National Income and Calculation of National Income
What is National Income? Definition: The total value of goods and services which has been produced during the period of one year is called national income. Explain briefly three different ways …
Perfect Competition VS Monopoly Market
What is difference between perfect competition market and monopoly market? Number of Sellers: In conditions of perfect competition there are a large number of sellers in the market. The individual …
Indirect Taxes and disadvantages
What is indirect tax ? Definition: An Indirect Tax is a tax which is collected from an intermediary/supplier who subsequently shifts the burden of the tax to the consumers as it …
Audit Risk Definition Model and Significance
What is Audit risk? The risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. Audit risk is a function of the risks of …
Analytical Procedures Objectives Design and Process
State the objectives which an auditor expects to achieve while applying analytical procedures at the end of an audit. Analytical Procedures Objectives The auditor should apply analytical procedures at or …