Which of these is not recognised as income?     Sale of goods.     Capital contributed by the owner.     Interest received.     Provision of services.

Q: accounting income and taxable income?

A: Accounting Income -: Accounting Income is the revenue a firm earns or keeps after paying off all…

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: explain how accounting profit and taxable profit differ.

A: Accounting profit and taxable profit are two separate methods of calculating a company's profit that…

Q: Which of the following is not an income for income tax purposes?

A: Assuming the question related to tax in Phillipines ---…

Q: What is the income under accrual basis?

A: Accrual basis is method used by the company to record its transaction in the books. In this method,…

Q: Tax as a source is classified as?

A: Solution Concept Tax is the major source of revenue oto the government of any nation There can…

Q: What is the impact of deferred annuities in consideration to business matter?

A: The legal contract between any entity and an insurance company is a deferred annuity contract. The…

Q: Accounting Equation Inspirational Inc. is a motivational consulting business. At the end of its…

A: Stockholder's equity refers the equity or capital introduced by the owner and it also includes…

Q: What is the sales tax? Is it an expense or a liability?

A: Sales tax is the tax on sales which is levied by the government. However, sales tax is an indirect…

Q: Which of the following is deductible from gross income? Loss from a business receivable from a…

A: Loss from a business receivable from a customer which is estimated to be doubtful of collection:…

Q: What is meant by net income and net loss?

A: When the company has more amount of revenue it would have positive income whereas when company has…

Q: Explain Transfer of Property or a Beneficial Interest in Borrower?

A: The question is based on the agreement of Mortgage loan in real estate deal.

Q: How would you differentiate items that are exempted from gross income and items deductible from…

A: Items exempted from gross income refers to income which need not be part of income while calculating…

Q: allocation of income or loss to have economic effect

A: Income or loss is the net result of operational activities of a business conducted during a…

Q: What factors need to be considered in determining whether a receipt is of an income or of a capital…

A: The essential distinction between Capital Receipt and Income is the "purpose" with which the asset…

Q: what is the net income? or how do I find it?

A: Net income is the difference between the revenue and expenses for the period. Dividends is not an…

Q: What are the definition criteria of an income and an expense?

A: Ans. Income is money what an individual or business receives in exchange for producing goods or…

Q: what is asset? what is gross profit?

A: Financial statements: These are the financial reports prepared by an organization for a financial…

Q: Why is an owner's valuation of a borrowing business excluded from stated net worth to arrive at…

A: When we  say 'net worth' of a business it is  Assets - Liabilities of business.…

Q: Revenues, gains, and investments by owners are allincreases in net assets. What are the distinctions…

A: All revenues, gains, and investments by owners increases the net assets of the business.

Q: Explain the transaction approach to measuring income.Why is the transaction approach to income…

A: Transaction approach:

Q: Required: Net income?

A: The Income Statement and Statement of Financial position is given for the year ended 31st December…

Q: Define net income.

A: Definition:   Earnings: The bottom line of an income statement which is the result of excess…

Q: What is the difference between real property and personal property?

A: Real property can be described as a property in which the things are attached to the land.Because it…

Q: How to find the net income? How to find the revenue expense?

A: Net Income Net Income is refer as the net profit or the profitability of the company. Net Income is…

Q: How does income taxation differs from transfer and business tax?

A: Income tax is a direct tax that governments impose on income generated by individuals and business…

Q: What does it mean when you have a debit balance of accrued interest income? Does a Debit balance…

A: The accrued expenses are the expenses incurred but not paid yet and hence are recorded as liability.…

Q: How does EVA differ from accounting net income?

A: Economic Value Added and accounting net income are the methods of businesses that can be used to…

Q: Retained earnings, January 1, 2022 $87,100 Advertising expense 2,340 Dividends 7,800 Rent expense…

A: Net Income: The net income of the business is determined by subtracting the total expenses from the…