WHAT IS AUDIT, PRIVILEGE OF PRIVATE CO, ENRTY OF SALE OF MACHINE, COMPUTATION OF BASIC INCOME

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Accepted Answer

Audit is a process of examining financial records to ensure accuracy and compliance, privilege of private company refers to limited liability of shareholders, entry of sale of machine involves recording the transaction in the accounting system, computation of basic income involves calculating the total income before deductions.

Audit involves examining financial records to ensure accuracy and compliance with regulations.
Privilege of private company refers to limited liability of shareholders, meaning their personal assets are protected in case of company debts.
Entry of sale of machine involves recording the transaction in the accounting system, updating the asset register, and recognizing revenue from the sale.
Computation of basic income involves calculating the total income before deductions such as taxes, expenses, and other deductions.
Examples: Audit report, limited liability of shareholders in a private company, journal entry for sale of machine, calculation of gross income.

WHAT IS AUDIT, PRIVILEGE OF PRIVATE CO, ENRTY OF SALE OF MACHINE, COMPUTATION OF BASIC INCOME

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