The word “taxation” appears from Latin word “taxatio” which means selects the amount of payable on accounts. Taxing authority selects this tax to be payable by the taxpayer. As a result tax is such income which is collected by the government from people and organizations under different taxing acts.

Other side, tax is  liability for ordinary people & organizations which will be gone by paying it to government.

According to Justice Holmes:-

From this above discussion we can say that tax is liability for ordinary people or organizations & income for government which is collected under different taxing acts for maintaining a country peacefully.

Finance appears from Latin word “Finis” its mean “dealing with wealth”. Finance is called the art & science of directing coin.

On micro class, finance is the study of financial intention, asset management & fund increasing for business & financial organization.

And on macro class, finance is a study of financial organization & financial market & how they work within the financial way in both homeland & international economies.

According to Georgr R. Terry:-

At the end we can say from the above analysis that finance is system of financial planning, asset management, fund rising, seeking of fund, protection of fund, investment of fund & distribution of profit to the shareholder for archiving the goal of a business and financial institutions.

Accounting is a system or process of tracking, auditing and maintaining of financial records.

Accounting may be explained as a process of recording, classifying and summarizing of financial episodes of an organization in a significant method so as to be able to inform the outcome of such happening to the users of financial information.

According to Weygandt, Kieso and Kimel:-

At the end we can say that accounting is a science which affect on financial function of human life or business.

If some occurrence may happen or not in future then this uncertainty is called probability.

Example:-

                 It may rain. Here rain may happen or not and it is not clear to all. For this cause now we can call this uncertainty as probability.

The term “audit” appears from Latin word “audire” & its means to hear. On past, when owners of company doubted about fraud in their business then they appointed a cleaver person for checking of business accounts & this intellect person submit full report of business accounts to their boss after scrutiny business accounts.

Audit is a systematic examination of financial records of an organization or a business.

According to Montgomery (A leading American accountant):-

From this above detail it is clear to us; audit is examination of financial records of business & its purpose to clarify the business financial image.