Explanation

Explanation

Explanation

Inherent risk is the risk posed by an error or omission in a financial statement due to a factor other than a failure of internal control.

Explanation

Audit Risk is the combination of the following 3 risks:

1. Control Risk

2. Detection Risk

3. Inherent Risk

Explanation

Explanation

A bank overdraft occurs when a person or company withdraws more money than is available in their bank account.

It is a short-term liability that must be repaid to the bank, making it a current liability in accounting.

Explanation

Explanation

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.

The bulk of the WTO's current work comes from the 1986–94 negotiations called the Uruguay Round and earlier negotiations under the General Agreement on Tariffs and Trade

Explanation

A key factor is defined as the factor in the activities of an undertaking which, at a particular point of time or over a period, will limit the volume of output.

Other variant terms are limiting factor, Principal Budget Factor & scarce factor.

Explanation