Efficient Auditing is generally conducted in case of public enterprises to see whether the return on the capital outlay justifies the existence of the enterprise. Efficient audit is sometimes called propriety audit. Kohler defines it: “Propriety audit is that which meets the tests of public interest, commonly acceptable customs and standard of conduct”. It is that auditing in which the various positions and actions of the executive of a concern are examined t fine out whether they are in the interest of public and whether they meet the standards of conduct.
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Decentralization means that the control of operations is delegated to many managers throughout the organization.
- Contra asset account
Accumulated Depreciation- Office Equipment is a contra asset account which is an account offset against an asset account on the balance sheet.
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- Retained earnings statement
The retained earnings statement is a financial statement that shows the changes in retained earnings during the year.
Bookkeeping is a part of accounting process that involves only the recording of economic events.
- Activity-based costing (ABC)
Activity-based costing (ABC) is a method of allocating overhead based on each product’s use of activities in making the product.