Auditing

Introduction Inventories are carried at a lower cost and net realizable value. Cost is calculated on a weighted average or specific identification basis as appropriate and comprises all costs of purchase, cost of conversion and other costs incurred bringing the inventories to their location and condition. Net realizable value is the estimated selling price less …

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Fixed assets are the long-term tangible assets that are used for the production of goods and services in the business providing long-term financial gain with a life of more than a year. Fixed assets are property, plant, and equipment on the balance sheet and are also known as capital assets. Auditors play an important role …

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