Which of these is an example of eminent domain?

Correct Answer: The words "asset" and "liability" are two very common words in accounting Liabilities are legally binding obligations that are payable to another person or entity Accounts payable, loans, mortgages, deferred revenue, come under liabilities

Correct Answer: The Debit balance recovery is usually made by raising a credit memo for the regular vendors However if there are no future transactions from the supplier, we ask the vendor to send the check / make an EFT for the amount due from him When payment is made to the wrong vendor or payment made in excess, in that case overpayment has gone to the vendor, so for us it is vendor debit balance For debit balance recovery, we can either follow- up with the vendor to send us the excess amount / refund back, or we can adjust that extra amount in future invoices submitted by that vendor In case no future transactions, we have to follow-up with the vendor, failing which we have to write off this amount

Correct Answer: You should have recorded in your cash books all amounts you have actually received and payments you have actually made However the cash books may be incomplete as your bank may have put extra transactions through your account such as: ? bank fees or interest charges ? direct debits (payments) and direct credits (receipts) Doing a regular bank reconciliation will allow you to: ? take into account any extra transactions your bank puts through your account and ? check and record any errors or omissions By regularly doing a bank reconciliation (say monthly) you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements

Correct Answer: From the customer point of view, credit is the amount which is deposited into her or his account And debit refers to that amount which is taken from the account of the customer

Correct Answer: 3 way matching is to compare three documents ie, 1 Purchase order 2 Receipt of Items/Packing slip 3 Invoice For example, if we Order for 50 Items in purchase order and received 40 Items only instead of 50 items But we received invoice for 50 items After comparing the three documents we pay for only 40 Items

Correct Answer: All of the above

Correct Answer: Capital Gains Tax on Property: 1 Short term, 2 Long term Short Term Capital Gain on property is considered as a gain from selling a property which was held by you for less than 36 months As a taxpayer, you are liable to pay tax on short term capital gain on property as per your applicable marginal income tax slab * Current Short Term Capital Gains tax rate is 30% Long Term Capital Gain When you sell your property that is owned by you for more than three years, any gain arising from such sale will be considered as long term capital gain Long term capital gain is calculated as the difference between net sales consideration and indexed cost of property * Current Long Term Capital Gains tax rate is 20%

Correct Answer: Time periods you define to age your debit items Aging buckets are used in the Aging reports to see both current and outstanding debit items For example you can define an aging bucket that includes all debit items that are 1 to 30 days past due Normal table used for this Report is < 30 days 30-60 days 60-90 days 90-180 days and >180 days

Correct Answer: Assets are things which is provide service for long duration it may 3 years 4 years or for long period of timeThese items capitalize in our account books and charge depreciation in every year according to these rate it may 20 10 100

Correct Answer: Net Asset Value

Explanation:

Net asset value (NAV) is value per share of a mutual fund or an exchange-traded fund (ETF) on a specific date or time. It  is the value of an entity's assets minus the value of its liabilities, often in relation to open-end or mutual funds, since shares of such funds registered with the U.S. Securities and Exchange Commission are redeemed at their net asset value.