Question { Accenture, 4288 }

I have had a Accounting experience more than 20 year in
General Accounting, Traveling & Tourism, and Air lines. Can
I change my Job from Accountant to Auditor- Please give me
right advise.

Answer

Buddy, I have seen all auditors to be a Certified or Chartered Accountants. The real accountants or auditors have Chartered designation. If you want to be a internal auditor than get Certified Internal Auditor certification or if external auditor than Chartered or certified Accountant designation. After having 20 yrs exp switching to another specialization will not be easy for you. 

Question { ITC Infotech, 3511 }

Can somebody explained IAS 11 construction contract in
terms of general entries. and is there any possibility when
WIP classified as non current assets.

Answer

Journal entries for construction contract:-
(Percentage of completion Method)

(1) construction in progress Dr
    Cash Cr

(2) Accounts receivable Dr
    Billings on construction contracts Cr

(3) Cash Dr
    Accounts Receivables Cr

(4) Construction in progress Dr
    Construction expense Dr
    Construction (Work certified) Revenue Cr

Although Construction (WIP) is recorded as a non-current asset, it is not depreciated or subject to revaluation requirements until the asset is complete and first put into use or held ready for use by the relevant Agency.

Question { 4950 }

what is auditing?

Answer

"Audit is the process and Assurance is the product"

Audit is the process of testing client's financial reports (audit) in order to give our client the confidence that their report is what it seems to be (assurance).

The objective of audit is to give assurance that financial statements give true & fair view.

Question { 4001 }

what is the difference between depreciation in account books
and depreciation as per income tax act

Answer

In general accounting any method of depreciation can be used for calculating accounting profit but while calculating corporation tax, Taxable profit is calculated and in that HMRC disallows depreciation on fixed assets.

According to UK tax law (HMRC)

Depreciation on fixed assets is disallowed for corporation tax purposes. Companies are instead allowed a fixed writing down allowance on certain capital expenditure such as expenditure on plant and machinery.

Question { Pharma Traders, 6186 }

I have received 75000/- as retainership fees from ABC company but they
have deducted TDs 10% and send me 67500/- my question is that what
entry i have to pass in my books please help me

Answer

When earning is due

ABC co DR 67500
TDS DR 7500
Retainership fees CR 75000

When Received

Retainership fees DR 67500
ABC co CR 67500

Question { INDUS, 3510 }

what is asset under constractions

Answer

Asset under construction= fixed asset under construction in progress.

Quite Simply, a business cannot, must not, wait until a long term construction contract which lasts several years is completed before any profit (or loss) is taken to the financial statement. That would be a distortion of the truth i.e. the company performing the contract would have been successfully completing stages of contract and must therefore take some profit in financial statements as contract activity progresses (Matching Concept).