Do you know the fact that we all are consumers in some way or the other, no matter what our age, gender, race, caste, community is. The consumer is the one who consumes the goods, i.e. the user of the goods. It is commonly misconstrued with the term customer, which refers to a person who buys the goods or commodity and pays the price for it. Each and every marketing activity is directed towards influencing the behavior of customers, i.e. to induce them in such a way that they take an action … [Read more...]

Marketing involves a broad spectrum of activities, whose ultimate goal is sales. B2B and B2C are the two business marketing models where sales are the end-result, but, this doesn't make the two business models alike. B2B is an acronym for Business to Business, as the name signifies, it is a type of commercial transaction where the purchasing and selling of merchandise are performed between two business houses, such as entity supplying material to another for production, or entity providing … [Read more...]

Vouching is the soul of Auditing because it forms a base for an effective audit procedure. Vouching means "to vouch" i.e. examine the vouchers. On the other hand, Verification means "to verify" the assets and liabilities of the business. Both the two terms are the first two steps of Auditing, infact vouching helps in the process of verification. In firner terms, Vouching implies the act of checking the vouchers, to identify the authenticity of the transactions recorded. Conversely, … [Read more...]

Audit alludes to a process of independent checking of financial records of an organization, so as to give an opinion on the financial statement. It can be grouped into two categories, namely, Internal Audit and External Audit. Internal Audit is not compulsory by nature but can be conducted to review the operational activities of the organization. In this type of auditing, the work area is determined by the entity's management. On the contrary, External Audit which is obligatory for every … [Read more...]

In general, Auditing is conducted to verify the extent of truthfulness and fairness of the financial records of an entity, but Investigation is performed to prove a certain fact. The scope of the auditing is based on the Standards on Auditing, but the scope of the investigation rests on the terms of engagement. It is quite normal that people get confused between these two terms easily due to lack of knowledge and proper understanding. Auditing is a process of identifying whether the results … [Read more...]