Accounting and Finance Questions

1. Collection of attendance / collation of attendance

2. Scrutunizing the received attendance 

3. Calculating the salary as per the attendance, based on LOP received

4. Once the Payroll Processing is over, the gross salary should be checked with Master Data of salary.

5. Netpay has to request for bank transfers / cheque 

6. Need to take care of statutories like PF / ESI / PT / Income Tax

7. While processing salary, statutory deductions like PF / ESIC / PT and income tax calculations tobe taken care.

8. Arriving the salary structure for New Joiners

9. F&F tobe done for resigned employees

10. PF & ESI Nomination has to take care for the new joiners

11. PF Settlement / PF transfer has to take care for the resigned employees after 60days from the date of resignation.

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).

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%.

The job cost sheets constitute the subsidiary ledger for the Work in Process Inventory Account.

A job cost sheet is a form used to record the costs chargeable to a specific job and to determine the total and unit costs of the completed job. Companies keep a separate job cost sheet for each job.

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.

Budgetary Control is establishment of budgets and the continuous comparison of actual results with the planned results. It computes the variances and after that management takes necessary actions to maintain favorable variations, through revision of the budgets.