Page 106 - Ebook IC S01

Survey And Loss Assessment IC-S01

iii) Hindrance for spot inspection, and lack of readiness in allowing free access to

the affected premises.(lnsured's effort in organising some sort of "conducted

tour" of the worst affected part of the damaged property, should be viewed

as a sign of "attempt to conceal".

iv) Employees refraining from speaking out freely.

v) Giving flimsy replies, when documents are demanded for verification, as the

books of accounts are with the auditor, or Iying with another partner who is

out of station etc

vi) Overwriting, manipulation of figures, mismatch of details in connected

documents, glaring deviances found in photocopies and original documents

etc.

CHAPTER 24 ACCOUNTING PRINCIPLES AND PRACTICES

Whatever may be the form of business organisation, the main purposes of keeping

financial accounts are summarised below

i) To ascertain the results of operation during it particular period. i.e. how much

profit has been earned or loss suffered (on scrutiny of Profit and Loss account)

ii) To know the financial position at the end of the period i.e. the assets and

liabilities of the concern (on scrutiny of Balance Sheet for the period)

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