tag:blogger.com,1999:blog-1849361311258782479Wed, 09 Oct 2024 05:27:05 +0000TerminologyBank AuditRegistrationsTool KitLETS SHARE N LEARNhttp://caonrails.blogspot.com/noreply@blogger.com (Admin)Blogger16125tag:blogger.com,1999:blog-1849361311258782479.post-7456585739627541035Wed, 26 Jan 2011 08:27:00 +00002011-01-26T00:33:56.081-08:00Bank AuditTerminologyMEMORANDUM OF CHANGES, more often referred to as MOC is an important document enclosed with the Bank Audit Report whenever the Auditor observes significant issues effecting the Financial Statements of the Bank. Usually, in case of other entities, first the accounts are audited and then the financial statements are drawn up adhering to all the regulatory principles as formulated by the laws of thehttp://caonrails.blogspot.com/2011/01/moc-memorandum-of-changes.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-6262167769758108741Wed, 12 Jan 2011 12:55:00 +00002011-01-12T04:55:45.673-08:00Terminology"A method of efficient debt repayment in which the debtholder initially devotes only enough funds to cover the minimum payments on each debt, after which any remaining available funds from the debt repayment budget are spent on an additional payment to the debt bearing the highest interest rate. Once the debt with the highest interest rate is http://caonrails.blogspot.com/2011/01/snowball.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-2462504427364664442Tue, 11 Jan 2011 13:04:00 +00002011-01-11T05:05:12.100-08:00TerminologyMoney on wheels..!!! the first thought came to my mind after hearing the term..:-). Fiat Money = Money Confused ? have a look on the literal definition " Money which has no Intrinsic value and cannot be redeemed for specie or any commodity but is made a legal tender through government decree." So, at present, all currency notes and coins are Fiat Money, isn't it. P.S. Specie: Money with intrinsichttp://caonrails.blogspot.com/2011/01/fiat-money.htmlnoreply@blogger.com (Admin)1tag:blogger.com,1999:blog-1849361311258782479.post-4381737672874155746Tue, 04 Jan 2011 09:59:00 +00002011-01-04T02:01:27.759-08:00Terminology The main objective of a BUSINESS is profit maximization. Profits can be generated only if the business is able to sell its product in the market at a surplus. To have a sustained business growth it is very necessary that the market size of the business is large enough to yield the maximum revenues. In view of the above objectives, various management tools such as TQM, Value Engineering, MBO (http://caonrails.blogspot.com/2011/01/six-sigma-overview.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-8487822039726285287Mon, 03 Jan 2011 13:08:00 +00002011-01-04T02:01:36.010-08:00Bank AuditBefore taking up a Statutory Bank Branch Audit, the question which usually CA firms have to face is "Can we take up the assignment when we are already working in the capacity of Internal Auditor of the same Branch ?" The above question has been resolved by ICAI as under: As per the directions of RBI, firms associated with internal assignment in the bank have to relinquish the internal assignment http://caonrails.blogspot.com/2011/01/internal-bank-auditor-or-statutory-bank_03.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-6726008500155994831Sun, 02 Jan 2011 11:03:00 +00002011-01-02T03:27:11.756-08:00Bank AuditGetting your firm empaneled with ICAI for Bank Statutory Audit requires a Multipurpose Empanelment form to be filed. The e-form is to be filed as and when advised by ICAI at www.meficai.org.Firms who are approved by ICAI and RBI, are allotted Bank Branch Statutory Audit based on the guidelines issued by RBI. The final approval list of Bank Branch Auditors is categorized as per the following http://caonrails.blogspot.com/2011/01/empanelment-of-ca-firm-for-bank.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-444632189245594755Fri, 31 Dec 2010 14:37:00 +00002011-01-11T05:05:25.791-08:00Bank AuditTerminologyAuditing in Banking sector is one of the most booming sectors owing to increasing number of complexities involved in their operational structure and the directions issued by the regulator RBI. Bank Audit is itself a large branch of auditing involving audits of varying scope and objectives. Audits of Banks are generally assigned as per the nature and size of Bank Branch to Chartered Accountant http://caonrails.blogspot.com/2010/12/bank-statutory-audit-overview.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-6300613935796061432Mon, 27 Dec 2010 10:48:00 +00002010-12-27T02:58:38.781-08:00TerminologyWhen I first time read this term, wondered if its the sibling of a duck ..!!..:-)But surprisingly, its a financial term. Lets see what does it mean..SAWBUCK = SAW + BUCKWhere BUCK is a slang commonly used for currency in US and SAW itself associates to a carpenter. So, can you guess..?Ok, check out the answer:-Sawbuck is a Slang term for the US ten dollar paper currency. The slang is derived fromhttp://caonrails.blogspot.com/2010/12/sawbuck.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-6733424203656058910Sun, 26 Dec 2010 08:28:00 +00002010-12-26T00:46:14.967-08:00TerminologyCORPORATE STOCK: It can trigger in anybody's mind that stock held in a corporate is Corporate Stock. Yes, its right.Lets check out the definition:-An instrument that signifies an ownership position, or equity, in a corporation, and represents a claim on its proportionate share in the corporation's assets and profits. However, the claim to a company's assets and earnings of most stockholders is http://caonrails.blogspot.com/2010/12/corporate-stock-laymans-view.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-5888276173155122338Mon, 20 Dec 2010 09:31:00 +00002010-12-26T00:46:07.417-08:00Tool KitUsually while preparing Project Reports for banks, we need to calculate EMI for the proposed loan so as to frame out the loan repayment schedules. Though, there are many online calculators available, I believe its the Best when you can do it Yourself. Moving on the same lines, I found a simple formula to find out EMI, given the other particulars as detailed below:EMI = (P*r) [(1+r) ^ n /(1+r) ^ nhttp://caonrails.blogspot.com/2010/12/calculate-emi-manually.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-2232127479400409256Sat, 18 Dec 2010 09:01:00 +00002010-12-18T01:13:48.848-08:00Tool KitYesterday, while surfing a book, I got something interesting to share with you..THE RULE OF 72; some of you might be knowing it but for me it was quite new and may be for most of you. So here it goes..I have Rs. 10000/- to invest into but i want to know how long it will take to get my money doubled if a rate of 6% p.a. is offered. Of course, there are many other ways to find the same, but the http://caonrails.blogspot.com/2010/12/rule-of-72-quite-interesting.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-9045665690176723963Fri, 17 Dec 2010 06:39:00 +00002010-12-16T23:07:23.857-08:00TerminologyA legal document that an individual to designate another person, called the Attorney-in-fact, to act on his/her behalf, even in the event the individual becomes disabled or incapacitated. An advanced directive (sometimes called a 'healthcare directive' ) combines a Living will and 'durable power of attorney' either in one document or two separate ones.The above definition includes two new terms http://caonrails.blogspot.com/2010/12/durable-power-of-attorney.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-5426022212468424660Wed, 15 Dec 2010 11:16:00 +00002010-12-15T03:22:23.013-08:00RegistrationsSteps to be taken to get a new company incorporated:Select, in order of preference, at least one suitable name upto a maximum of six names, indicative of the main objects of the company.Ensure that the name does not resemble the name of any other already registered company and also does not violate the provisions of emblems and names (Prevention of Improper Use Act, 1950) by availing the serviceshttp://caonrails.blogspot.com/2010/12/incorporation-of-company.htmlnoreply@blogger.com (Admin)0tag:blogger.com,1999:blog-1849361311258782479.post-1867281793261932766Wed, 02 Jun 2010 04:57:00 +00002011-01-11T05:06:13.087-08:00RegistrationsTerminologyVAT- Value Added Tax Persons liable to pay tax under the VAT Acts of their respective States are required to register under the Act. On registration, a VAT number, known as VRN (VAT Registration Number) in common parlance is allotted to the applicant. The following provisions are with reference to Punjab VAT Act, 2005:- In addition to the regular registration, the Act allows a person to take http://caonrails.blogspot.com/2010/06/vat.htmlnoreply@blogger.com (Unknown)0tag:blogger.com,1999:blog-1849361311258782479.post-615938468410039425Tue, 01 Jun 2010 03:50:00 +00002011-01-11T05:06:13.087-08:00RegistrationsTerminologyTax Deduction Account Number is an alphanumeric number issued to individuals who are required to deduct tax on payments made by them under the Indian Income Tax Act, 1961. The Tax deducted at Source on payments made by assessees has to be deposited with Central Government under the following number. Application for TAN An application for allotment of TAN is to be filed in Form 49B and submittedhttp://caonrails.blogspot.com/2010/05/tan-tax-deduction-account-number.htmlnoreply@blogger.com (Unknown)0tag:blogger.com,1999:blog-1849361311258782479.post-4655112856329570122Mon, 31 May 2010 14:39:00 +00002011-01-11T05:05:53.495-08:00RegistrationsTerminologyPAN - PERMANENT ACCOUNT NUMBER As per the common perception PAN is only a pre-requisite to file Income Tax Return. However, now a days, as per the guidelines of Reserve Bank of India and Income Tax Department, a number of financial transactions requires one to quote PAN. Application for PAN PAN can be applied at any of the authorised centers of UTITSL and NSDL, by filling up Form 49A. The form ishttp://caonrails.blogspot.com/2010/05/all-about-pan.htmlnoreply@blogger.com (Unknown)0