Define Revenue
Define Revenue in terms of Accountancy in brief?
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Revenue is the amount that any company or business acquires for offering goods or services after selling them. This revenue is the earning or income source of that business association. Each and every business works for trading or production in particular goods and each and every sale will be the revenue of business and after subtracting all expenses business can find net gain or loss from that trade.
How does the internal audit vary from an external audit?
Operational Audits: It is a review of how an organization's management and its operating events are functioning with respect to their efficacy and efficiency in meeting stated objectives. For illustration, a business might execute an operational audit
Write down the essential principles of an internal audit control system?
Audit procedures that ignore the actual computer processing part of business activities. A sample of input is tested and verified through standard audit technique, and the output is checked. Auditing around the computer assumes that if the output rights, then the processing is righ
Write down the importance of measuring an internal audit department?
Write down the importance of Internal Audit?
Distinguish between Operating versus Non-Operating Revenue?
Elucidate the difference between statutory audit and internal audit?
Elucidate various Functions of Internal Audit?
The length of the writing / reportmust not exceed 1000 words. Words in Bibliography or Reference Lists section are not included in the word count. 3 marks will be given for the contents (sources and understanding of industry and able to link audit objectives with findings); 1 mark will be given ba
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