33
Q:

Explain End to End AP Process? 

Answer:



Q:

The primary purpose of life insurance is to provide

A) Safe investment avenue B) financial protection to surviving dependents after the death of an insured
C) Tax rebates D) Wealth accumulation
 
Answer & Explanation Answer: B) financial protection to surviving dependents after the death of an insured

Explanation:

The primary purpose of life insurance is to provide financial protection to surviving dependents after the death of an insured.

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1 277
Q:

Managerial Accounting is also called

A) Control accounting B) Management accounting
C) Cost accounting D) Both B & C
 
Answer & Explanation Answer: D) Both B & C

Explanation:

Managerial Accounting is also called as Management accounting or Cost accounting. It is the process of identifying, measuring, analyzing, interpreting, and communicating information to managers of an organization. Then that managers use the provisions of accounting information in order to better inform themselves before they decide matters within their organizations, which aids their management and performance of control functions.

 

managerial_accounting_is_also_called1561444774.jpg image

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0 242
Q:

Financial statements are prepared in the following order.

A) Income statement - Balance sheet - Statement of retained earnings B) Income statement - Statement of retained earnings - Balance sheet
C) Balance sheet - Statement of retained earnings - Income statement D) Statement of retained earnings - Balance sheet - Income statement
 
Answer & Explanation Answer: B) Income statement - Statement of retained earnings - Balance sheet

Explanation:

The financial statements should be prepared in the following order:


Income statement - Statement of retained earnings - Balance sheet

 

1. Income statement reports revenues and expenses and calculates net income or net loss for the time period.

2. Statement of retained earnings show how retained earnings changed during the period due to net income or net loss and dividends.

3. Balance sheet reports assets, liabilities, and stockholders’ equity as of the last day of the period.

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0 438
Q:

Generally accepted accounting principles are

Answer

Generally Accepted Accounting Principles (GAAP) are basic accounting principles and guidelines are concepts that govern the field of accounting.


 


Accounting principles and guidelines include :


 


* Business Entity Assumption


* Accounting Period


* Historical Cost Concept


* Full Disclosure Principle


* Cost Principle


* Matching Principle


* Materiality


* Monetary Unit Assumption.

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0 234
Q:

Party account can be created through

Party_account_can_be_created_through1552996763.jpg image

A) Inventory creation window B) Group creation window
C) Ledger creation window D) Any of the above
 
Answer & Explanation Answer: C) Ledger creation window

Explanation:
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0 496
Q:

Which tax is paid to a third party?

A) Indirect B) Income
C) Flat D) Direct
 
Answer & Explanation Answer: A) Indirect

Explanation:

The tax that is paid to a third party is Indirect tax.

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1 619
Q:

Which capital gains tax on property?

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%.

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2 491
Q:

A debit signifies a decrease in

A) revenues B) liability
C) owner's equity D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:
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0 707