Asset or Liability Asset or Liability, A is neither an assets nor a liability. Instead, it is a reduction in the price of a good or service offered by a company. Therefore, it is treated as a reduction from the revenue earned by the company rather than as an assets or a liability… Read More »
Turnover Requirements Turnover requirements refer to the specific criteria or thresholds related to the financial turnover or revenue that a company or individual must meet in order to qualify for certain opportunities, benefits, or obligations. These requirements can vary depending on the context and can be set by organizations, regulatory bodies, or government agencies.… Read More »
Bookkeeping vs accounts payable Website link Bookkeeping vs accounts payable: Bookkeeping vs accounts payable are interconnected yet separate components of financial management within a company. Here are the differences between bookkeeping and accounts payable: Bookkeeping: Bookkeeping is the process of recording and organizing financial transactions in an organized and systematic manner. It involves tasks such… Read More »
Bookkeepers and Accountants Bookkeepers and accountants perform distinct roles in the realm of finance and accounting, although their responsibilities are intimately intertwined. Bookkeepers are responsible for recording and organizing financial transactions, maintaining ledgers, and ensuring accuracy in financial records. They typically handle day-to-day tasks such as recording sales and purchases, reconciling bank statements,… Read More »
Is Depreciation an Asset or a Liability There is perfect answer of Is Depreciation an Asset or a Liability question: Depreciation is neither an assets nor a liability. It is a non-cash expense that represents the decrease in the value of a fixed asset over its useful life. It is recorded as an expense… Read More »
Total Liabilities V/s Current liabilities Total Liabilities V/s Current liabilities refer to all the debts and obligations a company owes, including both current and long-term liabilities. Current liabilities, on the other hand, are debts that are due and payable within a short period of time, typically one year or less. Some examples of current… Read More »
Is depreciation the loss of the value of fixed assets Depreciation loss value of fixed assets refers to the process of distributing the cost of a fixed asset over its useful life. It is not technically a loss of value, but rather an accounting method to allocate the cost of an asset over the period… Read More »
Are fictitious asset and deferred revenue expenditure are same No, fictitious asset and deferred revenue expenditure are not the same. A fictitious asset is a non-monetary asset that has no physical substance and cannot be seen or touched. It represents an expense that has been paid for in advance, such as prepaid expenses or deferred… Read More »
Is net turnover the same as net profit No, net turnover and net profit are not the same. Net sale refers to the total revenue generated by a business after deducting any discounts, returns, and allowances. It represents the total amount of sales made by a business during a particular period. To visit: https://www.incometax.gov.in On… Read More »
Is book value the same as net asset value No, book value and net asset value (NAV) are not the same. Book value is the value of a company’s assets minus its liabilities and is calculated based on the accounting records of the company. It represents the value of the company’s assets that would remain… Read More »