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Q. What is Transferred Basis?
Transferred Basis - A transferred basis is the foundation of property in the hands of a transferor, donor or GRANTOR. In this sense a prior owner's basis in property is transferred to the taxpayer. Transferred basis takes place in the following transactions: GIFTS, transfers in trusts,certain transfers to controlled CORPORATIONS, contributions to PARTNERSHIPS and LIQUIDATING distributions from a corporation.
i have assignment
Statistical sampling - Advantages A. It is defensible and scientific; B. It gives a precise mathematical statement for probabilities of to be correct; C. It is efficien
Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi
Concept of Audit Evidence The auditing is an evidence gathering exercise. It is an exercise continued out to confirm the assertions made through the management in carrying ou
Judgmental Sampling The Judgement sampling is where, auditor using his own experience and awareness of the client's business and situations selects the sample to be tested with
As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud. Ans: No, the prim
Accounting Principles and Policies The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be
Why is studying Auditing different from studying other accounting topics?
describe how the auditors would determine that all investments income from shares had been properly recorded in the accounting records
The Concept of Audit Evidence Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the man
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