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. 

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.

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.

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

The journal entry to record a credit sale is Accounts Receivable. Credit sale is nothing butthe customers pay at the time of buying.

Repo Rate is the rate at which the commercial banks borrows money from the central bank of a country i.e, RBI in India.

Reverse Repo Rate is the rate at which the central bank of a country, in case of India it is RBI borrows money from the commercial banks in the country.