time? (Muni) Write the history of national income estimates in India? What are the estimates of National Income before and after independence? Ans: Estimations of National Income before independence: Several estimates of National Income were prepared during the British period. The 1st estimate of national income was prepared by Dadabhai Nauroji for the year 1867 - 68. Accordingly the N.I and Per Capita Income of the country were Rs. 340 crores & Rs
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Q. How Will You treat ‘ packing expenses on sales’ in final accounts? Ans. It is an indirect expense‚ therefore‚ it should be shown in the Profit & Loss Account. Adjustments at a Glance Sl No. Adjustments Adjustment Entries Treatment in Final Accounts 1. Closing Stock Closing Stock A/c Dr. To Trading A/c a. Credit side of Trading A/c. b. Show on the assets side of B/S 2. Outstanding or unpaid expenses Expenses A/c Dr. To Outstanding exp. a. Add to the
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Value Using Variable Costing: $60‚000 ($12* 5‚000) Exercise 5-13. During the year‚ Summit produces 50‚000 snow shovels and sells 45‚000 snow shovels. Calculate the difference in full costing net income and variable costing net income without preparing either income statement. Difference in Net Incomes: $18‚000 ($3.60*5‚000) Exercise 5-14. During the year‚ Summit produces 50‚000 snow shovels and sells 45‚000 snow shovels. What is cost of goods sold using full costing? Cost of Goods Sold using
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20: Income Inequality and Poverty 1) Income Inequality and Poverty A person’s earnings depend on the supply and demand for that person’s labor‚ which in turn depend on natural ability‚ human capital‚ compensating differentials‚ discrimination‚ and so on. 2) THE MEASUREMENT OF INEQUALITY How much inequality is there in our society? How many people live in poverty? What problems arise in measuring the amount of inequality? How often do people move among income classes? 3) Table 1 The Distribution
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CHAPTER 4--GROSS INCOME: CONCEPTS AND INCLUSIONS As a general rule: Only I and II are true. I. Income from property is taxed to the person who owns the property. II. Income from services is taxed to the person who earns the income. III. The assignee of income from property must pay tax on the income. IV. The person who receives the benefit of the income must pay the tax on the income. Betty purchased an annuity for $24‚000 in 2012. Under the contract‚ Betty will receive $300 each month for
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National Income (Contd.) Methods used to measure National Income Calculating National Income There are various methods for calculating the national income such as production method‚ income method‚ expenditure method etc. Income Method: Different factors of production are paid for their productive services rendered to an organization. The various incomes that are included in these methods are wages‚ income of self-employed‚ interest‚ profit‚ dividend‚ rents‚ and surplus of public sector
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Income Tax Is not one Tax but an Aggregation Of Taxes Tax is a fee charge by the Govt. on any product income or activity. Taxes in India are of two types‚ Direct Tax and Indirect Tax. Direct Tax‚ like income tax‚ wealth tax‚ etc. are those whose burden falls directly on the taxpayer. The burden of indirect taxes‚ like service tax‚ VAT‚ etc. can be passed on to a third party. Income Tax is all income other than agricultural income levied and collected by the central government and shared
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Today‚ earnings management methods‚ such as income smoothing‚ are becoming more and more ubiquitous ways of improving earnings quality and attractiveness to investors. Because investors pay such close attention to income levels and firm stability‚ such methods are coming under heavy scrutiny‚ and are receiving more attention in the way of research and studies. The scrutiny is an attempt to explain the effects‚ and whether or not‚ in the long-run‚ these methods of earnings management are‚ in fact
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and they didn’t work hard to earn this money. Moreover‚ people think it’s enough for athletes that they are being paid for the institution. Even though‚ athletes have harsh rules‚ they can’t work and keep focusing on their sports that don’t have income. Later‚ National Collegiate Athletic Associations (NCAA) changed this harsh rule and allowed them to work for maximum $2000. On the other hand‚ the revenue that athletes t making is enormous‚ billons of dollars are going to other people. Alabama
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Note: Income Statement Format Hanna 2004-08-03 Income Statement Presentation The objective of studying the format and presentation of the income statement is to gain an understanding of the different ways that certain economic events can be presented. Sometimes‚ the type of presentation depends upon management’s intent regarding the future. Needless to say‚ there is a lot of room for the application of judgment when choosing amongst various acceptable income statement formats. Interpreting
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