What is GST? A value-added tax known as the Goods and Services Tax (GST) is imposed on the delivery of goods and services in India. It is a comprehensive, destination-based tax levied on every value addition. A single tax on the provision of goods and services is known as the GST from the manufacturer to …
What is Debt? Debt is a financial obligation in which a borrower agrees to pay back a lender a certain amount of money, usually with interest, over a set period of time. Debt can take many forms, including mortgages, student loans, credit card balances, and car loans. One of the key advantages of borrowing money …
What are Accounting Concepts? Accounting concepts are the fundamental principles that underlie the practice of accounting. They provide a framework for the way financial transactions and events are recorded, classified, and reported. Some of the key accounting concepts include: Business entity concept: This concept states that a business is separate and distinct from its owners …
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What is Aid? Aid is provided for the exact purpose of providing help to another entity or another country. Aid can be in form of funds or resources. For example, When there was an Earthquake in 2015 in Nepal. There was mass destruction and a lot of collateral damage. At that time, India provided Aid …
What is Accruals? Accruals are earnings or costs that have accumulated over time and are now payable in the current accounting quarter. This is done so that any accumulated accounting transactions and outstanding payments can be concluded at the conclusion of the accounting period. Accrued income, which refers to money for which labor has been …
What is Accounting Profit? Accounting profit is determined as income/revenue, which is the money you bring into the business less your explicit cost. It’s like the business’s earnings minus the cost of making that money over a specific time period, such as a week, month, or year. In accounting profit, there are three scenarios, they …
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What is Accounting? Accounting is a practical notion used by practically every organization to keep track of its finances. Its purpose is to maintain track of how money moves through its operations. It is possible to report on wealth maximisation, reflecting how effectively the company operates. All monetary or non-monetary transactions are taken into account …
What is 403(b)? The elective deferral of 403(b) is $19,500 for the year 2021 and grows to an amount of $20,500 in the year 2022 with an additional catch-up contribution of amount $6,500 for 2021 and 2022, but this catch-up contribution can be used only if the individual is over the age of 50. The …
What is APR? One of the most commonly used acronyms is APR (Annual Percentage Rate), and it stands for Annual Percentage Rate. Interest will accrue on loans made by individuals or on money borrowed from others, and it will be calculated by the amount borrowed. The annual percentage rate (APR) assists in determining the total …
What is Alibaba Trade Assurance? Alibaba Trade Assurance in digital payment or money transaction method which is available exclusively on Alibaba platforms like its shopping sites and apps. The user has to tap on the Alibaba secure payment option (which is often present at the time of check-in of products) to use Alibaba Trade Assurance. …
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