Purpose of issuing delivery note: Delivery note is a document accompanying a shipment of goods that lists the description, and quantity of the goods delivered. A copy of the delivery note, signed by the buyer or consignee, is returned to the seller or consignor as a proof of delivery. Who issues delivery note: The delivery note issued by supplier (
Continue reading What is purpose of issuing official receipt? An official receipt is a written acknowledgment that a specified payment has been received. A receipt records the sale of goods or provision of a service. Who issues official receipt? The official receipt issued by accounting and finance department, seller, and send to buyer of goods or service. Who receives official receipt? The
Continue reading What is purpose of issuing invoice? An invoice is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices and discounts (if any) for products or services the seller had provided the buyer. It shows the date of shipment and mode of transport, delivery and payment terms.
Continue reading Purpose: Quotation is a formal statement of promise (submitted usually in response to a request for quotation) by potential supplier to supply the goods or services required by a buyer, at specified prices, and within a specified period. A quotation may also contain terms of sale and payment, and warranties. Acceptance of quotation by the buyer constitutes an agreement binding on
Continue reading AUDITING AND THE AUDIT PROFESSION CHAPTER OBJECTIVE 1. WHAT IS AN AUDIT 2. THE PURPOSE OF THE EXTERNAL AUDIT 3. ADVANTAGES AND DISADVANTAGES OF AN AUDIT 4. THE RELATIONSHIP BETWEEN AUDITING AND ACCOUNTING …………………………………………………………………………………… 1. WHAT IS AN AUDIT? Audit is: the independent examination of evidence from which the financial statements of an enterprise are derived in order to give
Continue reading PROFESSIONAL ETHICS CHAPTER OBJECTIVE 1. FUNDAMENTAL PRINCIPLES 2. CONFLICT OF INTEREST 3. THREATS TO OBJECTIVITY AND INDEPENDENCE ……………………………………………………………………………………………. 1. FUNDAMENTAL PRINCIPLES The ACCA Code of Ethics and Conduct are detailed below: a. Integrity: straightforward and honest b. Objectivity and independence: fair, not allow prejudice or bias or the influence of others to override objectivity c. Professional competence and due care:
Continue reading STATUTORY AUDITS LEARNING OBJECTIVE 1. THE AUDIT REQUIREMENT AND AUDITOR 2. RESIGNATION AND RETIREMENT OF AUDITOR 3. RIGHTS AND DUTIES ………………………………………………………………………………………… 1. THE AUDIT REQUIREMENT AND AUDITOR Audit Requirement In most countries, not all limited companies are required to have their financial statements audited. Many exemptions may apply to small and medium-sized companies. Appointment of Auditors Appointment of auditors is
Continue reading AUDITING CONCEPTS: TRUE AND FAIR, MATERIALITY CHAPTER OBJECTIVE 1. THE AUDIT REPORT AS A MEANS OF COMMUNICATION 2. TRUE AND FAIR 3. REASONABLE ASSURANCE 4. MATERIALITY 5. ASSESSING MATERIALITY ………………………………………………………………………………………………. 1. THE AUDIT REPORT AS A MEANS OF COMMUNICATION • The External Audit Report A means of written, formal communication between auditor and shareholders in which the auditor expresses an
Continue reading AUDIT PLANNING AND RISK CHAPTER OBJECTIVE 1. AUDIT STRATEGY 2. AUDIT PLAN 3. AUDIT RISK ASSESSMENT 4. UNDERSTANDING THE ENTITY ………………………………………………………………………………………………………………. 1. AUDIT STRATEGY The audit strategy sets the scope, timing and direction of the audit. It allows the auditor to determine the following: The resources to deploy for specific audit areas (e.g. experience level, external experts); The
Continue reading INTERNAL CONTROLS CHAPTER OBJECTIVE I. INTERNAL CONTROL II. COMPONENTS OF INTERNAL CONTROL III. CATEGORIES OF INTERNAL CONTROLS …………………………………………………………………………………………….. I. INTERNAL CONTROL Internal control is the process designed and effected by management and others to provide reasonable assurance about the achievement of the entity’s objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable
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