Auditing Theory and Practice, Volume 1 (Google eBook)

Front Cover
Ronald Press Company, 1913 - Advertising
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Contents

Preparation always essential
50
ETHICAL DUTIESLEGISLATION
56
English Companies Consolidation Act 1908
64
System of internal check
83
Liens and hypothecations
89
Suggestions as to overdue accounts
96
Miscellaneous advances on contracts illustrations deferred charges
97
Stook subscriptions
103
Gross profits
109
Temporary investments expediency of making test of availability
115
Machinery and equipment depreciation record of machinery excessive
124
Small tools
125
BALANCESHEET AUDITASSETS Continued
131
Treasury stock valuation of
138
4 Writing down assets bank Dermises
144
checking orders and receiving records discounts
151
Judgments
157
Water rates
159
BALANCESHEET AUDITLIABILITIES Continued
165
The minute book
171
Premiums on capital stock
177
Economic definition of profits
183
Treasury ruling on bad debts
186
International Harvester Companys practice
192
increased efficiency of new machinery
199
importance of distinction between capital and income in
205
Forms of certificates
211
CERTIFICATES AND REPORTS Continued
224
Arrange accounts to show comparison with previous periods and unit costs
230
Pay roll chart
237
Cooleys American Audit Record specimen pages
244
Checks received must be deposited
252
Verification of Income pagb
258
Income from investments
265
Anticipating profits on sales not delivered
271
Wasting time on checking vouchers
277
Extraordinary expenditures
283
Duties
290
Freight and express
292
Asset and Liability Items
298
Buildings
304
Piling systems essential features of
310
Instance of fraud
380
Casualty Health Surety Title Guarantee and Other Companies
389
Salability of stock consigned goods stock on hand
395
Reserve for returns printing and mailing job printing
401
General considerations
406
Departmental accounts seasonal balances gross profit on sales
412
SPECIAL POINTS IN DIFFERENT CLASSES
418
Standard schedule of revenue and expense
424
Traffic earnings
428
Ticket sales advertising miscellaneous receipts outstanding tickets
434
Mileage records depreciation
440
Meterreaders book sales of appliances
446
Commercial department subscribers ledger depreciation
452
Controlled financial stationery
458
Assessments
460
Assessment or special improvement bonds bonded debt
466
SPECIAL POINTS IN DIFFERENT CLASSES
475
General considerations patients accounts State appropriations
480
Income dues room charges restaurant and bar orders miscellaneous
486
Subcontractors
492
Cash system verifying receipts methods of keeping accounts
498
Details which may be omitted
504
b Period covered
511
INVESTIGATIONS Continued
528
g Adjustments and qualifications partners salaries contracts
531
2 Investigation for Creditors
539
Details to be considered 497
544
HOLDING COMPANIES
553
Preparation of profit and loss account
559
PAGE
563
THE LIABILITIES OF AUDITORS
571
2 Cases where the auditor was held not liable
577
4 Periodical audits
587
THE LIABILITIES OF DIRECTORS
593
General considerations
601
Accountants discussion of the law with the Attorney General
608
Interpretation of the law by Treasury Department
614
Treasury decisions on corporation tax law
624
Inconvenience of making returns for calendar year
631
CERTIFIED PUBLIC ACCOUNTANT LAWS
639
Copyright

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Page 611 - All the ordinary and necessary expenses actually paid within the year out of income in the maintenance and operation of its business and properties, including all charges, such as rentals or franchise payments, required to be made as a condition to the continued use or possession of property.
Page 611 - All the ordinary and necessary expenses actually paid within the year out of earnings in the maintenance and operation of its business and property within the United States and its Territories, Alaska, and the District of Columbia, including all charges such as rentals or franchise payments required to be made as a condition to the continued use or possession of property.
Page 641 - Provided, That no deduction shall be made for any amount paid out for new buildings, permanent improvements, or betterments, made to increase the value of any property or estate: Provided further, That only one deduction of
Page 65 - (2) The auditors shall make a report to the shareholders on the accounts examined by them, and on every balance sheet laid before the company in general meeting during their tenure of office and the report shall state (a) Whether or not they have obtained all the information and explanation they have required; and (b)
Page 64 - 113. (i) Every auditor of a company shall have a right of access at all times to the books and accounts and vouchers of the company, and shall be entitled to require from the directors and officers of the company such information and explanation as may be necessary for the performance of the duties of the auditors.
Page 240 - 106. Once at least in every year the directors shall lay before the company in general meeting a profit and loss account for the period since the preceding account or (in the case of the first account) since the incorporation of the company, made up to a date not more than six months before such meeting.
Page 65 - such reference to that report as is required by this section, the company, and every director, manager, secretary, or other officer of the company who is knowingly a party to the default, shall, on conviction, be liable to a fine not exceeding fifty pounds. (5)
Page 611 - corporation or association organized and operated exclusively for religious, charitable, or educational purposes, no part of the net income of which inures to the benefit of any private stockholder or individual. Second. Such net income shall be ascertained by deducting from the gross amount of the income of such corporation, joint stock company or association, or insurance company, received within the year from all sources:
Page 611 - All losses actually sustained within the year and not compensated by insurance or otherwise, including a reasonable allowance for depreciation of property, if any, and in the case of insurance companies the sums other than dividends, paid within the year on policy and annuity contracts and the net addition, if any, required by law to be made within the year to reserve funds.
Page 611 - All losses actually sustained within the year in business conducted by it within the United States or its Territories, Alaska, or the District of Columbia not compensated by insurance or otherwise, including a reasonable allowance for depreciation of property, if any, and in the case of insurance companies the sums other than dividends, paid within the year

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