AIOU SOLVED ASSIGNMENT 1 CODE 481 AUTUMN 2016 B.COM
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In law, fraud is deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud itself can be a civil wrong (i.e., a fraud victim may sue the fraud and there will be consequences too perpetrator to avoid the fraud and/or recover monetary compensation), a criminal wrong (i.e., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities) or it may cause no loss of money, property or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, such as obtaining a driver’s license or qualifying for a mortgage by way of false statements.
A hoax is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a victim.
AUTUMN 2016 AIOU SOLVED ASSIGNMENT 1 CODE 481 AUDITING
1. ERRORS OF OMISSION:- When any transaction is not recorded in the books of accounts, it is called an error of omission. So transaction is absolutely omitted from the record.
Effect On Trial Balance: – Now this error will not be detected by the trial balance. The trial balance will agree even this error is committed. So the error willing to be disclosed by the trial balance. It will be very difficult to locate the error.
Example: – Suppose some purchase was not recorded in the books. The total purchase recorded in the books will be less than actual purchase. This error will not be disclosed by the trial balance.
Detection of Error: – An auditor may detect the error by comparing the data of previous with this item. We may say that critical analysis of the auditor locate such type of errors.
2. ERRORS OF COMMISSION:-When the transaction is recorded but incorrectly we say that error of commission is committed. (i). Wrong posting from original books to ledger. (ii). Incorrect entries in the original records.
AIOU SOLVED ASSIGNMENT 1 CODE 481 SPRING 2017 WILL BE UPLOADED IN NEXT SEMESTER INSHA ALLAH
Effect On Trial Balance :- (a). In the invoice if transaction is recorded incorrectly, the effect on the trial balance will be nil. (b). If a part of transaction is recorded incorrectly then the trial balance will be not balanced.
Detection of Errors: – Such errors can be detected by checking the arithmetical accuracy of the original books. It can also be discovered when somebody challenges the transaction.
COMPLETE AND FULL AIOU SOLVED ASSIGNMENT 1 CODE 481 AUTUMN 2016