Which of the following is considered as an agricultural produce under PAS 41?

Q: Are there circumstances in which the cost method is required under U.S. GAAP but not under IFRS?…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

Q: Why should granted emission allowance be measured at fair value?

A: The emission allowance is a special type of allowance that companies get from the government.  This…

Q: FUTA tax is paid by:

A: FUTA TAX: It is payroll tax paid by employers of the organisation.

Q: How to calculate total taxable pay?

A: Introduction: The income of an individual or entity, less any legal tax deductions, is their taxable…

Q: sic Re

A: Basic Real Property Tax Property tax is the amount that is paid by the land owner to the municipal…

Q: What is the profession’s recommendation in regard to the use of the term “surplus”? Explain.

A: The professionals has recommended that use of term surplus should be discontinued in balance sheet…

Q: State the difference between secondary market and primary market.

A: Financial Markets refer to the place where financial assets or securities are being created,…

Q: What is an undertaking? What is a "separate source of income production," and why is this…

A: An undertaking can refer to several concepts depending on the context:1. It can be a job, business,…

Q: What is site-value tax

A: The site value tax is charged on the land's or site's value. It considers only the land and does not…

Q: Give the formula to determine taxable wages

A: Any money earned by an individual is subject to government taxation. Hourly pay, overtime pay, a…

Q: flat tax income tax property tax

A: A progressive tax is one in which the average tax burden grows in proportion to income.…

Q: produ

A: The term "tax incidence" (or "tax incidence") refers to how a tax burden is distributed across…

Q: Define each of the following terms:i. Alternative minimum tax (AMT)

A: Alternative minimum taxIt is a tax levied by the U.S federal government with respect to income tax…

Q: What is ‘fringe benefit tax’(FBT)? Explain atleast five main salient features of the FBT?

A: Fringe Benefit Tax: It refers to a tax which an employer needs to pay on the value of fringe or…

Q: What is a taxable gift?

A: Gift tax: When a person transfers a property to another person without any consideration then such…

Q: Which are the two General Classifications of Estates?

A: Estate refers property in land and building. Business is real estate involves purchase or…

Q: What are the situs rules on income tax situs on sales of goods?

A: Income tax:A tax charged on the income earned by the individual or corporates by the central…

Q: Explain the difference between direct and indirect tax

A: Introduction: Tax refers to an individual's simple duty to contribute their resources. It is imposed…

Q: Define biological assets, agricultural produce and harvest

A: Assets are the resources owned by the business concerns. The assets held for a short period are…

Q: For income tax purposes, how is affiliated group defined?

A: Tax:   It refers to a compulsory charge imposed by the government on all the taxpayers of the…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for…

A: Under IFRS, defined benefit plan assets are valued at fair value. Under U.S. GAAP, defined benefit…

Q: What are the three different kinds of income tax systems? (Explain each)

A: Income tax is a direct tax which is levied on the income. Taxes are the fees which are charged by…

Q: How is the taxable gains arc calculated?

A: Capital gain:   A capital gain is the profit resulting from the sale of capital asset as a stock,…

Q: Identify whether the following items would be accounted for under IAS 41 Agriculture or not.…

A: IAS(International Accounting Standard) 41 deals with accounting for Agricultural Activities. It…

Q: DEFINE WITH THEIR DIFFERENCES BETWEEN THE FOLLOWING:         OUTPUT TAX & INPUT TAX ZERO RATED &…

A: SOLUTION-1               DIFFERENCE BETWEEN INPUT TAX AND OUTPUT TAX S NO INPUT TAX OUTPUT TAX…

Q: give the definition, recognition, measurement and derecognition of "agriculture"

A: International principle IAS 41, Agriculture, is that the initial normal that specifically covers the…

Q: What is Documentary Stamp Tax and give examples?

A: The answer is given below:

Q: How do defined-benefit plans differ from defined contribution plans?

A: For long, pension has been taking care of post-retirement needs of a large section of retirees.…

Q: What is personal income tax and it's use?

A: Income tax is a type of tax that governments impose on income generated by businesses and…