Lokesh M

 Profile Answers by Lokesh M Questions by Lokesh M

• Feb 7th, 2012

Some methods to allocate support cost are:

1. Direct Allocation Method
2. Step-Down Method (also known as Sequential Allocation Method)
3. Reciprocal Method

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Lokesh M

 Profile Answers by Lokesh M Questions by Lokesh M

• Feb 7th, 2012

- Gather, transfer and transmit complete information and details related to credit claims such as identification, assessment and valuation - Assign of identification numbers for the claim - Check eli...

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What is the treatment of Depreciation on Gift Items?

Lokesh M

 Profile Answers by Lokesh M Questions by Lokesh M

• Feb 7th, 2012

It may depend and differ based on what the gift items are.

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Lokesh M

 Profile Answers by Lokesh M Questions by Lokesh M

• Feb 7th, 2012

Evaluated Receipt Settlement also known as ERS is a business transaction process between trading parties. In this type of process, the PO information as well as the goods receipt information is used to make direct payment to the supplier without even receiving an invoice.

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What difference between retail invoice and tax invoice?

AJAY

• Feb 10th, 2012

Retail invoice is a normal invoice given to a customer at the time of sales, it is not concerned with tax-credit. Whereas tax invoice is a mandatory invoice precribed by the tax authorities containin...

Lokesh M

 Profile Answers by Lokesh M Questions by Lokesh M

• Feb 7th, 2012

Whenever sales transaction does not involve any tax component, then retail invoice is issued. Such type of invoice is also known as cash memo. No VAT credit can be claimed on retail invoices. Wheneve...

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Describe and discuss the relevance of the Fisher Effect and the Purchasing Power Parity theories to a foreign currency dealer in a merchant bank

vinay kidangan

• Mar 1st, 2012

Fisher Effect An economic theory proposed by economist Irving Fisher that describes the relationship between inflation and both real and nominal interest rates. The Fisher effect states that the real...

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What are the advantages and disadvantages of the following methods of depreciation?1. Straight line method2. Reducing balance method3. Revaluation method4. Usage method5. Sum of digits method

khurram

• Mar 7th, 2012

You can choose whichever method you like however make sure you use according to the business you are running. If you want to use your expense in current period to generate extra income use double declining method. If you are not concerned about extra income use straight line method

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What are some of the methods used to allocate support costs?

Mohamed Darwesh

• Apr 30th, 2012

1- Direct method
2- Step - down metod
3- Reciprocal method

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kailash

• May 31st, 2012

Once TDS deducted in current year, we cannot reverse the same in next year. According to Income tax act, TDS has to deduct from Vendor Account, at time of accounting of bill or at time of payment whic...

kumar

• Feb 3rd, 2012

Provision entries are entries that are made to account for expenses that have not been accounted in the period for which it relates. Hence the provision is created by debiting the expenses and crediting the party account or liability account.

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Your client is preparing financial statements to show the bank. You know that he has incurred a computer repair expense during the month, but you see no such expense on the books. When you question the client, he tells you that he has not received the official bill, although he knows the expense was $1,250. Your client is on the accrual basis of accounting. He does not want the computer repair...

Misfer

• Jun 8th, 2012

Its depending on the basis he based on whether its monetary or accrual basis

SANTOSH KANDEL

• May 29th, 2012

As we are already aware about one of the concept of accounts i.e. prudence concept, which explains that all the expenses and losses which are to be held in near future should be recognized in advance ...

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VINOD KUMAR

• Jul 9th, 2012

Contingent liabilities are subjected to occurrence or not of a future event. Means a liability may be arise in future or not , it all depends on a future event. So these are not actual liabilities and shown as a foot note after balance sheet .

mahesh,dilip

• Jun 22nd, 2012

Contingent liability refers to liabilities which may or may not occur in the future. eg:court case

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If a company change its depreciation method from Straight line method to another method than what will be the impact for the difference?

prashant

• Sep 11th, 2012

It should be adjusted in only that assests account by charging extra dep. or charging less dep........

steadyshot23

 Profile Answers by steadyshot23 Questions by steadyshot23

• Mar 18th, 2010

No Journal entry is needed. You just use the method that you changed to.

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How to work with a balance sheet,
components needed to prepare a balance sheet

Chandan Kumar Singha Roy

• Nov 22nd, 2012

Balance Sheet is Prepared with the compliance of Accounting Equation A=L+C and Accounting Standards and Schedule Vi of companies Act 1956.

saththar

• Nov 13th, 2012

Balance sheet is prepared by the accounting equation. ie Assets=Capital+Liabilities .

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anil joshi

• Feb 2nd, 2013

Ratios used to judge the adequacy of liquid assets for meeting short-term
obligations as they come due, including
1) the current ratio,
2) the acid-test ratio,
3) the inventory turnover ratio, and
4) the accounts receivable turnover ratio.

suji

 Profile Answers by suji Questions by suji

• Feb 29th, 2012

Short-term Solvency Ratios Its a ratio to measure the firms ability to meet short-term financial obligations. With this the firm will avoid financial distress in the short-run. There are two most important Short-term Solvency Ratios
1. Current Ratio.
2. Quick Ratio.

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What is Account Payee cheque? Expand CTC cheque?

gsrinivas

• Mar 4th, 2013

Account payee means, who wrote cheque to whom, That person must and should have bank account.

CTS : cheque transferred system.

tracy

• Dec 12th, 2012

How do u get your information from other tax years so that you can provide the right notification to the IRS.

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Procedure of Vat and its return filing with full details?

Dharmesh

• Mar 24th, 2013

Prepare 201 This is a summery of all purchase and all sales All purchase including folloiwng Taxable purchase on which In put tax credit is receivalbe Taxable purchase on which In put tax credit is n...

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What is the difference between a Provisions and Reserves?

Mir Raashid

• Jun 5th, 2013

Provisions: provisions are made for meeting known liabilities..e.g.,provision for doubtful debts ,provision for depreciation e.t.c..
1. It is charged against profits .
2. provisions are compulsory ,whether there are profits or loss.
3. it cannot be used for distributing dividends.

rajesh.GOPI

 Profile Answers by rajesh.GOPI Questions by rajesh.GOPI

• Dec 25th, 2007

PROVISIONS: These are made aganist charge. Provision are made if there is profit or not for company.ex: Bad debts, income tax.RESERVES These are made on profits. Generally every has kept minium 10% as reserves.

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Power Bhd is considering raising new finance by a right issues of 2million new ordinary shares of RM0.50 each at RM1.60. Currently the share price is RM1.80 and the issued ordinary share capital is RM8million. Shareholders are entitled to 2 new shares for every 8 shares held.

(a) How much will be raised by the new issues if issue cost are 3% of the gross proceeds?
(b) What will...

amit singh

• Oct 16th, 2013

Finance means it is the provision of money at the time when it is required for the business. its inflow and outflow of the business. without money their is money.

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shubham singh

• Nov 24th, 2013

Yes u have to follow some formalities u have to fill transfer form and also put a revenue stamp on this form

rama krishna

• Jul 16th, 2007

Generally dividends are paid from out of profits derived by the company to the investors. A dividend warrant is an instrument sent by the company with the amount to be received by the investor.

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Why depreciation is not charged on land?

nabasmita bordoloi

• Feb 28th, 2014

Depreciation refers decrease the value of tangible fixed assets due to wear and tears, technology obsolesces , passes of time etc. but land is a tangible asset which value never decreases. land value is always appreciated.

Dasrath

• Aug 11th, 2013

Depreciation in known as gradual decline in the usable value of the asset due to various factors i.e technological changes etc.

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