Author name: Ruchi Gandhi

The author enjoys to write informational content in the domain of company law and allied laws. She takes interest in doing thorough and analytical research on legal topics. She is a CA along with MBA (Fin) and M. Com.

Definition of Small Company under Companies Act 2013

Small Company Definition

Companies that are small in size and operations are provided with some exemptions and privileges when it comes to fulfilling the requirements of various statutes. Such companies are categorized as “Small Companies”. In this blog, we have discussed the definition of a Small Company. What is a Small Company? The Companies Act 2013 created the …

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Difference Between Purchase Book and Purchase Account

Difference Between Purchase Book and Purchase Account

Both Purchase Book and Purchase Account relate to the recording of stock transactions, yet they are not the same. While Purchase Book is a component of the Journal, Purchase Account is part of Ledger. The basic difference between these two is that Purchases Book is used to record credit transactions only whereas Purchases Account is …

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MCQs on Vouching and verification: A compilation

MCQs on Vouching and verification

In this post, we have provided various multiple-choice questions (MCQs) on vouching and verification. Vouching is also called the acid test of an audit. It verifies the accuracy and authenticity of the transactions recorded in the books of account. It is the examination of documentary evidence in order to determine that they substantiate the entries …

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What are the Characteristics of a Good Audit Report?

Characteristics of a Good Audit Report

Characteristics of a Good Audit Report: The process of accounting is regarded as incomplete unless the books of account and financial statements are independently verified and examined. The responsibility of doing such verification and examination is with the auditors who conduct an audit and submit their report. Thus, an audit assignment starts with the appointment of …

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Understanding Assertions in Audit and their Types

Assertions in audit

Audit assertions: Assertions are an important aspect of auditing. Audits are done to verify financial statements and when financial statements are prepared by business owners, they assert that the information contained therein is accurate. In this blog, we have thrown light on the meaning and types of audit assertions. Meaning of audit assertions Assertions are …

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