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Q. Explain about Wash Sale?
Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 days after or before the sale. Stock or securities for this purpose comprises contracts or operations to acquire or sell stock or securities. Losses incurred in a wash sale can't be deducted. It doesn't matter if total 60 day period begins in one tax year and ends in another. Though disallowed loss isn't permanently lost. Instead, basis in the newly acquired stock or securities is the same basis as of stock or securities sold, adjusted by the difference in price of stock or securities.
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
what is the effect of fraud and error on the financial statement.please I want simple answer
Limitation of Audit Evidence The quantity and quality of evidence is constrained through the following factors as: Absolute proof is not possible; Some assert
Explain appropriate audit procedures you would apply in verification of cheque payments.
Fortex Limited, the meat processing firm, was formed in 1985 from three smaller companies. In 1993, however, after a few years of spectacular growth, the company collapsed. a)
It is a compulsory audit Completed by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.
Length: 2000 words Submission method options Alternative submission method Task Question 1 (5%) Case: Battersby and Associates Chartered Accountants is a successful mid-tier ac
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Factors Affecting Statistical Technique Factors to be taken into concern before adopting statistical techniques as: a) The number of clients to whom it is appropriate since
Discovery of unlawful acts When an auditor discovers unlawful acts, usually he is not expected to disclose to the police or other authorities unless: The client authorise
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