WHY LOSS IN BUSINESS IS SHOWN IN ASSETS SIDE OF BALANCE SHEET?
WHY EXCISE DUTY IS DEDUCTED FROM THE GROSS SALES TO ARRIVE
NET SALES? WHY SALES TAX IS NOT DEDUCTED FROM SALES TO
ARRIVE NET SALES?
- 1 Answers
- 2545 Views
- Samsung, I also Faced
- E-Mail Answers
Answer / Mandeep Singh
Losses in business are shown as a reduction of assets because they represent a decrease in the value of those assets. In other words, losses reduce the total assets available to the business.nnExcise duty is deducted from gross sales to arrive at net sales because it is a tax levied on specific goods (like alcohol, tobacco, and fuel) at the production or manufacturing level. This tax must be paid by the producer/manufacturer and is not passed onto consumers in the form of higher prices.nnSales tax, however, is a consumption-based tax that is charged to customers at the point of sale. It is added to the price of the goods sold and is not deducted from gross sales to arrive at net sales.
| Is This Answer Correct ? | 0 Yes | 0 No |
Please send the clerical exam questions and answers to my mail Id pinky18.02.1985@gmail.com
What will your outlook towards maintenance of liquid assets to ensure that the firm has adequate cash in hand to meet its obligations at all times
Expand C B D
WHAT IS DIFFERENCE BETWEEN TDS AND TCS?
what is the basic difference between cash flow and funds flow statement?
post pscwb question and answer for accounting paper I & II for govt.officers departmental examination.
which comes share, asset side or liabilities side?
Expand-------ATBN
what is F B T?
What is STPI work in accounting of a company?
2 Answers BPO, STPI, Thomas Cook,
what is transposition-cum-demat?
EXPAND___________ITO
Audit 
