Very Short Answer 1. Point out the different levels of technology. The different levels of technology are listed below. Manual technology Mechanized technology Automated technology Computerized technology Robotized technology 2. Point out the components of technological environment. The components of technological environment are as follows. Levels of technology Pace of technology change Technology transfer Research […]
Chapter 3: Time Value of Money
Short Questions Answer Why is the time value of money concept so important in financial analysis? Time value of money concept is widely applied in financial decisions. Financial decisions are carried out with the objective of maximizing value of the firm. The application of time value of money concept in financial decision making contributes toward […]
Chapter 4: Quantification, Allocation and characterization of Amounts
Very Short Question Answer Describe the provision of quantification of vehicle facility as per Income Tax Act, 2058.(2073) An employer that provides motor vehicle facility to an employee or others for wholly or partly private use, should quantify the benefits in the following ways: If it is provided to employee, labour or any other individual […]
Chapter 2: Financial Statements and Analysis
Short Questions Answers 1. Who are some of the basic users of financial statements and how do they use them? Financial statements contain a balance sheet, income statement, cash flow statement and the statement of retained earnings of a firm. Various stakeholders use the firm’s financial statement. The basic users of financial statements are shareholders, […]
Chapter 5: Socio-Cultural Environment
Very Short Question Answer 1. Enlist the social class in Nepal. Nepalese society has three classes. Upper class Middle class Lower class 2. Define socio cultural environment of business. Socio-cultural environment of business refers to all the cultural surroundings that influence business activities. It includes knowledge, customs, traditions, morals, and values, religion, language, symbols, works […]
Chapter 3: Tax Accounting And Timing
Very Short Question Answer Briefly state the accounting methods to be applied by different taxpayer. The accounting methods to be applied by different taxpayers are summarized below: Persons Income Head Accounting Method Individual Sole trader/proprietor Partnership firm Company Employment, Investment Business Business, Investment Business, Investment Cash basis Cash or accrual basis Cash […]
Chapter 2: Taxation of Income in Nepal
Very Short Question Answer Enumerate any four characteristics of Income Tax Act 2058. The four characteristics of Income Tax Act, 2058 are given below. Confinement of all tax related matters in a single act. Detailed definitions of key terminologies. Broad tax base Allowed deduction for all related expenses Explain the relationship of Income Tax Act […]
Chapter 1: Conceptual Foundation
Very Short Question Answer Define tax. State any two canon of taxation.(2073) Tax is defined as a compulsory contribution from a person to the government to defray the expenses incurred in the common interest of all, without reference to special benefit conferred. The two canons of taxation are as explained below: Canon of Equality: This […]
Chapter 4: Economic Environment
Very Short Questions Answers 1. Write about the economic dimension. Dimensions of an economy refer to the facets of economy of a country. They are reflected through demographic forces, income level, income distribution, growth of agricultural and industrial activities, development of service sector, level of employment, balance of payments, rate of inflation, urbanization, and globalization. […]
Chapter 2 : Political Environment
Very Short Question Answer 1. Enlist the components of political environment. Political environment includes various components which are mentioned below: Political ideology Constitution Political parties Government and its branches: Legislation, Executive & Judiciary 2. What is political ideology? Political ideology may be defined as a set of ideas, principles, and philosophy. It offers some political […]