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...
