why we prepare our accounts of book and why do audit our
accounts of book
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Answer / pradeep
acount is a vehicle it gives information to the others like
external users eg: creditors, investorsetc.. and internal
users like managers , and employees.
know about profit and loss sa well as financial position of
a company
we prepare account the main purpose of tax
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Answer / manojs
auditin is done to know whether proper books of accounts
are prepared. see if there is any misappropriations or mis
represntations or frauds is done. this is done by the
auditors
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the client has running his business in a rental building and he built new room in same place with own money. can we use the expenses of new room in profit and loss a/c
in tally in contra is possible to create the ledger for rent
who is invented to accounting
1.Closing Inventory consists of 1,100 units. What would be the cost of Closing Inventory under FIFO and LIFO methods? Opening Inventory 1000 units @ $ 10 $ 10,000 Purchase (1) 800 units @ $ 11 $ 8,800 Purchase (2) 500 units @ $ 14 $ 7,000 Purchase (3) 400 units @ $ 12 $ 4,800 Purchase (4) 300 units @ $ 13 $ 3,900 ------------ ----------- Totals 3000 units $ 34,500 ======= ======
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Audit 
