Question { Genpact, 35931 }

How will u handle accounts receivable?

Answer

accounts receivable is current asset of the company.
Accounts receivable is the amount to be received from the
customer / party for the sale or services provided.
it should show the details of the party from whom it is to
be received.
u should be checking for what period the balance of each
party is outstanding which will help to track the collection
procedure.

Question { 23862 }

Can any body tell me what is the difference between Company
act & income tax act depreciation chart, if any one have any
chart or clarification about it, please mail me at
vaish_shiwani87@rediffmail.com

Answer

answer given by Mr. Ekansh garg is partially right but the
following line said by him is totally wrong-
Both the charts are required to calculate depreciation on
fixed assets in case of companies. However, in case of
other assessees like individual,HUF and Firms only income
tax chart is required.
bcoz companies act has given depn sch 4 co. which is the
minimum rates should b taken & i.t depn rates 4 i.t computation
every co,firms etc 4 preparation of accounts should take
their own policy on depn rate & not to depend on the
companies act or i.t act

Question { 13809 }

What is internal and statutory Audit and what are the roles
of auditor.

Answer

internal auditor r those who verify those matters as per
requirement of client.he checks 100%.he reports to the
management.



external auditor r those who verify those matters which r
reqd to report on true & fair view of financial
statements.he may do sample checking. he reports to the
owners of org.