Accounting and Finance Questions

The United States Federal Earned Income Tax Credit (EITC) is a refundable tax credit, that helps low and medium - income individuals and couples, primarily for those who have qualifying children. 

Fixed Foreign Exchange rate can be changed by Reserve Bank Of India (RBI).

Debenture holder are those who provides long term loan at specific interest rate in term of cash and creditor provides only short term credit in term of cash for purchasing of goods.

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.

Credit Management is the process of managing the outstanding receivables of the organistion as per the policies adopted by the organisation. Companies might the approach of categorising the B/R by their ageing and provision for the same would be taken into account while preparing the financial statements for an organisation.