NON-CURRENT LIABILITIES 1,646,862 3,844 Long term financing Long term deposits Long term employee benefit Deferred taxation 19 1,356,641 3,834 15,640 184,995 1,561,110 20 21 22 15,093 133,455 1,799,254 CURRENT LIABILITIES 424,449 364,658 Trade and other payables Accrued mark-up Current maturity of long term financing Short term borrowings 23 8,876 333,458 19,168 785,951 24 46,039 298,177 135,449 844,323 19 25 CONTINGENCIES AND COMMITMENTS 26 5,370,905 5,219,058

Q: Define Total comprehensive income

A: Comprehensive income includes both net income and unrealized income or losses on financial…

Q: What is a summary income account?

A: Lets understand the basics. For recording the financial event and transaction, we pass the journal…

Q: How to calculate FIT on payroll register? What is the equation or numbers I am supposed to use to…

A: Before calculating payroll taxes, the employees will need to complete these new employee documents,…

Q: What are the typical elements that are itemized in the income statement?

A: Income statement is a statement that helps in determining the income or the profit and loss of a…

Q: of which of the following key assertions? ● Occurrence, completeness, and valuation O Occurrence,…

A: There are many transactions and various type of assertions that are used in the audit in order to…

Q: A.    State Income Tax Withholding     B.    Social Security

A: Payroll refers to the form of compensation provided by a company to its employees for the work done…

Q: How to determine the timing and measurement of revenue.

A: Revenue recognition principle is the principle that determines when and how much amount should be…

Q: Identify some of the reasons why accounting for income taxes is complex?

A: ANSWER : U.S. tax laws are complex and ambiguous.A company frequently prepares its financial…

Q: state the importance of transparency and validity in relation to financial plan/budget.

A: Answer:-  Financial budget:- Predicting the company's income and expenses over the long and short…

Q: how do you do paycheck calculations

A: Paycheck means the payment of the salary or wage to employee. A paycheck is a traditional document…

Q: What are the quality information with regards to financial reporting?

A: Financial reporting is to communicate the financial position and its soundness to the shareholders,…

Q: Describe the costs and the basic accounting activities relating to payrolls?

A: Finance bookkeeping is basically the estimation, the executives, recording, and examination of…

Q: What purpose does the individual employee earnings record serve?

A:

Q: What are the two main controls for payroll? Provide an example of each.

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Define Accrued income taxes.

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: what is budgeting is accounting? Explain its significance and applications with examples ?

A: The process of estimating future income and losses is called budgeting. In other words, it is the…

Q: Describe the presentation of deferred income taxes in financial statements.

A: Deferred tax asset: The deferred tax asset is the excess, overpaid, or paid in advance expenses.…

Q: What are the payroll system's general tasks?

A: Payroll is the amount paid by business to the employees in the form of compensation for the given…

Q: Identify additional issues in accounting for income taxes.

A:

Q: What differentiates things reported on the income statement from those reported on the balance sheet…

A: The Answer

Q: What functional responsibilities are associated with the payroll cycle?

A: Payroll Cycle: The payroll cycle is commenced with the hiring and dismissal of an employee along…

Q: What are the risks prevalent in a payroll system?

A: Payroll system is generally the system used in an organization to manage the salary and wages…

Q: Describe the cost and basic accounting activities related to payroll ?

A: Payroll accounting is just recording the payroll expenses of a business into the final ledger.

Q: Discuss the importance or role of taxes in decision

A: The Government of each nation expects financing to help it in doing its important capacities and…

Q: What special accounts must usually be opened in the general ledger to record payroll tax entries?…

A: Lets understand the basics. Journal entry is required to make to record financial event or…

Q: total deductions on payroll register

A: Deductions are subtracted from total earned pay.

Q: Define net pay.

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: discuss the ‘primary users’ of general-purpose financial reports?

A: General purpose financial reports means the financial statement including trading and profit and…

Q: What information is necessary to record payroll transactions? Which account is used to record an…

A: A payroll is set of information which entails the various monetary benefits that employees draw from…

Q: describe, calculate, and interpret comprehensive income;

A: The income statement is considered an important financial statement as it helps in order to get the…

Q: Define the term payroll taxes.

A: Payroll accounting:   The process of payroll accounting includes the computation and payment of…