Commercial Law and Preliminaries of Auditing · Class 12 Commerce
Ch 8New Branches of Auditing — Class 12 Commercial Law and Preliminaries of Auditing, concept-first.
New Branches of Auditing is Unit 4, Part B (Preliminaries of Auditing) of the Semester IV (Class XII) paper, carrying 10 of the 40 marks. Unlike Semester III, Semester IV is a Short Answer Question (SAQ) + Descriptive paper — this unit's real exam mix is exactly one 2-mark SAQ, one 3-mark SAQ, and one 5-mark Descriptiv…
Key concepts
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Cost Audit
Cost Audit independently verifies a company's cost accounting RECORDS — whether costs of production have been correctly worked out and recorded in line with the organisation's cost accounting plan — a narrower, more tech…
Most relevant Q&A
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Overview
New Branches of Auditing is Unit 4, Part B (Preliminaries of Auditing) of the Semester IV (Class XII) paper, carrying 10 of the 40 marks.
Cost Audit
Definition. Cost Audit is the independent examination and verification of a company's cost accounting records — the records that show how much it actually costs to produce a unit of a product or perfo…
Management Audit
Definition. Management Audit is a comprehensive, critical, and systematic appraisal of the ENTIRE management process of an organisation — its objectives, policies, organisational structure, decision-m…
Performance Audit
Definition. Performance Audit examines whether an organisation's programmes, schemes, or activities have actually achieved their intended objectives economically, efficiently, and effectively — common…
Social Audit
Definition. Social Audit evaluates an organisation's performance in terms of its social responsibilities and impact on society, the environment, and its wider stakeholders — as distinct from its purel…
Tax Audit
Definition. Tax Audit is an audit conducted to verify that a taxpayer's income, deductions, and overall compliance with the Income Tax Act, 1961 have been correctly and completely reported, so that th…
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- Q8Mr. Rao runs a trading business with a total turnover of ₹1.4 crore for the previous year. Nearly all his sales and purchases are made throu…Preview