Forums
Materiality , Risk Assessment and INTERNAL CONTROL
Auditing
answered on 22-Feb-24 20:34
Sir, how is this answer possible?
latest answer
controls are actually designed for prevention of frauds and error. However, if you read inherent limitation of internal controls, you will see Abuse of power as one of the limitation. If controls are operational, but top management is abusing its power, Controls cannot identify these matters.
Swathi Krishna
CA Final
★ 8K+
1
354
Job costsheet
Costing
answered on 22-Feb-24 17:52
Practical problem 2 , unable to understand how they computed direct material cost
latest answer
what are you unable to understand? What is the working as per you?
Avantika Rajput
CA Foundation
★ 0
1
324
Bill to ship to model for services
Indirect Taxation
answered on 22-Feb-24 18:17
A from telangana supplied SEVICES to C in andhra on behalf of B from telangana and bill raised on B , whether cgst, sgst to be charged or IGST to be charged
latest answer
It depends upon place of supply which is based on type of service
Sai Vema
CA Final
★ 108K+
1
344
CAPM
AFM
answered on 22-Feb-24 16:01
When CAPM return > expected return - Sell . But when Price as per CAPM > actual price - Buy?. Did not understand the logic
latest answer
CAPM is ideal - this means stock price reflects this return Expected s what is going to happen as per your estimate If capm return is > expected return ( what is likely to happen), it means stock is priced high than what it should be and hence sell. If capm return is <what is likely to happen, stock price is low whereas it should be high and hence buy. Secondly when it comes to only price - IF CAPM price is > actual price - here we are not aware of expected return from our side this means price as per ideal is > what is available in market so buy
shamanth rm
CA Final
★ 2K+
1
290
Non taxable supply
Indirect Taxation
answered on 22-Feb-24 18:18
Rent free accommodation provided by employees to employee is a prerequisite, hence not taxable But if employer recovers a small portion from employee, then should he pay gst for that part or no
latest answer
In case of GST, only gifts are taxable only if more than 50K. Anything provided as a part of employment contract will not attract GST
Jaswanth P
CA Inter
★ 3K+
2
375
Income
Accountancy
answered on 22-Feb-24 14:13
Here it is showing that the economic benifits in the form of decrease in liability so my question is how can it be possible that if we pay off our liability then the liability will automatically decrease but that are the obligation which we have to pay How can we consider it as Income Can anyone explain it to me
latest answer
Decrease in liability and increase in equity
Snehashis Mohanty
CA Inter
★ 35
1
332
Audit report
Auditing
answered on 22-Feb-24 20:31
Will auditor's opinion is modified in respect to Key Audit Matters?.
latest answer
Meaning of KAM section is when auditor believes in providing additional understanding to the users. No separate opinion on these matters. opinion will be only one. Read about SA 701, what KAM does not substitute, you will get more clarify
Kurva Mahender
CA Foundation
★ 5K+
2
348
Exam
Exams
answered on 22-Feb-24 13:39
Is it necessary for the Principal to give approval for the exam form ?
latest answer
For direct entry that criteria is removed
Evangeline Rebecca D
CA Final
★ 2K+
4
427
Residential status
Direct Taxation
answered on 23-Feb-24 13:10
Conditions for NOR:- If any one satisfied he became RNOR and how sir if both satisfied he became ROR.If both not satisfied only he became ROR,I didn't get the clarity in this sir
latest answer
In case of additional conditions, if both the additional conditions are satisfied then only the Individual would be ROR. If any one or none of the additional conditions are satisfied then the Individual would be regarded as RNOR. Trust this clarifies !
Neha G
CA Inter
★ 190
1
204
Residential status
Direct Taxation
answered on 23-Feb-24 13:14
Sir, condition for RNOR, in material they given as he should be a resident for 1 year,but you are telling he should be resident for 2 years? Give me a clarification to this sir.
latest answer
In ICAI material they have used reversed language as non resident. We have used positive language. Meaning is same. Please read again.
Neha G
CA Inter
★ 190
1
280