What is assurance?

Ans: An assurance engagement is one in which a practitioner expresses a conclusion designed to enhance the degree of confident of the intended users other than the responsible parties about the outcome of the evaluation or measurement of a subject matter against criteria.

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What are the limitations of assurance?

5.What are the limitations of assurance? Ans: The fact that testing is used The fact that accounting systems have inherent limitations Audit evidence is persuasive rather than conclusive Assurance provide would not test every items in the subject matter Subjective and professional matter Use estimates

Introduction to Taxation

Introduction To Taxation ★Definition of Taxation : The term 'tax' has been derived from the French word 'taxe' and etymologically,the Latin word 'taxare' is related to the term 'tax',which means 'to charge'. "Tax' means the income tax payable under the ordinance and includes any additional tax,excess profit tax,penalty, interest, fees or other charges leviable or payable under this ordinance "_ section 2(26) of the ITO 1984. "A tax is purely and simply a contribution, whether direct or masked which the public authorities impTose upon the inhabitants or goods for the purpose of defraying government expenditures."_ Leroy Beaulieu. "Taxes are compulsory payment to government without expectation of direct return in benefit to the tax payer."_ P.E.Taylor. ★ Characteristics of Tax: 1. Tax is a payment to the government by the p...

Cost concept & Cost classifications

Cost concept Cost is "a foregoing, measured in monetary terms, incurred or potentially to be incurred to achieve a specific objective" (American Accounting Association). Cost refers the monetary measure of the amount of resources given up or used for some specified purpose. It is the value the goods or services expended to obtain current or future benefits. All types of organizations incurred costs─governmental, not-for-profit, manufacturing, retail and service. Generally the kinds of costs that are incurred and the way in which these cost are classified depend on the type of organization such as─ manufacturing merchandising, and service. Cost Classifications Costs can be classified in different ways. There are manufacturing costs and non-manufacturing costs, direct and indirect costs, product and period costs, fixed and variable, sunk and opportunity costs, etc. Management accountants need to understand cost...

Accounting and Information Systems Of BU

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