17(1) Rs. 4‚02‚568 (b) Value of perquisites under Section 17(2) Rs. 0 (c) Profits in lieu of Salary under Section 17(3) Rs. 0 2. Total of 1 above Rs. 4‚02‚568 3. Less: Allowance to the extent exempt under section 10 Principal Interest Accrual Basis 0 0 NGIF HOUSE LOAN Principal Interest Paid 0 0 HRA PAID (a) KMA Rs. 2‚256 Period (b) TPT Rs. 9‚600 - (c) ISDA/SCRLA Rs. 0 (d) OHA/HRA/CEA Rs. 0 (e) OTHERS(TA/DA‚LTC‚OUTFIT etc) Rs. 0 Amount - ARREARS PREVIOUS FY Year Amount
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A. What is the difference between accrual-basis accounting and cash-basis accounting? The difference between the two types of accounting is when revenues and expenses are recorded. In cash basis accounting revenues are recorded when cash is actually received and expenses are recorded when the expenses are actually paid. B. Why would politicians prefer the cash basis over the accrual basis? The accrual basis system deals with deprecation of the value of equipment‚ land and such. Politicians would
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* Nonprofit organizations are required to produce financial statements based on the accrual method of accounting. How is this different from the cash basis of accounting? Why is accrual accounting important? * * In an accrual system‚ does revenue equal cash? * * What is the importance of the statement of cash flow in the financial management of an organization? * Accrual accounting is considered to be the standard accounting practice for most companies‚ with the exception
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com/What-are-the-differences-between-cash-basis-and-accrual-basis-accounting Why government used the cash basis of accounting? Easy to learn and carry out and requires care but no special accounting skills. Well-adapted to needs of budgetary control and payment is more ascertain. Strict budget control can be exercised by comparing sums authorized with those actually spent Easy to understand and verify A statutory requirement in many countries Arguments of accruals basis Cash basis accounting does not
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monitor. The financial statements are another area that can be confusing because most businesses will use accrual accounting methods‚ but government organizations use a modified version. To understand the similarities differences between GASB and FASB the following paragraphs will begin with these and follow up with the reason for the use and the differences in the accrual and modified accrual accounting methods. FASB and GASB FASB and GASB were both established by the Financial Accounting Foundation
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been incurred and the amount can be estimated. This case study focuses on accounting implications of the most common contingencies—warranties and lawsuits—at Maytag Corporation‚ a leading manufacturer of home and commercial appliances. Under the accrual accounting method‚ estimated warranty costs are charged to operating expenses in the year of sales‚ and a corresponding liability is established. This liability is reduced when the actual warranty charges are incurred. The notes on the financial statements
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Five-Step Approach to Unstructured Problems 1. Succinct Statement of the Financial Reporting Issue(s) When has a company completed its side of an arrangement‚ allowing it to record a sale and related loss contingencies (recall product costs)‚ while still conforming to GAAP? 2. Brief Summary of the Economic Purpose of the Transaction To better match revenues and expenses‚ Frequent Fixer has proposed recognizing all of its recall product costs at the time of sale to match its competitors
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single transaction may cause a problem and affect the revenues or expenses and the date on which this transaction may occur may not be the date required to fulfill the matching principle of accrual accounting. You need to know that there are two major type of adjusting entries which are accruals and deferrals. Accruals entries are “revenues and expenses that are matched to dates before the transaction has been recorded.” (NetMBA‚ 2010). An example of this would all salary employees in the company that
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Martinez October 29‚ 2008 Define accrual accounting and contrast it with cash basis accounting. In accrual accounting income is reported when the business completes its promise for goods or services no matter when the cash was received. Expenses are recorded when incurred. In cash based accounting‚ income and expenses are reported when cash is paid and received. 4. What four conditions must normally be met for revenue to be recognized under accrual basis accounting? 1. Persuasive evidence
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NGAS Basic Features and Policies Wednesday‚ March 6‚ 13 Accrual Accounting • A modified accrual basis of accounting shall be used. • All expenses shall be recognized when incurred and reported in the financial statements in the period to which they relate. • Income shall be on accrual basis except for transactions where accrual basis is impractical or when other methods are required by law. Wednesday‚ March 6‚ 13 One Fund Concept • NGAS adopts the one-fund concept
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