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Advantages of Fixed Assets Register
There are several advantages if the register properly maintained:
a) There is an independent record of all fixed assets showing particularly their position and the internal control over fixed assets is strengthened. This record can be separately checked to the assets themselves on a periodic foundation.
b) Accurate depreciation records can be sustained for every asset.
c) It assists the auditor in examination the existence and completeness of the assets, it would be mostly impossible to do this from the common ledger.
d) It gives a good record for tax purposes in calculations of wear and tear.
Deposits and Share - Building Society Shares may make of subscription shares and paid up shares. Interest on shares might be credited to ensure specific control to the account
Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises. Items of machinery and plant can be numerous mobile
example of it security policies in Hardware
Procedures that Auditor Adopts The auditor’s procedures will include: (1) Getting an understanding of the entity as a whole in order to see the accounting system in proper per
Common stock valuation 1. Features of common stock (You may review common stock learned from TCA 221) a. Residual claim on income and assets (after debt holders and preferre
Simple Trust - This type of TRUST is essential to distribute all its income currently, whether or not the TRUSTEE actually does so and it has no provision in trust instrument for c
internal control procedures to be put in place when purchasing a motor vehicle
Q. What is Withholding Allowance? Withholding Allowance -Every taxpayer is allowed to claim a withholding allowance, which exempts a certain amount of wages from being subject
Responsibilities of the Auditor The Auditor has no duty for the prevention and recognition of fraud and error though the annual audit might act as a restraint. As explained
techniques of vouching
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