Q2. X owns five house property details of which are as follows- calculated income from HP for each I II III IV V Municipal valuation Fair rent Standard rent Rent Unrealized rent Municipal taxes Repair Ground rent Nature of occupation 40000 39000 15000 24000 50000 55000 51000 70000 77000 80000 80000 81000 38000 42000 14000 24000 69000 4000 8000 16000 1500 12000 800 Rented 7000 15000 400 Used for Profession 3000 5000 15000 600 Rented 14000 900 Self- occupied 600 Rented property, for the property no 1 and 5, municipality tax, is not paid even if become due.

Q: Explain Regulatory Provisions?

A: Regulations: The regulation is processed by which a complex system is managed under a set of rules.

Q: What is meant by the phrase management by exception?

A:

Q: What is the function of the optional delivery commitment?

A: Delivery Option:It allows to switch a short position to a different grade or quality for a standard…

Q: Explain how the retrospective approach offers consistency and comparability.

A: Retrospective approach is the principle in which previously issued financial statements are recasted…

Q: Information that has the ability to make a difference in the decision-making process is known to…

A: Lets understand the basics. For decision making, information should posses following…

Q: What is a modified retrospective approach of FASB?

A: Definition: Financial accounting standards board (FASB): This is the organization that creates,…

Q: Define strategic options

A: Strategic option: Strategic option is referred as those chances of investment which is capitalized…

Q: What is a statement of circumstances?

A: The external auditor is expected to lodge a statement of circumstances at the company's registered…

Q: Explain Disposition Decisions?

A: Patients' having the option to see through to their last disposition can be an overwhelming capacity…

Q: Define the term CQS Plan?

A: Introduction: Usually, stock exchanges such as the New York Stock Exchange operate as a forum where…

Q: Define the concept of going concern?

A: Going concern Concept: The basic principle of this concept is that business is assumed to exist for…

Q: How is benchmarking beneficial?

A: Benchmarking is a measure which determines a company's competitive position through comparing its…

Q: Which came first, comparability or uniformity? Why? Please explain your position in detail. What…

A: The principles, procedures or rules that forms the basis for the preparation of the financial…

Q: Explain the specific relationship between risk and reward and why this relationship must be true.

A: Risk refers to probability for loss of investment value by an investor whereas Reward refers to…

Q: What is the definition of “actuarial present value”?

A: Accumulated Benefit Obligation: It is an inexact rate of a company's pension plan liability towards…

Q: What is meant by the term management by exception?

A: Business Management:   Business management refers to the skills associated with running a company…

Q: What is meant by the term decentralization?

A: Decision-making process:Decision making can be defined as the process of making choices through the…

Q: What does it mean for a source to be objective?

A: Objective means anything which is free from emotions, personal prejudices or bias.