Author: Falguni Paleja
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AUDITING – definition and objectives
Definition of auditing Auditing and Assurance Standards (AAS) 1 by ICAI “Auditing 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”. A.W. Hanson “An audit is an…
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Important Financial Terms
ACCRUAL – this is an expense incurred but not yet entered into the double entry bookkeeping system. BAD DEBTS– this is money owing by a customer which either the customer cannot pay or which the customer will not pay and you are unwilling to take steps to force the payment. In short it’s the amount…