Business

Definition: Audit working papers refer to the document in which the auditor writes facts, data, analysis of accounts while performing an audit of the enterprise. It is a written record that an auditor keeps relating to: Evidence found during the process of audit Methods and procedures that an auditor follows Conclusion drawn It covers all the data that the auditor … [Read more...] about Audit Working Papers

Definition: Operation Costing is a system of costing adopted when the firm manufactures many variants of a final product by using different raw materials but with the same conversion process. In other words, the process through which the product passes is the same. But the materials used to produce them differs. Due to this characteristic, we call it Hybrid product costing. … [Read more...] about Operation Costing

Definition: Business Report implies a formal document that presents facts, information, arguments, statistical data, analysis of research, etc. related to business interest, in a systematic manner. It is factual, orderly and unbiased communication, prepared to serve a business purpose. It is an analysis, evaluation, assessment or review of specific events, issues, set of … [Read more...] about Business Report

Definition: Reverse Merger when a listed public company with no business is acquired by an unlisted private company with a viable business. Another term for the reverse merger is: Reverse Takeover (RTO) Reverse Initial Public Offering. What is Merger? A merger is when a large company subsumes a small company. Also, it involves the exchange of cash and shares. But, … [Read more...] about Reverse Merger

Definition: Audit Report is the formal written opinion about the entity’s financial statements. The auditor conveys the report to the management at the end of the audit. Apart from the opinion on the statements, it also includes factual information. It is a medium of communication of the views of the auditor to the company’s management. Hence, he submits the report created … [Read more...] about Audit Report

Definition: Audit evidence refers to the information gathered or recorded by the auditor while performing the audit work to form a conclusion on each element, on which the opinion is based. For obtaining audit evidence, a number of audit procedures are applied by the auditor. It is the duty of the auditor to give an opinion on the financial statements presented by the … [Read more...] about Audit Evidence

Definition: Stores Management deals with undertaking the right type of materials in sufficient quantity, in a prompt manner whenever needed, to keep it safe against any sort of damage, pilferage, or theft. It is a part of material management. It involves actual material handling which is received held and issued. Based on the store size the store manager, general manager, or … [Read more...] about Store Management

Definition: Shell Company implies a fictitious company with no active business operations. These companies are formed with an aim of achieving specific business objectives which may or may not be legitimate. Such companies do not have a physical existence, as they exist only on paper. Meaning that it has no office, no staff, no assets, but just a bank account, to carry out … [Read more...] about Shell Company

Definition: Core Banking is an umbrella term that refers to the services rendered by a range of networked bank branches. It is a back-end system through which banking transactions related to deposit, loans, and credit can be processed daily across different bank branches, and updates are recorded and reflected immediately. Core banking is a business carried out by the bank with … [Read more...] about Core Banking

Definition: Sweat Equity Shares refers to the equity-linked instrument which a company issues to its employees or directors for providing their knowledge and expertise or making available the intellectual property rights or value addition to the business. Such shares are issued at a discount or for consideration other than cash. It is like compensation to the top management … [Read more...] about Sweat Equity Shares