Diploma in IFRS - Free Study Material Now Available
Free Resources for Diploma in International Financial Reporting Standards (DipIFR) Diploma in IFRS is offered by many institutes around the world. But the most sought after is the one offered by ACCA body. ACCA named this diploma as Diploma in International Financial Reporting (DipIFR). To aid best students and professionals preparing for DipIFR by ACCA, […]
What is Accounting Worksheet?
In accounting a worksheet or also known as extended trial balance is a business form containing multiple columns that is sometimes prepared in the concluding stages of accounting cycle. It is prepared after unadjusted trial balance is extracted from the ledgers’ balances. Major purpose of the worksheet is to incorporate adjustments to the closed accounts in […]
What is Expectation gap in auditing?
Auditing expectation gap or simply expectation gap is the term used to signify the difference in expectations of users of financial statements and auditor’s expectation concerning audited financial statements. Although its about expectations but still its scope and meanings have been defined in number of ways. Difference in expectation can arise on the performance i.e. […]
What is meant by Carriage inwards and its accounting treatment?
Carriage inwards, transportation inwards, transport inwards, freight inwards or shipping cost are the cost borne by the buyer of the goods for moving the goods from supplier’s place to his own place (usually raw material store) or for receiving the goods at his place as such costs are to paid once delivered. It is often […]
Why auditor may be unable to obtain sufficient appropriate audit evidence?
Auditor is required to obtain sufficient appropriate audit evidence as it helps auditor reduce audit risk to appropriate level which leads to positive expression of auditor’s opinion in auditor’s report. Although auditor puts every effort in obtaining sufficient appropriate audit evidence, however, this is not always the case and under specific circumstances he may not […]
When Auditor expresses a Qualified opinion?
A qualified opinion is one of the three types of modified opinion that auditor expresses in circumstances where unmodified opinion is not appropriate in auditor’s judgment. Qualified opinion is also known as “except for” opinion. As the name suggests it is a conditional opinion on the financial statements being audited and implies that except for […]
What is Audit around the computer?
Audit around the computer means that processing done by the computer system needs not to be audited as auditor expects that sufficient appropriate audit evidence can be obtained by reconciling inputs with outputs. In simple words evidence is drawn and conclusions are reached without considering how inputs are being processed to provide outputs. Sometimes it […]
What is meant by CAATs?
CAATs short for Computer Assisted Auditing Techniques simply means that assistance of computers is taken by the auditor while carrying out audit engagement. Some students misinterpret the term as if computers will carry out audit engagement as a virtual assistant to the auditor which is not the case as yet. Explanation As we have witnessed […]
What is age, aged, ageing or aging analysis?
Age analysis is simply a time-based analysis with reference to due date to determine either how much time is left until due date or how much time has passed since due date. Most of the time age or aged or ageing analysis refers to the second type of analysis i.e. how much time has passed […]
Preparing ACCA Exams - Quick Guide and FAQs
A lot of students are asking me loads of different questions of different nature while preparing for ACCA exams including what subject to take what to leave, how to plan study and exam attempt, which questions to do first in the exam, what topics are important, what to read and what to leave etc. Following […]
