Finance FAQs

Why do some people believe that a mixed economic system solves basic economic problems?
It is because both the private sector and public sector have a say in answering the basic economic questions, thus, there will be a degree of high efficiency (due to the private sector involvement) and social welfare too (due to the public sector ...... More »
Should Newspapers and book publishers convert to electronic publishing over paper publishing as their primary product?
NO! Only a fraction of the world's people has access to computers or the energy needed to operate them. How would a deaf-mute access literary works? ...... More »
What are Objectives Of Internal Audit?
The purpose of internal audit is to keep proper control over business activities. When there is proper control there is maximum efficiency. The internal auditor determines the degrees of control over work. The purpose of internal audit is to evalu...... More »
Describe some of the methods used to allocate support costs.
Headcount or number of pc's per cost centre. ...... More »
What is an audit process?
The word 'Audit' is a derivative of the word 'Audition' which means 'to hear'. In earlier times, the Kings used to hear their accountants narrate the accounts verbally. However, as the complexity of the accounting function ...... More »
Explain The Difference Between Internal Audit And External Audit?
The internal audit is conducted to help the management. The weakness of the management is disclosed. The external audit is conducted to help the shareholder. The rights of owners are protected. The appointment of internal audit is made by the mana...... More »
What Is The Difference Between JOURNAL ENTRY & LEDGER
HTML clipboardA journal is also called as a book of prime entry. transactions occured are first entered in this book to show w...... More »
How to involve people in audit?
Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk through the audit process with you as an assistant. This will provide others with a better understanding of what audits are and why they are necessary...... More »
What to do after the audit?
► Hold an auditors meeting to discuss the closing meeting content. ► Hold a closing meeting with all auditees involved with the audit. First, point out what was done well. Second, address the nonconformances and ensure the auditees...... More »
What techniques used during an audit?
► Be professional at all times. Avoid being judgmental. ► Follow safety procedures, clean room procedures, and all other required procedures. ► Explain the purpose of the audit to the auditees. ► Answer quest...... More »