What are Payables? Payables are amounts of money that a person or company owes to suppliers, vendors, or other creditors for goods or services that have been received. In other words, payables are amounts that are due in the future as a result of transactions that have already taken place. These amounts may be due […]

What are Receivables? Receivables are amounts of money that are owed to a person or company by customers or clients for goods or services that have been provided. In other words, receivables are amounts that are expected to be paid in the future as a result of transactions that have already taken place. As a […]

What are Cash and bank balances? Cash and bank balances refer to the amount of money that a person or company has on hand in the form of physical cash, as well as the amount of money that is held in checking, savings, and other types of bank accounts. The term “cash and bank balances” […]

Audits of hospitals are to be done considering these points in mind. (i) Verify the register of patients (ii) Collection of cash (iii) Income from investment, rent, etc. (iv) Legacies and Donations (v) Reconciliation of subscriptions (vi) Authorization and sanctions (vii) Grant (viii) Tax Deducted at Source (ix) Budgets (x) Internal Check (xi) Depreciation (xii) […]

What is a financial audit? A financial audit is an independent review and examination of a company’s financial statements and records. The purpose is to provide assurance that the financial statements accurately reflect the financial position. This is typically done by an independent accountant or firm and is required by law for publicly-traded companies. The […]