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Economic rent is an amount of money earned that exceeds that which is economically or socially necessary. In economics, it is any payment to an…

A demand draft is a method used by a person to make a transfer payment from one bank account to another, also known as a…

Income Distribution Metrics Income is defined as household disposable income in a particular year. Income distribution is the smoothness or equality with which income is…

Welfare economics is the study of how the allocation of resources and goods affects social welfare. It is a branch of economics that uses microeconomic…

A resolution requiring special notice A Special Resolution may be passed in a Gen­eral Meeting of members called in the usual way with the usual…

Detection risk (DR) is simply the risk that material errors in the financial statements will not be identified by the procedures applied by the auditors.…

Rota (Chamorro: Luta), also known as the “Friendly Island” (formerly ‘Sarpan’), in the western Pacific Ocean, one of the Mariana Islands and part of the…

Audit risk is the risk of an inappropriate audit opinion on financial statements being expressed by the auditors. Auditors are at risk of offering an…

Based on characteristics, there are two types of personality, i.e. introvert and extrovert. Introverts and extroverts typically have different characteristics, and they are likely to…

Consumer surplus – the difference between consumers pay and willingness to pay Consumer surplus is the difference between the maximum price a consumer is willing…

Consumer sovereignty is the theory that consumer preferences determine the production of goods and services. It is the idea that it is consumers who influence…

Resolution by circulation Circular Resolution is an alternative method of obtaining the approval of the Board of Directors. Resolution by circulation means passing a resolution…