What are Audit working papers?

Audit working papers comprise of documents, records and information which the auditors comes across in the course of their audit. i.e. audit of the financial statements, internal management audits, information systems auditing and investigations. Audit working papers gather documents which records all audit evidence the auditor uses to have a reasonable basis of arriving and forming an opinion on the truth and fairness of an enterprise’s financial statements.
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The Importance of Management Accounting

The administrative and economic functions of management include planning, counseling, directing and decision making. Management accounting plays the following roles in ensuring the effective performance of those functions:
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Balance sheet

Today we would be looking at the balance sheet, also called the statement of financial position. The balance sheet is one of the required statements a company must file at the end of an accounting period, alongside two other statements which are the income statement and the Statement of cashflows.
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Accounting Concepts

Financial accounting concepts are basically rules and regulations that are meant to guide the way records are kept, interpreted and analyzed. They are the basic principles used in the preparation of financial statements. We can say it is a backbone on which financial statements are built.
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The importance of accounting to modern day business cannot be overemphasized. In this post we would be analyzing just how important a good accounting record is to an organization. Later on, we would take a look at the functions of accounting. Before delving into the topic for today, let’s first discuss what accounting is.
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What is Overhead?

Overhead has been defined as the total cost of indirect materials, indirect wages and other indirect expenses. The word “indirect “ in this context means that which cannot be allocated but which can be apportioned to or absorbed by cost centers or cost units.
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Why are Pricing decisions very important to an organization?

Pricing decisions are very important decisions organizations need to make. It can make or mar a business. If prices are too high, there is a tendency that consumers avoid your products and move on to similar products with lower prices. On the other hand, if prices are too low, to the point of not being able to cover your average variable costs or fixed costs, you might need to shut down your business.
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CVP Analysis

This is a very powerful tool in management accounting. Its main purpose is to help management understand the relationship among cost, volume and profit, and management uses the information derived from the analysis  to make sound business decisions regarding products to be produced and sold, prices to be charged for the product, cost structure to maintain, marketing strategy to adapt and so much more.
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