Distinction between Internal Audit and External/Statutory Audit

At following points, Internal and External/Statutory Audit differs:- 1         What is the purpose of the audit? Internal audit considers whether business practices are helping the...

An introduction to Internal and Statutory Audit

Auditing is a systematic examination of the books and records of a business or other organisation in order to ascertain or verify and to...

Definition and objectives of Internal Control

The control is a continuous process. It is a part of the routine in all types of organisations whether small or big. The word...

Characteristics of Internal Control

Characteristics of Internal Control 1. Experienced, Qualified and Trustworthy Personnel The personnel should be well qualified, experienced and trustworthy and this helps in providing better servicesthan...

Implementation and Review of Internal Control

Implementation and Review of Internal Control The internal control is all the more important in the hospitality industry. In normal business houses; the sale is...

Income Statement

The summary of all accounts dealing with transactions relating the revenue and expenses is termed as profit account. The account is termed as statement...

Implementation and Review of Internal audit

The auditing for hotels differs from the type, size of the hotel. The degree of mechanization had a great impact on the auditing of...

Basis of allocation: Departmental Accounting

Different basis of allocation Sl No.CostBasis of allocation1Interest(i) Total Capital Employed in in the Department(ii) Square feet of the area occupied(iii) Ratio to Sales2Insurance(i) Square...

Practical Problems in Departmental Accounting

Answer:- Head Office Expenses Restaurant ( 20,000/8)*5= 10,000Banquet (20,000/8)*3= 6,000Bar (20,000/8)*2= 4,000 Advertisement & Marketing Expenses Restaurant ( 20,000/8)*5= 10,000Banquet (20,000/8)*3= 6,000Bar (20,000/8)*2= 4,000 Office Expense 15,000/3= 5,000 to...
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