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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.
Advantage and Disadvantage of Judgmental Sampling The advantages of judgment sampling The approach is understood as well and has been refined through experience o
Audit Approach The auditor: 1) Must get the cooperation of the client, as simply the client can authorise third parties that communicate along with the auditor. 2) Choos
Work Related Health Problems The health of a person working on a specific job in a particular environment may be affected by both. It is valuable to have a clear understanding
Question 1: What do you meant by Proactive Project Management? Define Proactive Project Management Bring out significance of Proactive Project Management with an exa
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Valuation - Detailed Audit of Stock IAS 2 prescribes such stock be priced at the lower of price and net realizable price, It is up to the auditor to ensure that net realizable
Irregularities: Irregularities can be explained as intentional distortions of financial statements for whatever reason and also as misappropriation of possessions whether or no
The Need for an Audit If you take an example of a modern large liability company, we can clearly distinguish between the providers of funds and those who control those funds. The
Sundry Debtors and Loans Sundry debtors and loans are not generally material assets of companies another than those companies whose business is to create loans. We shall cons
Key Audit Areas Key audit areas in detail (a) Ascertainment of creditors and debtors: Insurance companies do not keep their personal ledgers in such a way as to prod
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