What do you understand by Open Item Managed Account?

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

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: 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

Correct Answer: very detailed reports

Explanation:

Managerial accounting is the process of identifying, measuring, analyzing, interpreting and communicating information for the pursuit of an organization's goals. This branch of accounting is also known as cost accounting.

 

Hence, the distinguishing feature of managerial accounting is very detailed reports.