Asset vs. Expense

For an effective business management, it’s necessary to understand asset vs. expense. So, If you have started up a business or already have one, you … Read more

Statement of owner’s equity

Statement of owner’s equity help to understand the current wealth owned by shareholders/owners. The movement of balance in the statement indicates whether the business has … Read more

Accounting for inventory

Accounting for inventory involves different items like accounting for purchase, accounting for work in process, accounting for finished goods etc. Let’s go through each of … Read more

audit vs assurance

Audit VS. Assurance

An audit is a process of checking accounting and other information given in the financial statement. For instance, the closing balance of property, plant and … Read more

Qualities-of-a-good-auditor.

Qualities of a good auditor

Broadly, there are three qualities of a good auditor, these include knowledge on financial principles & audit processes, certain personality characteristics, and experience in the … Read more

Scope of an audit

Scope of an audit

The scope of an audit means extent of work the auditor needs to perform. If the scope of an audit is extensive, the auditor needs … Read more