Fixed costs are expenses whose total does not change in proportion to the activity of a business, within the relevant time period. For example, a retailer must ...

Internal check denotes such an arrangement of duties among the staff that the work performed by one individual is independently checked by another in a routine ...

Statutory audit and Internal Audit are closely similar as regards the internal control system, ascertainment of adequacy and effectiveness of the accounting ...

Profit and Loss Account and Balance Sheet are important financial statements of any business. They are related with the financial health of the firm or ...

Exempted incomes are those incomes which are not added to the total income for the purpose of taxation. The incomes on which tax is not levied are known as ...

Different Classes of Audit are: Audit under Statues. This is also called as Statutory Audit. In case of a company where audit is made compulsory by law is ...

The objects of audit can be classified as Main Objects and Subsidiary Objects. Main Objects: The main object of audit is to verify the accounts and to report ...

Difference between Interim and Final Audit: Final Audit is also known as periodical audit, annual audit or complete audit. This type of audit is usually done ...

Continuous audit is an audit which is continuously done throughout the year. Continuous audit involves detailed examination of transactions, books of accounts ...

Difference between Auditing and Investigation. Auditing is an independent and systematic examination of the books, accounts, records and financial statements ...