It is the branch of law relating to the discharge of functions of a public nature in government and public administration.

The business is treated for accounting purposes as an independent body quite distinct from its owners.that is why in the books of a sole trader an adjustment is usually made for goods withdrawn by the sole trader.

The accountant must not waste time in the elaborate recording of trivial or insignificant items.according to the materiality concept,the accounting treatments of items or transactions would depend on their significance and relative value to the business.

The basic economic problem is that of scarcity that is unlimited wants and limited resources.thus a choice has to be made and this involves an opportunity cost.

The basic economic problem is scarcity that is we have limited resources and our wants are unlimited.therefore we have to make a choice since we cannot produce everything because of lack of resources and this involves an opportunity cost.since if we want to produce good x we have to forego or sacrifice good y.

The basic problem in economics is scarcity and choice.

National income is the total amount earned by factors of production in an economy.infact national output figure and national income figure would be the same

Net profit margin is net profit to sales ratiothat is net profit/sales *100=B%IT EXPRESSES THE RELATIONSHIP BETWEEN THE NET PROFIT AND THE TURNOVER OF THE BUSINESS.a fall in net profit can be attributed to the following factors1) A fall in gross profit margin2) an increase in cost of operation leading to an increase in operating … Read more

1)cost-push inflation2)demand-pull inflation3)monetarist inflation4)imported inflation