Question { Capital IQ, 101361 }

what is the difference between profit and gain?

Answer

gain:- total amt received by any transaction
or
total amt received - total cost

profit :- gain - taxable amt.
or

total amt received- (total cost + tax paid )

Question { Capital IQ, 17994 }

what is suspence capital?

Answer

suspance capital is the capital or received amt wchich is
nt clarify the source of income.after the clarification
this amt will be transfered to that particular a/c.

Question { 5368 }

what is tds

Answer

tDs Stand for Tax Deduction At sorce . tds is done at the
time of salary ..its a function that is done by company or
firm or owners a/c department. it depend upon us that we
need tds facility to avail or not . if tds deducted at
soucre then liability will be arise by that
compant/firm/owner in respect to govt. . if they'll nt pay
that tax to govt. then they be gulity & punished by govt as
panelity.

Question { 14669 }

what is reconciliation

Answer

recosile the accounts :- find out the error inrespect with
the cash book (bank book) we reconsile our books. these
error could be issue of we issue a cheque to a vender 7
many more for this error( we'll debit that vender & credit
our bank a/c) bt still he didn't represnt that cheque in
the bank..so just for the purpose of find out & corecction
(we'll do debit the bank a/c & credit the vender a/c )we
make reconcilation .

Question { 5258 }

describe how accuracy in trial balance is a prime objective
for preparing the financial statements?

Answer

Trial Balance shows the airthmatical accuracy . if there is
any specefic kind of error occur in trial balance then
balance will nt be tally.. bt in some case(error of
ommission etc.) it'll be.

Question { 7080 }

WHAT IS GOODWIL ?

Answer

goodwil is a type of intangible asset.at the time of
selling this business whatever extra (more then the
business price)you are getting that's your goodwill value.

for example:- A business is running over the period of
20yrs. now you are selling this business to other person &
your business price is 250000/- but you are getting 300000/-
then difference amt 500000/- is the value of goodwill.


Accounting method of calculating Goodwill :-

Writteoff method

CApitalization method

Amortization method

Non-Amortization method

Question { 4415 }

what is the basic function of accounting?

Answer

Basic Functions of Accounting are:

1. Recording/Book keeping

2. Classification

3. summarizing

4. Interpreting

Question { 4905 }

What is the Difference among COST,PRICE and VALUE?

Answer

Cost:- Cost refer to Production Cost
Price:- Price include a fixed % of profit
Value :- on a particular time what's the Value for that product.Example:- 100/- is production cost of scientific calculator market price is 120/- including fixed % of profit & other transaction charges, after 1 year its value is Rs/- 50 (excluding depreciation).

Question { 6699 }

What is deferred tax?

Answer

Deferred tax is an accounting concept (also known as future income taxes), meaning a future tax liability or asset, resulting from temporary differences or timing differences between the accounting value of assets and liabilities and their value for tax purposes.