Income can be described as the total inflow of revenue during a period of time. It generally includes the wages, interests, rent and profits. Profit can be defined as the surplus that is remained after the...

Ex gratia refers to the act of donation that is made due to moral obligation rather than any legal requirement, whereas bonus is an added monetary benefit that is usually provided to the employee in order to...

Sales Tax and Excise Duty are two different taxes that are levied by the government. A sales tax is a tax that is levied on the sale of certain goods and services. This tax is payable by the consumer, at the...

Accounting is the overall finances of the company and communicating financial information of the company. Bookkeeping is the process of recording daily activities of the company.

Audit is the inspection, examination or verification of a person, organization, system, process, enterprise, project or product. On the other hand, an evaluation is used to appraise, evaluate, determine the...