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- Question
What is the types of assets?
- Correct Answer
- There are three types of assets 1 Fixed assets : Those assets which will be used by the company for a long period of time a) Tangible assets: those assets which we can see and touch and exp Land & Buildings, Plant & Machinery,Furniture, fixtures and fittings b) Intangible assets: Those assets which we can't see and touch like Goodwill, Patents, Copyrights, Trade Mark etc 2 Current assets : Those assets which can be easily converted into cash within one year like cash in hand, cash at bank, Bills receivable, stock etc 3 Fictitious assets: its not the actual assets , its the expenditure occurred at the tine of commencement of firm ( capital expenditure )like preliminary expenses, discount on issue on debenture/shares, underwriting commission etc
- 1. Which of these investments may pay dividends?
Options- A. Savings account
- B. Stocks
- C. Bonds
- D. Certificates of deposit Discuss
- 2. What are the activities present in payroll task? Discuss
- 3. What is salary TDS? Discuss
- 4. What is the difference between paycheck and payslip? Discuss
- 5. What is exemption limit of gratuity Discuss
- 6. What do you understand by Open Item Managed Account? Discuss
- 7. What is accumulated loss? Discuss
- 8. Why does the Outstanding exp & Prepared Expenses treated as Personal Account? Discuss
- 9. What is the Debit Balance recovery? How we can recover if we wont have any future transactions from supplier? Discuss
- 10. Which is the most accurate statement about trade?
Options- A. Trade makes some nations better off and others worse off
- B. Trading for a good can make a nation better off only if the nation cannot produce that good itself
- C. Trade helps rich nations and hurts poor nations
- D. Trade can make every nation better off Discuss
Accounting and Finance problems
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Correct Answer: Stocks
Explanation:
Stock investment may pay the dividends.
The amount of dividend will be depended on how many stocks you own and how much is that's company net income in that year
For example :
If you own 15 % of the company, and the company announced that they will pay Rs. 1,00,000 as dividend this year, you will get dividend payment of Rs. 15,000.
Correct Answer: 1 Processing Payroll to generate Paycheck and Pay Stubs 2 Generating Tax reports and vouchers using which Taxes are deposited to Govt (Employee Tax) 3 Processing reports that are handed over to Accounting Dept 4 Ensuring that the Deductions, Benefits, Acruals, Taxes and Salaries are accurate ( 5 Posting the Journals to Finance 6 Processing Govt Reports and submitted to Govt 7 Entering interims (may also be done by HR in some Companies) 7 Year End Process to generate W2s
Correct Answer: Means whatever income any employee received from the organisation and on that tax to be deducted (eg Gross salary, Overtime, Bonus, Incentives etc)
Correct Answer: Paycheck - this is the method by which the Employee is paid (A Bank Check/Cheque or Direct Deposit to Bank) Payslip - Also called as Pay Stub is the paper which will typically detail the gross income and all taxes and any other deductions such as retirement plan contributions, insurances, garnishments, or charitable contributions taken out of the gross amount to arrive at the final net amount of the pay, also including the year to date totals in some circumstances
Correct Answer: It is Rs 10,00,000 now
Correct Answer: Open item management ensures that all items that have not yet been cleared are available in the system Only after every open item in a document is cleared can a document be archived
Correct Answer: A loss (or losses) from previous years carried forward in order to offset future earnings This reduces the tax burden for the years with profit as the accumulated losses are deducted from the taxable profit
Correct Answer: Because these exps are paid/payable to persons person includes Sole Proprietor, Partnership Firms, HUF, Co; etcPersonal accounts always appear in B/S until it is transfered to expenditure by debiting to P&L A/C
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
Correct Answer: Trade can make every nation better off
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