Elements of Auditing

List of the Methods of Factory Overheads Absorption: There are many methods by which absorption of factory overheads rate can be computed. The difference ...

The first step in overhead distribution is collection of overheads. This means the ascertainment of the total amount spent on each item of overheads during a ...

IDLE TIME. When workers are paid on the basis of time, there may be some difference between the time paid for and the time actually spent on production. This ...

TIME BOOKING: Under time-keeping methods we simply record the time spent by a worker in the factory. Such record does not show how that time was utilized by ...

MATERIAL CONTROL: Material forms important part of cost of production of a product. It is therefore essential for proper control of material and its ...

The difference between Financial Audit, Cost Audit and Management Audit: Financial Audit. Main elements of Financial Audit are: It is an effort to ensure a ...

The management audit is an examination, scrutiny and appraisal of the plans, policies, objectives, means of operation and the use of physical facilities. This ...

Cost audit programme is a coordination of the work to be done, the work distributed among the audit staff and the time within which the assignment has to be ...

Advantages and Limitations of Cost Audit. Cost audit is the verification of correctness of cost accounts and of adherence to cost accounting plans. The primary ...

Difference between Cost Audit and Financial Audit: Accounts: Cost Audit is an audit of cost accounts, cost statements and cost accounting plan. Whereas, ...

Meaning of Cost Audit: Cost Audit is the specific application of auditing principles and procedures in the field of cost accounting. It has been defined by ...

The different methods of costing are classified according to the nature of operations. The main methods of ascertaining cost aJob costing, contract costing, ...

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