Fictitious assets are expenses presented as assets. Preliminary expenses are an example of this asset. The presentation is for disclosure purposes. What's the Fictitious definition? Fictitious means unreal or not true Fictitious assets are So, we can infer … [Read more...] about Fictitious Assets
Test of Details
Definition: Test of details is a substantive procedure. It's a response to the risk assessment. Substantive procedures help Auditor to Test of details is testing the financial information by diving into the details of Here, we perform testing by verifying all the underlying … [Read more...] about Test of Details
Performance Materiality Definition, Example, and Calculations
Definition: Performance materiality (PM) Refer below to understand this statement with an example. Factors Considered for Calculating Performance Materiality: Performance Materiality (PM) is calculated as a percentage of materiality. The Percentage is … [Read more...] about Performance Materiality Definition, Example, and Calculations
Another word for Auditing
What to know Another word for Auditing? Read on to find out more. Auditing means verification of books of accounts. So, the auditor verifies if the financials are free from errors. The following words are used as synonyms for the word audit. The above terms … [Read more...] about Another word for Auditing
5 Surprising benefits of filing regular income tax returns : April 2024 [Updated]
An Exclusive Guide to find the Surprising benefits of filing regular income tax returns is detailed below for reference. Income tax (IT) Return: An income tax return is a medium between Government and the public to submit their income and tax details. Citizens are … [Read more...] about 5 Surprising benefits of filing regular income tax returns : April 2024 [Updated]