Definition of Gross Income‚ Taxable Income‚ and Net Income Gross income refers to all income but not excluding exempt income and subject to final income tax. Example of gross income include: salaries and wages‚ commission‚ sale of and other dealings in property‚ rents‚ dividends‚ and securities. Exclusion from gross income or those incomes that are exempted from tax include: life insurance proceeds paid to beneficiaries upon the death of the insured; compensation for injuries or sickness‚ retirement
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CXC CSEC Principles of Accounts Exam Guide Section 1: Introduction to Principles of Accounts SPECIFIC OBJECTIVES The students should be able to: CONTENT 1. Explain the concept of accounting; concept of “Accounting” and “Principles of Accounting” 2. State the purpose of accounting; Accounting as a business practice – the purpose of Accounting. 3. Identify the users of accounting information; Internal and external users Accounting information and their needs 4. Outline
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“Family Income” Wage- Is the money amount receive daily for rendering service. Received by unskilled semiskilled‚ and skilled workers or blue-collar workers. A salary is the amount of money received monthly by professionals or white-collar workers. IN ADDITION TO WAGES OR SALARIES‚ SOME FAMILIES HAVE OTHER SOURCE OF INCOME THIS INCLUDE THE FOLLOWING: 1. Dividends from investments in bonds & stock. 2. Gifts from relatives & friends. 3. Inheritance. 4. Rentals from apartments
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Sta. Maria‚ Oel Angel BSBA – Marketing III February 15‚ 2014 Law in Income Taxation Mrs. Gosom Business Income Tax – A tax that governments impose on financial income generated by all entities within their jurisdiction. By law‚ businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public.
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Types of Receivables Accounts Receivable: amounts due from customers for sales on credit. Businesses sell to customers on credit in an attempt to increase their sales. Also called Trade Debtors. Bills Receivable: similar to accounts receivable but bills receivable are a legal instrument. Interest is charged on the bill receivable and it usually gives more time to pay than accounts receivable. interest receivable‚ rent receivable Accounts Receivable Recognition of accounts receivable Recorded
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Uncollectible Accounts Lesley-Ann Herard ACC 281 John Istvan November 17‚ 2014 Uncollectible Accounts Charity care in a health care environment gives patients reduced or even free services to those who have low incomes. The idea of charity care was associated to the way hospitals helped low- income families. The write-offs and potential costs that are provided to the patients are determined before anything is done. It is up to the discretion of the hospital if any or all the cost is
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difference; taxable income given LO1 Alvis Corporation reports pretax accounting income of $400‚000‚ but due to a single temporary difference‚ taxable income is only $250‚000. At the beginning of the year‚ no temporary differences existed. Required: 1. Assuming a tax rate of 35%‚ what will be Alvis’s net income? 2. What will Alvis report in the balance sheet pertaining to income taxes? Solution: Requirement 1 Since taxable income is less than pretax accounting income‚ a future taxable
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ACCT 3512 Chart of Accounts Accounts & 4 Characteristics by 6 Acct Types: FS‚ Real vs. Nominal & Normal Acct Bal (NAB) mjm cpa 9/13 (Contra Accts) [Historical Cost Exceptions] (ACCT 3512 emphasized accts in italics) by Marco J. Malandra‚ CPA 1. ASSETS: BS‚ Real‚ Dr NAB‚ (Cr if contra) 3. SHs’ EQUITY: BS‚ Real‚ Cr NAB (Dr if contra) Current [generally]: IC accts: Preferred Stock [at Par Value] Cash (Money Orders‚Checks‚Checking‚ Savings‚ Petty) Additional-paid-in-capital
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chart of accounts? Chart of accounts (COA) is a list of the accounts used by an organization. The list can be numerical‚ alphabetic‚ or alpha-numeric. The structure and headings of accounts should assist in consistent posting of transactions. Each nominal ledger account is unique to allow its ledger to be located. The list is typically arranged in the order of the customary appearance of accounts in the financial statements‚ profit and loss accounts followed by balance sheet accounts. It is
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Ways to Prevent Overdue Accounts Want to improve the way you run your business? For any company‚ having overdue accounts wreak havoc on cash flow and liquid assets. In a small business‚ tracking down the guilty parties is both a financial and physical drain. It’s easy to say "don’t do business with deadbeats"‚ but the realities of things are much more complex. Most firms bring in collection agencies for debt. Be sure to find out: • How information about delinquent accounts will be transferred to
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