Representative money is an item such as a token or piece of paper that has no intrinsic value but can be exchanged on demand for a commodity that does have intrinsic value, such as gold, silver, copper,...
Hence, a Check is an example of representative money.
The GST Council on Nov 10th 2017 cut tax rates of over 175 products that were in the highest tax slab of 28% under the Goods and Services Tax (GST) regime.
Currently only 50 items have been left in the 28% category out of a total of 227 items that were present earlier.
The single-step income statement emphasizes
1. total revenues and total expenses.
2. Revenues
3. Expenses
4. Net income
The primary advantage of the single step fromat lies in its simple presentation and the absence of any implication that one type of revenue or expense item has priority over another.
Comments
There are no comments.Copyright ©CuriousTab. All rights reserved.