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What are Dale Carnegie's five steps of sales?
Attention, interest, conviction, desire and close
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
Differences between audit plan and audit program?
difference between audit program audit & note book
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
How would you save against disadvantages of continuous Audit Compare between Continuous Audit and Periodical Audit?
What is meant by audit trail?
audit is an evaluation of a person, organization, system, process, project or product .Audits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system's internal control. The goal of an audit is to express an opinion on the person/organization/system etc. under evaluation based on work done on a test basis.Doing a trial process in audit to make it effective is audit trial.
Where do you put Sales Returns and Allowances on a trial balance?
On the trial balance, Sales Returns and Allowances is a liability. If items returned are sold later, they become assets under sales.
Net sales on the unadjusted trial balance?
Net sales on an unadjusted trail balance can be calculated as taking the gross sales and subtracting the expenses related. Once the trial balance is adjusted, you will be able to calculate your true net sales.
Are sales on a post closing trial balance?
No, Sales, as a Revenue Account of the Income Statement, is a temporary account, which should not appear on the post-closing trial balance.
Which account will appear on an after-closing trial balance?
sales
Are Sales Assets or Liabilities in terms of account Trial Balance?
Neither. Sales will be listed as an income statement account on the firm's trial balance. Once the accounts are closed at year end, sales will be closed into Retained Earnings.
Where can one purchase audit software for their company?
Extensive research has provided very little information as to where one can purchase audit software. Further research has found that there is a company called "Intelex" that provides audit software. One can apply for a free trial from their website. This company has provided audit software for companies such as Bell, GE and Volvo.
What substantive procedure would you perform in the audit of revenue?
Mostly Analytical procedures are performed when verifying Sales / Revenue
What is vat 240?
It is an anual audit report the data or sales& purchase transfared from vat 100 &vat 120.
What account does not appear on a post closing trial balance?
sales returns
When are the canceled check used?
1. As an audit trial for an entity that needs to be audited for whatever reason. 2. As an audit trial to substantiate tax deductions. 3. As proof of payment to a vendor who disputes receiving your payment.4. By a business owner as an internal control: to verify signatures on checks, to located transposed check amounts, etc.
Do you debit or credit proceeds of sales of fixed asset in trial balance?
credit credit credit
