Net income was $490,000 in 2020, $460,600 in 2021, and $515,872 in 2022. What is the percentage of change (a) from 2020 to 2021, and (b) from 2021 to 2022? (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round percentages to 1 decimal place, e.g. 12.3%.) (a) (b) 2020-2021 2021-2022 Increase or (Decrease) Amount Percentage % %

Q: Classify the Costs for Financial Statements?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: Explain Bill-and-hold concept.

A:

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.