Public Revenue: Main Sources of Revenue, Tax Revenue
The income of the government through all sources is called public income or public revenue. According to Dalton, however, the term “Public Income” has two senses wide and narrow. In […]
Progressive, Proportional and Regressive Taxes
Proportional Taxes: Taxes in which the rate of tax remains constant, though the tax base changes, are called proportional taxes. Here, the tax base may be income, money value of […]
The Division of Tax burden
The burden of the tax can be transferred to others through a process of shifting. It may be noted that the whole burden of the tax may not be shifted […]
Tax effect on Production and Distribution
Tax effect on Production 1. Effects on Ability to work: Taxes reduce disposable income. As such, the buying capacity and consumption expenditure are curtailed. These cause the standard of living to […]
Public Debts: Role and Classification of Public Debts
Modern governments need to borrow from different sources when current revenue falls short of public expenditures. Thus, public debt refers to loans incurred by the government to finance its activities […]
Finance Commission
The Finance Commission of India came into existence in 1951. It was established under Article 280 of the Indian Constitution by the President of India. It was formed to define […]
Financial adjustment in India
1. Tax Sharing: Under this method, the proceeds of certain selected taxes, imposed and realised by the Centre, are apportioned between the Centre and the different states. In India, the […]
Financial federalism under Constitution
The five main aspects of fiscals federalism are as follows: (1) Division of Functions: The fiscal powers and functional responsibilities in India have been divided between the Central and State […]
Organizing: Nature and Significance
Nature of Organizing: Organization is a group of Individuals: Organization can consider as a group of individuals who comes together and make co-operative relationship with each-other and contributing their efforts […]
Concept of Auditing and Standards
Auditing standards provide minimum guidance for the auditor that helps determine the extent of audit steps and procedures that should be applied to fulfill the audit objective. They are the […]
Detection and Prevention of Frauds
Detection and Prevention of Fraud: When something is being done with an intent to deceive, to mislead or to conceal the truth, it is an art of fraud. It is […]
Detection and Prevention of Errors
Errors of Principle When principles of book-keeping and accountancy are not followed such an error is error of principle. For examples Treatment of revenue expenditure as capital expenditure or vice […]
Basic Principles Governing an Audit
Auditing is a systematic and scientific procedure of inspection of the financial statements of an organization. And like any scientific procedures, the audit also has certain principles and rules that […]
Limitations of Auditing
Rely on Experts An Auditor has to rely on experts like engineers, valuers and lawyers for estimation and valuation of fixed assets and estimation of contingent liabilities. Efficiency of Management […]
Accounting and Auditing
Accounting and audit have a pivotal role to play in the financial record keeping process of any business though their roles are different in their focus. While accounting translates to […]
Audit Procedures
Audit procedures are used by auditors to determine the quality of the financial information being provided by their clients, resulting in the expression of an auditor’s opinion. The exact procedures […]
