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ECONOMICS NOTES B.COM PART 1(PUNJAB UNIVERSITY LAHORE)

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ECONOMICS Q# 1: Critically examine the definition of economics given by Alfred Marshall? Or “Economics is the study of causes of material well being” Discuss and criticize the concept Introduction: The word economics has been derived from Latin word “OIKONOMOS” and there are three different concepts about the definition of economics. Ø Classical Ø Neo – classical Ø Modern According to Marshall . “Economics is the study of mankind in the ordinary business of life it examines that part of individuals and social actions which are most closely connected with the attainment and with the use of material requisites of well-being”. Main points of Marshall : Following are the main points of Marshall ’s definition. Ø Ordinary business of life: In economics ordinary business of life is studied. Ø Primary importance to well-bein
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NOTES AUDITING B.COM PART 2 PUNJAB UNIVERSITY

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AUDITING PANEL 1 Topics Include:- 1 Difference between Accounting & auditing. 2 Objectives of auditing 3 Advantages of an audit. Q # 1 : Difference between Accounting & Auditing. Difference between accounting and auditing work should be clear because nature, scope and type of work are different in both fields. Accounting:                      “Accounting is an art of recording the business transaction in the books of accounts and to prepare a financial statement”. Auditing:                 “The auditing is the examination and checking of accounting records and financial statements”.          Process of accounting                                                       Process of auditing                                                    Cash Flow Statement          Journal                                     Reporting                  Ticking                                                                  
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