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The benefit principle is a concept in the theory of taxation from public finance. It bases taxes to pay for public-goods expenditures on a politically-revealed willingness to pay for benefits received. The principle is sometimes likened to the function of prices in allocating private goods. [1]
The National Loans Fund is the government's main borrowing and lending account. it is closely linked to the consolidated fund, which is balanced daily by means of a transfer to, or from, the national loans fund. The Exchange Equalisation Account is the government fund holding the UK's reserves of foreign currencies, gold, and special drawing ...
Public finance refers to the monetary resources available to governments and also to the study of finance within government and role of the government in the economy. [1] As a subject of study, it is the branch of economics which assesses the government revenue and government expenditure of the public authorities and the adjustment of one or ...
The principle of convenience can be used to guide the design of the tax structure in the following ways: A general tax on benefits - taxing benefits would adjust taxes to each taxpayer's demand for public goods. Given the diversity of preferences, a universal tax formula would not be sufficient for all individuals.
Materiality principle: The significance of an item should be considered when it is reported. An item is considered significant when it would affect the decision of a reasonable individual. Consistency principle: The company uses the same accounting principles and methods from period to period.
The auditor must state in the auditor's report whether the financial statements are presented in accordance with generally accepted accounting principles. The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.
The Generally Accepted Government Auditing Standards (GAGAS), commonly referred to as the "Yellow Book", are produced in the United States by the Government Accountability Office (GAO). The standards apply to both financial and performance audits of government agencies. Five general standards are included: Independence; Due care
Government spending or tax cuts do not have to make up for the entire output gap. There is a multiplier effect that affects the impact of government spending. For instance, when the government pays for a bridge, the project not only adds the value of the bridge to output, but also allows the bridge workers to increase their consumption and ...