What is Referendum?

referendum

A referendum is a direct vote in which an entire electorate is asked to either accept or reject a particular proposal. This may be a proposed law, constitutional amendment, or other public policy. Referendum is a popular political tool in democracy. It is mostly used to decide over things of mass interest. In some countries, it … Read more

What is Data Redundancy?

Data redundancy is the repetitive storage of the same data in data storage or Database Management System (DBMS). Now, you got the point that the data repetition leads to data redundancy. So, what is data repetition? Data repetition or repetitive storage of data means a single piece of data is stored more than one time. … Read more

EBIT – Earnings before Interest and Taxes

What is Earnings before Interest and Taxes (EBIT)? Earnings before interest and taxes (EBIT) is a financial metric that measures a company’s operational profitability. EBIT is calculated by subtracting a company’s expenses excluding interest and taxes from its total sales or revenues. EBIT gives a significant indication of a company’s operating profitability. Because EBIT is … Read more

Zoning

Zoning is a regulatory approach to control how land or real estate of an area would be used. It divides the whole area into different zones. Such as: Commercial Industrial Residential and Agricultural The government applies zoning law to specify which area is to be used for what kind of zoning. As we see a … Read more

Spot zoning

Spot zoning is one kind of zoning variance. It is the process of singling out a plot of land or building within a larger zoned area for a different type of use. For example, a commercial building, park, or school might be granted within a strictly residential area, as surrounding residents may benefit from it. … Read more

EPC Contract

EPC stands for ‘Engineering, Procurement and Construction’. Engineering, Procurement and Construction Contract or EPC contract is a type of construction contract between parties where the contractor is responsible for all the engineering, procurement, and construction activities to deliver the completed project to the employer or owner within a predefined time and cost. Role of an … Read more

LIBOR

LIBOR stands for London InterBank Offered Rate (aka ICE LIBOR) is the benchmark interest rate for interbank short-term unsecured loans. LIBOR is calculated based on submission of interest rates by panel banks (ICE LIBOR Currency Panels), that they expect they would be charged by others for borrowing money. So, LIBOR is an average rate at … Read more

Limited audit

An audit that is limited to a particular time span (usually less than a year) or accounts or operation is known as limited audit. Scope of limited audit is less wide compared to full audit. Legal compliance is not mandatory for a limited audit. Examples of Limited Audit Examples of limited audit are: Interim audit … Read more

Accounting infrastructure

Accounting Infrastructure is a set of systems and conventions that directs the functional accounting practice of an enterprise or a professional body under a legal framework and adopted accounting standards. A standard accounting infrastructure ensures the quality of financial reporting for its stakeholders. Components of a standard accounting infrastructure are: 1. Information producer and users … Read more

Cashless society

cashless-society

Cashless society is an economic concept where financial transactions are executed in an electronic format rather using banknote. In a cashless society, each party will have an electronic card or device which will be used to execute the transaction. The cashless transaction may be executed in the form of Credit card, Debit card, Mobile wallet, … Read more