1.Describe the role and purpose of an internal auditor for a business.

Neha has drafted the ledger accounts and financial statements at year end of her promotion s and marketing business and is pleased that gross profit is 74500 and net profit is 14500 Other details include

A Rent from a client of 3500 for the short-term use of an unwanted outbuilding for storage has been credited to the Land and building account.

B The cost of a color photocopier for the business 13500 including installation

C A bill for 650 for repairing some office equipment has been debited to the vehicle expenses account

d. The price of a moto vehicle for business use namely 7500 has been debited to the vehicle experience account

e Carriage in of 80 has been entered to the postage and delivery account

f 18000 from the sale of the outbreaking has been credited to the sales revenue account

Explain the accounting concern in each of the situations

Ignore depreciation and other adjustments and starting with nehas draft gross and the net profit figures show the effect upon profit of correcting end then give revised gross profit and net profit after the amendments

2.Why does a company prepares bank reconciliation

3.How and why do you adjust the inventory account in the periodic method

4.What does the cost principle mean for a company income statement

5.What is meant by non operating expenses and losses

6.Are the goods purchased by a retailer an expense or an asset?

7.are the goods purchased by a retailer an expense or an asset

8.what is the difference between assessed value and appraised value

9.describe the biggest challenge in accounting field and how you can overcome it

10.What impact do you think automation will have on accounting

Answer rating: 100% (QA)

Lets break this down one by one 1 Role and Purpose of an Internal Auditor The role of an internal auditor is to assess and evaluate the effectiveness of a companys internal controls risk management pr... View the full answer