A fee charged ("levied") by a government on a product, income, or activity.

If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax.

Tax Basics
Rated:

"Never before have so many been taken for so much and left with so little." Van Panopoulos The word tax has two meanings: first, the financial duty or levy contributed to the entity (be it a government or any other organization) a person or group of persons (say, a business) is part of. The second definition is "a very heavy burden" and can essentially summarize the first definition. It is easy to maintain the idea that taxthe cumbersome, "unrequited" payment made periodically, that is, and not the abstract idea of burdenis something people would rather do without. After all, governments can spend as much as 3.6 billion euros for income tax collection (the German government, with the most complex taxation system as well). While there are opposing views on imposing tax, the general idea is that taxes are used to fund projects that can benefit society as a whole, or at least the majority of it. Businesses are taxed by the state because they use government-owned infrastructures and services. Individuals are taxed as part of their social contract, i.e., their rights and responsibilities as citizens of the state. Tax is what John F. Kennedy called "the annual price of citizenship." April 15 usually marks tax day, but if that day is on a Saturday or Sunday, the deadline falls on the soonest business day. Tax returns must be sent in by that day. According to US law, it is the Congress who has the power to impose and collect taxes from the citizens of the state; however, the task of collecting has been delegated to another body the Internal Revenue Service (IRS) in the United States. Taxes are typically spent on public works, military defense, protection of property, economic infrastructures, and public serviceseducation, health care, pensions, energy/water/waste management, and public transport. The government uses different types of taxes to redistribute wealth and resources especially to the poor, to improve the economy (although there are arguments on this that it distorts the market, resulting in inefficiency instead), or alter consumer behavior or employment (i.e., making some transactions or purchases less attractive).

Who Pays Taxes?

Individuals
Anybody who's been earning something (from one's income or some other means) gains the responsibility of paying taxes. To be a little more accurate, however, people who earn below a certain income are tax-exempt. For more details, check the 2006 Federal Tax Rate Schedules [link]. If you are unmarried and under 65, with a gross income of at least $8,200, or you are 65 and above and earn at least $9,450, you have to pay taxes. This applies to citizens/residents of the United States as well as residents of Puerto Rico. Remember to find out all the forms that are applicable to you so you can calculate the total amount you'll be paying. For more information, check out our related article, Tax Forms.

Businesses
Whether you're running a corporation or an independent business where you're selfemployed, taxes have to be paid. "The form of business you operate determines what taxes you pay and how you pay them," says the IRS. It also mentions the general types of business taxes, namely: income tax, self-employment tax, employment tax, and excise tax. Learn more at the IRS website [link]. What about tax exemption? Interested organizations, such as charities, can apply for tax exemption by obtaining relevant forms: Form 1023, Form 1024, form instructions, and TaxExempt Organizations Tax Kit [link]. (For more information about tax forms, visit our related article, Tax Forms) It is worth mentioning here, however, that a tax-exempt organization must pay taxes for unrelated business taxable income (UTBI) it is generating. The income generated from activities spearheaded by the organization is taxable if and only if: 1) the income comes from trade/business activities; 2) such activities are regularly held; and 3) such activities are not related to original exemption purpose of the organization. If you're really sensitive about the money you'll be giving up to taxes, don't resort to a sneaky exemption, or even a tax evasionthey're both punishable by law. It's much better to take advantage of the all the tax deductions that have been decreed. Have a look at our Tips for some good ideas. For more information about who are supposed to file taxes, view Topic 351 Who Must File? [link]

Types of Taxes
What are the different types of taxes you'll be encountering? Taxes can be characterized as proportional (constant rate of percentage of income for all income levels), progressive (percentage of income increases as income increases), or regressive (percentage of income increases as income decreases). Taxes can also be either direct or indirect, and their meanings vary depending on which field you're using them.

Here are the most common types of taxes:

Income Tax designed to be characteristically progressive (the amount of tax you pay is proportional to the income you earn). Direct withholding (automatic deduction from salary by the employer) is currently used in most countries for more efficient tax collection. Retirement Tax used to fund social security systems, which in turn give income to retired workers. Capital Gains Tax levied on the profit gained for an asset sold. Corporation Tax taxed on corporate earnings, including capital gains, of a company. Poll Tax collected at a fixed amount per individual. Also called per capita tax/capitation tax. Excise computed independently of the value of the product being taxed, and instead are based on the quantity of the product that is being purchased. Gasoline is a prime example, which has about 8-28 excise tax cents per gallon. Sales tax is a kind of excise tax. Tariff collected for goods that cross a political border, either during import or export. Percentages of tariffs can be allocated to the protective bodies that manage those borders. Value Added Tax historically used when sales and excise taxes could not be collected. Property Tax applied to property owned, like real estate. Includes stamp duty, inheritance tax, which are event-driven property taxes. Wealth Tax exacted from the percentage of one's net worth (computed by subtracting one's liabilities from the assets). Personal Property Tax collected periodically from residents who own property in a certain area. Examples include vehicle and boat fees, as well as artworks that may have been lent in other areas.

The Organisation for Economic Co-Operation and Development (OECD) has categorized the different types of taxes into a scheme which applied to all its member countries. Numbers ranging from 1000 to 6200 are used to describe which tax is being referred to:

1000 covers taxes on income, profits, and capital gains 2000 covers social security contributions 3000 covers taxes on payroll and workforce 4000 covers taxes on property 5000 covers taxes on goods and services 6000 covers taxes of other types o 6100 paid solely by business o 6200 paid by other than business/unidentifiable

For each type of tax there are a number of forms associated with it. It can get a bit intimidating to find out which one is for which purpose, but this guide will let you sort things out: Tax Forms.

Your Rights as a Taxpayer

While tax-paying is inherently "involuntary" as it is imposed by the law, that does not mean the IRS is entitled to take over your finances and you have nothing to say about that for the rest of your life. What if something goes wrong in your payments? What should you do? The IRS lists your rights as a taxpayer in this online document [link]. The page includes an outline of your rights, namely: 1. 2. 3. 4. 5. 6. 7. 8. Automatic protection of your rights Privacy and confidentiality Professional and courteous service Representation (during interviews) Payment of only the correct amount of tax Help with unresolved tax problems Appeals and judicial review Relief from certain penalties and interest

You can also find information on audits/examination/repeat examination, appeals, collections, innocent spouse relief, refunds (read our article, Tax Refunds).

Are You Ready?

It's okay to feel a little queasy at the thought of sorting through all your tax formswhether all by yourself, with a trained professional, or with the help of tax preparation software. Several articles have been lined up just for that, including:

Tax Filing. Filing your tax return is easy and pain-free. Find out how. Tax Professionals. Don't worry. They're here to help. Tax Preparation Software. Finish tax prep quicker than ever.

Ready to fulfill the duties of a taxpaying citizen? Head on over to Tax Filing to get yourself started.

Definition Basics of Taxation Theory

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Why do we have taxes at all?

The United States has a big budget. We have to pay for things like schools, roads, hospitals, the military, government employees, national parks, and so forth. The only way to pay for these things is for the government to get money from people and companies. People and companies pay a percentage of their income to the government. This is called the income tax. The government taxes our income so it can have enough money to pay for the things we all need.

Congress and the President of the United States are responsible for writing and for approving the tax laws. The Internal Revenue Service is responsible for enforcing the tax law, for collecting taxes, for processing tax returns, for issuing tax refunds, and for turning over the money collected to the US Treasury. The Treasury, in turn, is responsible for paying various government expenses. Congress and the President are also responsible for the federal budget. The budget is how much the government plans to spend on various programs and services. When the government spends more money, it must raise more money through taxes. When the government spends less money, it can afford to lower taxes.

Five Aspects of the Tax System

Everyone is subject to taxation. The amount of taxes you owe is based on your income. You must pay taxes throughout the year on a pay-as-you-go system. People who earn more income have higher tax rates than those who earn less, this means tax rates get progressively higher the more you earn. You can reduce your taxes by taking advantage of various tax benefits. Finally, it's up to you to take control of your tax situation. Let's look at each of these five aspects of the tax system in more detail. First of all, every person, organization, company, or non-profit is subject to the income tax. "Subject to income tax" means that people and organizations must report their income and calculate their tax. Some organizations are exempt from tax. But they still have to file a return, and their tax-exempt status could be revoked if the organization fails to meet certain criteria. Secondly, you are taxed on your income. That's the long and the short of it. Income is any money you earn because you worked for it or invested for it. Income includes wages, interest, dividends, profits on your investments, pensions you receive, and so forth. Income does not include gifts. You are not taxed on gifts you receive, such as inheritances and scholarships. Thirdly, you must pay your taxes throughout the year. This is called "pay as you go." For most people, it means your income taxes are taken out of your pay check and sent directly to the federal government. At the end of the year, you have paid in a certain amount of taxes. If you paid in more than what you owe, the government refunds the amount over what you owed. This is called a tax refund. If you haven't paid enough to cover what you owe, then you have a balance due. And you must pay this amount due by April 15th of the following year, or the government will charge you interest and penalties on the amount you haven't paid in. Fourthly, the US tax system is progressive. That means that people who make more money have a higher tax rate, and people who make less money have a lower tax rate. Your tax rate will change depending on how much money you made that year. There is a debate over whether our tax rates should be progressive or flat. Politicians who support a flat tax argue that a single tax rate for everybody will greatly simplify people's lives. Politicians who support progressive tax rates argue that it is unfair to ask a person of modest income to pay the same percentage of their income as a wealthier person.

This idea of fairness is the motivation for all sorts of tax benefits. For example, you can reduce your total income if you contribute money to retirement account, such as a 401(k) or IRA plan. There are many other types of tax benefits. Tax benefits are how Congress rewards people for making certain types of decisions. The goal of tax planning is to choose which tax benefits make the most sense for you. Finally, the income tax system is voluntary. That's because people are free to arrange their financial affairs in such a way to take advantage of any tax benefits. Voluntary does not mean that the tax laws don't apply to you. Voluntary means you can choose to pay less taxes by managing your finances in a way to minimize your taxes. Form 24Q: Male For Income Between 0 to 1,80,000 For Income Between 1,80,001 to 5,00,000 For Income Between 5,00,001 to 8,00,000 Female For Income Between 0 to 1,90,000 For Income Between 1,90,001 to 5,00,000 For Income Between 5,00,001 to 8,00,000 Senior Citizen For Income Between 0 to 2,50,000 For Income Between 2,50,001 to 5,00,000 For Income Between 5,00,001 to 8,00,000 For Income above 8,00,001 Tax (%) 0 10 20 30

For Income above 8,00,001 For Income above 8,00,001 Surcharge Education Cess

0 3

Note: Age of senior citizen is 60 and above years. New category of assessee Very Senior Citizen, aged above 80 years, is exempted till 5,00,000 of income.

journal entry
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Definition
The recording of financial data (taken usually from a journal voucher) pertaining to business transactions in a journal such that the debits equal credits. Journal entries provide an audit trail and a means of analyzing the effects of the transactions on an organization's financial position. See also journalizing.

Provident Fund: This is deducted compulsorily, and there is no running away from it! So, this has to be the first. Also, apart from saving tax now, it builds a long term, tax-free retirement corpus for you. Home Loan Principal: If you are paying the EMI for a home loan, this one is automatic too! So, it comes as a close second. Life Insurance Premiums: Every earning person having dependents should have adequate life insurance coverage. (For more on this, please read Life after life Why you should buy Life Insurance) Therefore, life insurance premium payments are the next. Voluntary Provident Fund (VPF) / Public Provident Fund (PPF): If you think that the PF being deducted from your salary is not enough, you should invest some more in VPF, or in PPF. Equity Linked Savings Scheme (ELSS): After the above, if you have not reached the limit of Rs. 1,00,000, then you should invest the remaining amount in Equity Linked Savings Scheme (ELSS). Equities provide the best, inflation-beating return in the long term, and should be a part of everyones portfolio. After all, what can be better than something that gives great return and helps save tax at the same time? Long-term capital gain (or loss) . When you sell a capital asset that you have owned for more than a year at a higher price than you paid to buy it, any profit on the sale is considered a long-term capital gain. If you sell for less than you paid to purchase the asset, you have a long-term capital loss. Unlike short-term gains, which are taxed at your income tax rate, most long-term gains on most investments, including real estate and securities, are taxed at rates lower than the rates on ordinary income. Currently, those rates are 15% if you're in the 25% tax bracket or higher, and 5% if you are in the 10% or 15% bracket. You can deduct your long-term losses from your long-term gains, and your short-term losses from your short-term gains, to reduce the amount on which potential tax may be due. You may also be able to deduct up to $3,000 in accumulated long-term losses from your ordinary income and carry forward losses you can't use in one tax year to deduct in the next tax year. Mortgage:- Your home is collateral for the loan, which is also a legal contract you sign to promise that you'll pay the debt, with interest and other costs, typically over 15 to 30 years. If you don't pay the debt, the lender has the right to take back the property and sell it to cover the debt. To repay the debt, you make monthly instalments or payments that typically include the principal, interest, taxes and insurance, together known as PITI.

Repo rate and Reverse Repo rate:- Reserve bank charges some interest rate on the cash borrowed by banks. This rate is usually less than the interest rate on bonds as the borrowing is collateral. This interest rate is called repo rate. The lender of securities is said to be doing repo whereas the lender of cash is said to be doing reverse repo.

In a reverse repo Reserve Bank borrows money from banks by lending securities. The interest paid by Reserve Bank in this case is called reverse repo rate. What is VAT and why is it so critical? VAT is a sales tax collected by the government (of the state in which the final consumer is located) which is the government of destination state on consumer expenditure. Over 120 countries worldwide have introduced VAT over the past three decades and India is amongst the last few to introduce it. India already has a system of sales tax collection wherein the tax is collected at one point (first/last) from the transactions involving the sale of goods. VAT would, however, be collected in stages (instalments) from one stage to another. The mechanism of VAT is such that, for goods that are imported and consumed in a particular state, the first seller pays the first point tax, and the next seller pays tax only on the value-addition done leading to a total tax burden exactly equal to the last point tax. Why VAT is necessary India, particularly the trading community, has believed in accepting and adopting loopholes in any system administered by the state or the Centre. If a well-administered system comes in, it will close avenues for traders and businessmen to evade paying taxes. They will also be compelled to keep proper records of their sales and purchases. Many sections hold the view that the trading community has been amongst the biggest offenders when it comes to evading taxes. Under the VAT system, no exemptions will be given and a tax will be levied at each stage of manufacture of a product. At each stage of value-addition, the tax levied on the inputs can be claimed back from the tax authorities. At a macro level, there are two issues, which make the introduction of VAT critical for India. Industry watchers say that the VAT system, if enforced properly, forms part of the fiscal consolidation strategy for the country. It could, in fact, help address the fiscal deficit problem and the revenues estimated to be collected could actually mean lowering of the fiscal deficit burden for the government.

What is excise duty? An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT).

Though the collection of tax is to augment as much revenue as possible to the government to provide public services, over the years it has been used as an instrument of fiscal policy to stimulate economic growth. Thus it is one of the socio-economic objectives.
What is a chargeback? A chargeback occurs when a buyer asks their credit card company to remove a charge from their credit card statement. The credit card company will ask the buyer to provide an explanation about why they are disputing the charge.

what is the diff between commercial invoice and excise invoice ?

COMMERCIAL INVOICE INCLUDES ONLY VAT. EXCISE INVOICE INCLUDES BOTH CENVAT AS WELL AS VAT.

below given salary heads : 1) HRA 2) Conveyance 3) Medical Allowance 4) Uniform Expenses 5) Tuition Fees 6) Other Allowance 7) Vehicle Allowance

Service Tax is a form of indirect tax imposed on specified services called "taxable services".
Service tax cannot be levied on any service which is not included in the list of taxable services.

Some of the major services that come under the ambit of Service Tax are:

Telephone Stockbroker General Insurance Advertising agencies Courier agencies Consulting engineers Custom house agents Steamer agents Clearing & forwarding agents Air travel agents Tour operators Rent-a-Cab Operators Manpower recruitment Agency Mandap Keepers Architects

Interior Decorators Management Consultants Practicing Chartered Accountants Practicing Company Secretaries Practicing Cost Accountants Real Estates Agents/Consultants Credit Rating Agencies Private Security Agencies Market Research Agencies Underwriters Agencies Scientific and technical consultancy services Photography Convention Telegraph Telex Facsimile Online information and database access or retrieval Video-tape production Sound recording Broadcasting Insurance auxiliary activity Banking and other financial services Port Authorised Service Stations Leased circuits Services Auxiliary services to life insurance Cargo handling Storage and warehousing services Event Management Cable operators Beauty parlours Health and fitness centres Fashion designer Rail travel agents Dry cleaning services Commercial vocational institute, coaching centres and private tutorials Technical testing and analysis (excluding health & diagnostic testing) technical inspection and certification service Maintenance & repair services Commission and Installation Services Business auxiliary services, namely business promotion and Support services (excluding on information technology services) Internet caf Franchise Services Out door Caterers service Airport Services Transport of Goods by Air Services Business Exhibition Services Intellectual Property Services Opinion Poll Services

TV or Radio Programme Services Survey and Exploration of Minerals Services Travel Agent's Services other than Rail and Air travel agents Forward Contract Services Transport of goods through pipe line or other conduit Service Site preparation & clearance Services Dredging Services Survey & Mapmaking Services Cleaning Services Membership of Clubs & Associations Packaging Services Mailing list compilation & Mailing Services

business
Definition
An economic system in which goods and services are exchanged for one another or money, on the basis of their perceived worth. Every business requires some form of investment and a sufficient number of customers to whom its output can be sold at profit on a consistent basis.

A luxury tax is a tax on luxury goods: products not considered essential. A luxury tax may be modelled after a sales tax or VAT, charged as a percentage on all items of particular classes, except that it mainly affects the wealthy because the wealthy are the most likely to buy luxuries such as expensive cars, jewellery, etc. It may also be applied only to purchases over a certain amount; for instance, some U.S. states charge luxury tax on real estate transactions over a limit. A luxury good may be a Veblen good, which is a type of good for which demand increases as price increases.

Entertainment tax in India signifies the tax paid by the entertainment industry in India. The entertainment tax in India is usually applicable for large-scale entertainment shows, private festivals that are sponsored, movie tickets, video game arcades, and amusement parks among others.
Heads of Income: Salary Heads of Income: House Property Heads of Income: Profit In Business/ Profession

 Heads of Income: Capital Gains Heads of Income: Other Sources Generally Accepted Accounting Principles. A widely accepted set of rules, conventions, standards, and procedures for reporting financial information, as established by the Financial Accounting Standards Board.

Depriciation:Straight Line Method, Diminishing Balance Method, Annuity Method, Depreciation Fund Method, Insurance Policy Method, Sum of the Digits Method, Revaluation Method, Depletion Method, Machine Hour Rate Method.
SarbanesOxley, Sarbox or SOX, is a United States federal law which set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH).

Cost centre:- it helps in ascertaining d over all cost of each department in the company
1. Name 2 stock exchanges of U.S.A

Ans:- NYSE , NASDAQ What kinds of risks Indian banks are facing? Credit risks Liquidity risks Market risks Operational risks Reputational risks

A derivative instrument is a contract between two parties that specifies conditions (especially the dates, resulting values of the underlying variables, and notional amounts) under which payments, or payoffs, are to be made between the parties. 1. Forwards:A tailored contract between two parties, where payment takes place at a specific time in the future at today's pre-determined price. 2. Futures: are contracts to buy or sell an asset on or before a future date at a price specified today. A futures contract differs from a forward contract in the manner that while the former is a standardized contract written by a clearing house that operates an exchange where the contract can be bought and sold, the latter is a non-standardized contract written by the parties themselves.

3. Options are contracts that give the owner the right, but not the obligation, to buy (in the case of a call option) or sell (in the case of a put option) an asset. The price at which the sale takes place is known as the strike price, and is specified at the time the parties enter into the option. The option contract also specifies a maturity date. In the case of a European option, the owner has the right to require the sale to take place on (but not before) the maturity date; in the case of an American option, the owner can require the sale to take place at any time up to the maturity date. If the owner of the contract exercises this right, the counter-party has the obligation to carry out the transaction. Options are of two types: call option and put option. The buyer of a Call option although has a right to buy a certain quantity of the underlying asset, at a specified price on or before a given date in the future, he however has no obligation whatsoever to carry out this right. Similarly, the buyer of a Put option although has the right to sell a certain quantity of an underlying asset, at a specified price on or before a given date in the future, he however has no obligation whatsoever to carry out this right. 4. Swaps are contracts to exchange cash (flows) on or before a specified future date based on the underlying value of currencies exchange rates, bonds/interest rates, commodities exchange, stocks or other assets. Another term which is commonly associated to Swap is Swaption which is basically an option on the forward Swap. Similar to a Call and Put option, a Swaption is of two kinds: a receiver Swaption and a payer Swaption. While on one hand, in case of a receiver Swaption there is an option wherein you can receive fixed and pay floating, a payer swaption on the other hand is an option to pay fixed and receive floating.

An employee stock ownership plan (ESOP) is a way in which employees of a company can own a share of the company they work for. There are different ways in which employees can receive stocks and shares of their company. Employees can receive them as a bonus, buy them directly from the company, or receive them through an ESOP.

What are financial instruments whose price and value derive from the value of assets underlying them called? DERIVATIVES What is an investment that is taken out specifically to reduce or cancel out the risk in another investment? HEDGE What in financial means merger of either one or more companies with another company or merger of two or more companies to form one company called?- AMALGAMATION What refers to various schemes of offering an equity stake by a Company to its employees? ESOPs What is Risk? -A potential negative impact to an asset or some characteristic of value that may arise from some present process or future event. What's the term that applies to the most reliable industrial shares of reputed companies which have a stable growth and least risk involved in investment in such companies by the public?-BLUE CHIP What is Service Tax?- It is a tax on services rendered- e.g on telephone, electricity , insurance etc. all attracts service tax.

What is Banking Cash Transaction Tax-( BCTT) ?-Applicable on withdrawl ofcash from bank exceeding a particular amount. What is Fringe Benifit Tax( FBT)?-The perquisites or benifits provided by the epmloyer to his emplyees in addition to the salary or wage are taxable.This is known as FBT .Employers now pay this tax. What is Securities Transaction Tax- (STT)?- It is a sort of turnover tax where the investor has to pay a small tax on the total consideration paid /received in a share transaction.

Definition of 'Net Present Value - NPV'

The difference between the present value of cash inflows and the present value of cash outflows. NPV is used in capital budgeting to analyze the profitability of an investment or project.

amortization refers to spreading payments over multiple periods.

Pool Rate is the overhead costs for a Homogeneous Cost Pool divided by the appropriate Cost Driver associated with the pool.

What is meant by group chart of accounts in sap fico ?

To consolidate all the company codes into one Balance Sheet.

Definition of 'Cost Center'

A department within an organization that does not directly add to profit, but which still costs an organization money to operate.

Q: How important does Accounts receivable for small business and why? Q: What are the goals of Accounts receivable? Q: What are the powerful softwares that could be used for doing efficient Accounts receivable? Q: What are the strategies to be followed for preparing Accounts receivable? Q: How debtors play its role in Accounts receivable? Q: Who is responsible for maintaining the Accounts receivable in an organization? Q: How important is Accounts receivable to business? Q: What do you mean by Accounts payable cycle? Q: What is Trial Balance? Q: What is difference between account payable and bills payable? Q: How to account freight cost, handling charges,purchase tax at the time of raising a Purchase Order?

Q: What is Reconciliation Statement ? Q: How do you answer this question "what is company code". Q: Is it necessary to create Sundry creditors? Q: What is the meaning of TDS? How it is charged? Q: What is interest on Capital? Q: What is Pool rate? Q: What the procedures or process involved in the preparation for the audit? Q: What is Web Audit? Q: What are the different types of internal audit?
1. Departmental Audits 2. Financial Audits 3. Operational Audits 4. Grant and Contract Audits 5. Fraud and Financial Irregularity Audits 6. Follow up Audits

Q: What is the difference between an internal audit and the annual external audit? Q: What is Internal Audit? Q: What is meant by Single Audit process? Q: Where is Audit Data Stored? Q: What is meant by computer auditing? Q: What are the reasons for getting audited? Q: What do 'income assessed' and 'non-income assessed' mean? The income assessed component is dependant on your parents income and the non-income assessed is what everyone gets. If you get the grant (because your parents earn less then a certain amount) you will not get the full loan.

Q: What is authorized share capital? Q: What is paid up share capital? Q: How much depreciation to be calculated for fixed assets older than 5 years? Q: What is accumulated depreciation?
A company buys an asset for $5,000 that has a five-year lifespan and zero salvage value. The company uses straight-line depreciation, and the asset depreciates at a rate of $1,000 per year. In year one, depreciation will be $1,000, as will accumulated depreciation, and carrying value of the asset will be $4,000. In year two, depreciation will be $1,000, accumulated depreciation will be $2,000 ($1,000 from the current year + $1,000 accumulated from previous years) and carrying value will be $3,000.

Q: What are the journal entries which get passed from asset purchasing to asset retirement? Q: What is fictitious assets?

Fictitious assets-fictitious assets are deffered revenue expenditure whose benefit is derived over long period of time.Even accumalated losses are also fictitious assets as they are written off over a period of time.All fictitious assets are intangible but all intangible assets are not fictitious.ex goodwill.patents,trademarks,copyrights are intangible but not fictitious.following are the examples of fictitious assets are-preliminary expenses,discount on issue on debenture and shares,underwriting commission,miscellaneous expenditure,profit and loss(dr). Q: What is the difference between the different depreciation methods? Q: What are the activities present in payroll task? Q: What is Payroll Disbursements Journal? Q: What are the steps in Payroll Management? Q: What is the software efficient for carrying out payroll tasks? Q: What is the difference between paycheck and Payslip?
Paycheck - It is the amount of salary one is getting while being employed usually at those establishments which work on a sole proprietorship or partnership firms etc & do not get into the legal aspects of a private limited company. Even though quite a few pvt. compnay also pay salary by cheques. At these establishments payment of salary & wages are paid through cheques which can be fortnightly or monthly & they are not very structured & do not have some statutory deductions. Lot many times it is also used as a jargon to express the amout of salary what one can draw or is drawing in a employment. PaySlip - It is a documentary proof that a person is employed in a company & drawing a certain amount of salary where usually salary slips contains all the breakup of the salary under different heads as well as other heads like "income tax deduction", "PF deduction" etc.

Q: How advantage is payroll for small business? Q: What is Payroll Journal?

An examination and verification of a company's financial and accounting records and supporting documents by a professional, such as a Certified Public Accountant.

journal
Definition
An accounting record where all business transactions are originally entered. A journal details which transactions occurred and what accounts were affected. Journal entries are usually recorded in chronological order, and using the double-entry method of bookkeeping.

ledger
Definition
An accounting book of final entry where transactions are listed in separate accounts.

Bonds are commonly referred to as fixed-income securities T-BILLS:Debentures:- Debt instruments, unsecured, no collateral, depending upon the trustworthiness. BONDS:- fixed secured income , fixed interest rate called coupon.