Income received in advance is a liability.

Income received in advance is a liability.
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State True or False with reason : Income received in advance is a liability.
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Income and expenses for the year 2012 are– Fee Received in Cash – Rs.24,000 Accrued Fee – Rs.6,000 Rent for Chamber Paid – Rs.6,000 Outstanding Rent – Rs.2,000 Salary Paid to Staff – Rs.6,000 Miscellaneous Expenses Paid – Rs.200 Salary paid in advance to staff included in the above : Rs. 1,000. What is the income under accrual basis ? (A) Rs. 11,800 (B) Rs. 13,200 (C) Rs. 16,800 (D) Rs. 30,000

Description : Income and expenses for the year 2012 are- Fee Received in Cash - Rs.24,000 Accrued Fee - Rs.6,000 Rent for Chamber Paid - Rs.6,000 Outstanding Rent - Rs.2,000 Salary Paid to Staff - Rs.6,000 Miscellaneous Expenses Paid - Rs. ... basis ? (A) Rs. 11,800 (B) Rs. 13,200 (C) Rs. 16,800 (D) Rs. 30,000

Last Answer : Answer: Rs. 13,200

Premium received on issue of shares is shown on-----------. A. asset side of the balance sheet B. liability side of the balance sheet C. credit side of the P&L a/c. D. debit side of the P & L a/c

Description : Premium received on issue of shares is shown on-----------. A. asset side of the balance sheet B. liability side of the balance sheet C. credit side of the P&L a/c. D. debit side of the P & L a/c

Last Answer : B. liability side of the balance sheet

How can I receive a cash advance for money I received as an heir?

Description : How can I receive a cash advance for money I received as an heir?

Last Answer : You could get a loan using the promised money as colaterol. You could also sell the structured payments for a lump sum.

Government grants related to income as per the Accounting Standard (AS)-12 should be– (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset side of the balance sheet (C) Presented as a capital grant on the liability side of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet

Description : Government grants related to income as per the Accounting Standard (AS)-12 should be- (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset ... of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet

Last Answer : Answer: Presented both in the Profit and Loss statement and in the balance sheet

A tax is characterized by horizontal equity if its liability is - (1) proportional to the income of tax payers (2) similar for tax payers in similar circumstances (3) proportional to the expenditure of tax payers (4) the same for every tax payer

Description : A tax is characterized by horizontal equity if its liability is - (1) proportional to the income of tax payers (2) similar for tax payers in similar circumstances (3) proportional to the expenditure of tax payers (4) the same for every tax payer

Last Answer : (1) proportional to the income of tax payers Explanation: The principle of equity includes both horizontal and vertical. Equity is determined by first assessing an individual's ability-to-pay. The idea of ... equity suggests it is fair for people of equal ability to pay the same amount in taxes.

Depreciation (A) Costs (on annual basis) are constant when the straight line method is used for its determination (B) Is the unavoidable loss in the value of the plant, equipment and materials with lapse in time (C) Does figure in the calculation of income tax liability on cash flows from an investment (D) All (A), (B) and (C)

Description : Depreciation (A) Costs (on annual basis) are constant when the straight line method is used for its determination (B) Is the unavoidable loss in the value of the plant, equipment and materials with lapse in time ... income tax liability on cash flows from an investment (D) All (A), (B) and (C)

Last Answer : (D) All (A), (B) and (C)

Income tax payable come under ------------------ a) Long term liability b) Long term fund c) Current liability d) Other liabilities

Description : Income tax payable come under ------------------ a) Long term liability b) Long term fund c) Current liability d) Other liabilities

Last Answer : c) Current liability

Accounting furnishes data on A) Income and cost for the managers B) Financial conditions of the institutions C) Company’s tax liability for a particular year D) All the above

Description : Accounting furnishes data on A) Income and cost for the managers B) Financial conditions of the institutions C) Company’s tax liability for a particular year D) All the above

Last Answer : Answer: D

A tax is characterised by horizontal equity if its liability is (1) proportional to the income of tax payers (2) similar for tax payers in similar circumstances (3) proportional to the expenditure of tax payers (4) the same for every tax payer

Description : A tax is characterised by horizontal equity if its liability is (1) proportional to the income of tax payers (2) similar for tax payers in similar circumstances (3) proportional to the expenditure of tax payers (4) the same for every tax payer

Last Answer : proportional to the income of tax payers 

Who is responsible for deducting advance income tax ?

Last Answer : Government or any other authority authorized by the government to authorize the sale of government company or body company bank , insurance co-operative bank, NGO, customs commissioner, bendroll.

What is advance income tax ?

Last Answer : Advance Income Tax (AIT) is a type of tax levied on goods imported for commercial purposes. This tax system was introduced in 2006 to bring unregistered importers under the tax net. Note that AIT will be treated in the same way as withholding tax at the time of filing the return.

Can I get a payday advance if I am disabled and my sole source of income is Social Security Disability?

Description : Can I get a payday advance if I am disabled and my sole source of income is Social Security Disability?

Last Answer : “Can I get a payday advance if I am disabled and my sole source of income is Social Security Disability?”

From the following deduction , which deduction from subsistence allowance is needed prior consent from suspended employee a. Deduction related with income tax b. Repayment of loans and advance taken from government c. Deduction related with PLI premium

Description : From the following deduction , which deduction from subsistence allowance is needed prior consent from suspended employee a. Deduction related with income tax b. Repayment of loans and advance taken from government c. Deduction related with PLI premium

Last Answer : c. Deduction related with PLI premium

Define the term ‘Trade Surplus’. How was the income received from trade surplus with India used by Britain? -SST 10th

Description : Define the term ‘Trade Surplus’. How was the income received from trade surplus with India used by Britain? -SST 10th

Last Answer : When the value of exports is higher than value of imports, it is called as Trade Surplus'. (ii) Britain used this surplus to balance its trade deficits with other countries - that is. ... officials and traders, interest payments on India's external debt, and pensions of British officials in India.

How was the income received from trade surplus with India used by Britain ? -SST 10th

Description : How was the income received from trade surplus with India used by Britain ? -SST 10th

Last Answer : Britain’s trade surplus in India also helped to pay the so-called ‘home charges’ that included private remittances home by British officials and traders, interest payments on India’s external debt and pensions of British officials in India.

How was the income received from trade surplus with India used by Britain ? -SST 10th

Description : How was the income received from trade surplus with India used by Britain ? -SST 10th

Last Answer : Britain’s trade surplus in India also helped to pay the so-called ‘home charges’ that included private remittances home by British officials and traders, interest payments on India’s external debt and pensions of British officials in India.

Define the term ‘trade surplus’. How was the income received from trade surplus with India used by Britain? -SST 10th

Description : Define the term ‘trade surplus’. How was the income received from trade surplus with India used by Britain? -SST 10th

Last Answer : Over the 19th century, British manufactures flooded the Indian market. Food grain and raw material exports from India to Britain increased. But the value of British exports to India was much ... and traders, interest payments on India's external debt and pensions of British officials in India.

Pre-received income is shown on ___________ side of Balance sheet. 

Description : Pre-received income is shown on ___________ side of Balance sheet. 

Last Answer : Pre-received income is shown on ___________ side of Balance sheet. (a) Assets (b) Liabilities (c) Credit (d) Debit

What do you mean by pre-received income?

Description : What do you mean by pre-received income?

Last Answer : What do you mean by pre-received income?

If factor income received from abroad is equal to factor income paid abroad , then which of the following is not a valid statement ?

Description : If factor income received from abroad is equal to factor income paid abroad , then which of the following is not a valid statement ?

Last Answer : If factor income received from abroad is equal to factor income paid abroad , then which of the following ... = `GNP_(MP)` D. All are valid

Donations received for the special purpose will be taken to the– (A) Income and Expenditure Account (B) Assets side of the Balance Sheet (C) Liabilities side of the Balance Sheet (D) Receipts and Payments Account

Description : Donations received for the special purpose will be taken to the– (A) Income and Expenditure Account (B) Assets side of the Balance Sheet (C) Liabilities side of the Balance Sheet (D) Receipts and Payments Account

Last Answer : Answer: Liabilities side of the Balance Sheet

The sum total of incomes received for the services of labour, land or capital in a country is called (1) Gross domestic product (2) National income (3) Gross domestic income (4) Gross national income

Description : The sum total of incomes received for the services of labour, land or capital in a country is called (1) Gross domestic product (2) National income (3) Gross domestic income (4) Gross national income

Last Answer : (3) Gross domestic income Explanation: The Gross Domestic Income (GDI) is the total in-come received by all sectors of an economy within a nation. It includes the sum of all wages, profits, ... services), the gross domestic income of a count should exactly equal its gross domestic product (GDP).

Transfer payments include : (1) Gifts received from a friend (2) rent free accommodation by the employer (3) net factor income from abroad (4) Employee's contribution to social security

Description : Transfer payments include : (1) Gifts received from a friend (2) rent free accommodation by the employer (3) net factor income from abroad (4) Employee's contribution to social security

Last Answer : (4) Employee's contribution to social security Explanation: A transfer payment is a oneway payment of money for which no money, good, or service is received in exchange. Governments ... payments include welfare (financial aid), social security, and government making subsidies for certain businesses

Pick out the wrong statement. (A) Gross revenue is that total amount of capital received as a result of the sale of goods or service (B) Net revenue is the total profit remaining after deducting all costs excluding taxes (C) The ratio of immediately available cash to the total current liabilities is known as the cash ratio (D) Consolidated income statement based on a given time period indicates surplus capital and shows the relationship among total income, costs & profit over the time interval

Description : Pick out the wrong statement. (A) Gross revenue is that total amount of capital received as a result of the sale of goods or service (B) Net revenue is the total profit remaining ... indicates surplus capital and shows the relationship among total income, costs & profit over the time interval

Last Answer : (C) Working capital turnover ratio = sales/net working capital

Raman & Co., a Partnership firm, received Rs.5 lakh from Insurance Company under Keyman Insurance Policy consequent to demise of Partner Pramod. The amount of premium of Rs.230000 paid earlier was claimed as deduction u/s 37 by the firm. a) Tax-free u/s 10(10D) b) Fully taxable as Income c) Rs.270000 is taxable d) Rs.230000 is taxable

Description : Raman & Co., a Partnership firm, received Rs.5 lakh from Insurance Company under Keyman Insurance Policy consequent to demise of Partner Pramod. The amount of premium of Rs.230000 paid earlier was claimed as ... ) b) Fully taxable as Income c) Rs.270000 is taxable d) Rs.230000 is taxable

Last Answer : d) Rs.230000 is taxable

Income from enhanced compensation shall be considered as income…………… a) In the year it is received b) In the year in which it is deemed to be received c) In any year at the option of the assessee

Description : Income from enhanced compensation shall be considered as income…………… a) In the year it is received b) In the year in which it is deemed to be received c) In any year at the option of the assessee

Last Answer : a) In the year it is received

Personal disposable income is equal to …………………….. (a) Wages and salaries + Dividends paid at home – Personal income tax (b) Wages and salaries + Dividends paid at home + Factor income received from abroad – Personal income tax (c) Wages and salaries + Dividends paid at home + Factor income received from abroad + Transfers from government – Personal income tax. (d) Wages and salaries + Dividends paid at home + Factor income received from abroad - Transfers from government – Personal income tax.

Description : Personal disposable income is equal to .. (a) Wages and salaries + Dividends paid at home - Personal income tax (b) Wages and salaries + Dividends paid at home + Factor income ... + Dividends paid at home + Factor income received from abroad - Transfers from government - Personal income tax.

Last Answer : (c) Wages and salaries + Dividends paid at home + Factor income received from abroad + Transfers from government – Personal income tax.

Transfer payments include : (1) Gifts received from a friend (2) rent free accommodation by the employer (3) net factor income from abroad (4) Employee's contribution to social security

Description : Transfer payments include : (1) Gifts received from a friend (2) rent free accommodation by the employer (3) net factor income from abroad (4) Employee's contribution to social security 

Last Answer : Employee's contribution to social security 

The sum total of incomes received for the services of labour, land or capital in a country is called : (1) Gross domestic product (2) National income (3) Gross domestic income (4) Gross national income

Description : The sum total of incomes received for the services of labour, land or capital in a country is called : (1) Gross domestic product (2) National income (3) Gross domestic income (4) Gross national income

Last Answer :  Gross domestic income

What should the minimum age of criminal liability be?

Description : What should the minimum age of criminal liability be?

Last Answer : Conception Love, The Catholics

Legal liability if an invisible car is in a wreck?

Description : Legal liability if an invisible car is in a wreck?

Last Answer : Everyone’s responsible for his/her own tortious actions, including minor children. Surely, invisibility wouldn’t change anything.

At what point am I free of liability?

Description : At what point am I free of liability?

Last Answer : Remove the plates when they take it. It won’t matter if they never register it because they won’t be able to drive it without plates. You should already have the title so that shouldn’t be a problem. Contact your insurance agent for more precise info about when to drop coverage.

I have a bankruptcy liability question - (see details)

Description : I have a bankruptcy liability question - (see details)

Last Answer : Go with the attorney, he should know.

Question about homeowner's liability?

Description : Question about homeowner's liability?

Last Answer : 25 foot…wow…how long has this been there Grumpyfish?

Liability Insurance vs. Full Coverage?

Description : Liability Insurance vs. Full Coverage?

Last Answer : To replace or repair your car if it's damaged or totaled. If your car is not worth very much money the comprehensive may not be worth the expense. If it's worth more than 4 or 5 thousand you ... on Kelly Blue Book and see if the cost of replacing you car is worth the expense of the insurance.

Car accident liability? Help!

Description : Car accident liability? Help!

Last Answer : I found this Excerpt: In some situations both you and the car behind you will be stopped when a third car runs into the car behind you which pushes into the rear of your car. In that case it is the ... liability insurance you would file a claim. Sorry,tf. That is a bummer. I hope you weren't hurt.

Low cost liability insurance?

Description : Low cost liability insurance?

Last Answer : Try a local insurance broker in your area. Stay away from the big national companies because they have more overhead and they have to pay the commission of the agent who writes you. Plus, they do not have ... . If you still need help, send me a comment and I can look into more options for you.

What is the proper response to a matter-of-fact voicemail destined for someone with your same name telling you that the women's shelter does want you to come give pony rides, but that you will be required to provide your own liability insurance in case the pony hurts someone?

Description : What is the proper response to a matter-of-fact voicemail destined for someone with your same name telling you that the women's shelter does want you to come give pony rides, but that you will be required to provide your own liability insurance in case the pony hurts someone?

Last Answer : answer:After laughing and telling my friends, I’d probably call the women’s shelter and explain that they probably had the wrong person. If I were ambitious, I might contact an insurance agency and borrow a pony from somewhere.

Is my liability car insurance good in Canada?

Description : Is my liability car insurance good in Canada?

Last Answer : Allstate covered my rental in Canada about 10 yrs ago. But you would definetly need to check your coverage to be sure. Just call your agent for a quick answer.

which one of the following types of businesses has the least amount of personal liability? -General Knowledge

Description : which one of the following types of businesses has the least amount of personal liability? -General Knowledge

Last Answer : Corporation has the least amount of personal liability.

In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Description : In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Last Answer : The answer is '14'

In India, which first bank of limited liability managed by Indians and founded in 1881? -Do You Know?

Description : In India, which first bank of limited liability managed by Indians and founded in 1881? -Do You Know?

Last Answer : answer:

In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Description : In India, which first bank of limited liability managed by Indians and founded in 1881? -General Knowledge

Last Answer : answer:

What is liability insurance ?

Description : What is liability insurance ?

Last Answer : When an insurance company is liable to compensate for loss of property , loss of personal accident or death as per contract, it is called liability insurance. This liability insurance ... . Examples of liability insurance are fidelity insurance , automobile insurance, machineries insurance , etc.

What is Infinite Liability Cooperative Society ?

Description : What is Infinite Liability Cooperative Society ?

Last Answer : Infinite Liability Co-operative Society is a type of co-operative organization where the liability of the members is not limited by their purchased shares or in any other way. The members ... collectively responsible for the debts of the association. Such associations are not seen in Bangladesh.

compulsory liability and new owner of the vehicle

Description : Today my grandfather transferred a car to me - I became the new owner of the vehicle, but my grandfather is still the operator. I want to ask, how is it with compulsory insurance? Is it also necessary to report this change, or does it matter if Grandpa still wants to pay the liability?

Last Answer : Need Answer