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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                ...
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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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MONEY ,BANKING & FINANCE NOTES B.COM PUNJAB UNIVERSITY

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MONEY, BANKING AND FINANCE MONEY PORTION Q # 1: What is Barter System? Discuss its difficulties/defects/inconvenience? How money has reduced the difficulties/defects/inconvenience? The direct exchange of one commodity or service for another without use of money is called barter system. So a barter system is that in which no money exists. It is money less economy. Definition: According to G. Nomas: “Barter system is a form of trading in which goods are exchanged directly for other goods without the use of money as an intermediary”. In words of R.H.Parker: Barter system is a direct exchange of goods and services without the use of money as either a means of payment or a unit of account. Inconvenience or difficulties of barter system Double co-incident of wants: The barter system needs the matching of wants. The exchange of goods is possible if the wants of two parties coincide. For example a person having a table wants to exchange i...
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