Auditing real estate companies is a process of examining their financial records to ensure that they are accurate and reliable. The audit procedure for real estate companies begins with identifying the objectives, gathering sufficient evidence, evaluating this evidence against the established criteria (i.e., generally accepted accounting principles), and delivering an opinion on those conditions. It …
Overview of the industry The classification of the construction industry is divided into different ways according to the approval definition. The US Standard Industrial Classification (SIC) Manual are also divided this section into 3 main majors. (1) Major Group 15: for Building Construction – Building General Contractors And Operative Builders which including such as single-family …
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Introduction Inventories are carried at a lower cost and net realizable value. Cost is calculated on a weighted average or specific identification basis as appropriate and comprises all costs of purchase, cost of conversion and other costs incurred bringing the inventories to their location and condition. Net realizable value is the estimated selling price less …
Fixed assets are the long-term tangible assets that are used for the production of goods and services in the business providing long-term financial gain with a life of more than a year. Fixed assets are property, plant, and equipment on the balance sheet and are also known as capital assets. Auditors play an important role …
