plants behave but their behaviour is fundamentally different from that of animals. The difference is due to two ways of life sessile on one hand and motile on the other.      Passive, complex and dynamic: Plants, compared to animals are far from being passive, and are a complex dynamic organism…

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