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What is the difference between liability and expense?
Liabilities are debts owed to an outside party (creditor) such as a bank loan, a truck note, etc. Expenses are the cost of operating the business and affect the net income. Expenses include things such as utilities, supplies, insurance, rent, etc. While liabilities are listed on the balance sheet, expenses are not. Also, Liabilities decrease Owners Equity (Stockholders Equity) while Expense decrease Net Income.
Is gratuity taxable?
Yes the amounts are property, etc received would be taxable income to the receiver of the gratuity.
Amount of money earned is called what?
Salary, income, wage, stipend
How do you calculate DBR?
The way to calculate DBR (Debt Burden Ratio) is to take all of a persons debt burden and add it together. Next, divide that debt burden by the after-tax income. This is the DBR.
What does IG mean in leasing property?
In leasing property, "IG" typically stands for "Investment Grade." This designation indicates that the property or the tenant has a strong financial standing, making it a lower-risk investment for landlords. Properties or tenants classified as investment grade are often seen as more stable and reliable, attracting investors looking for secure rental income.
What is a payment to the church of 10 percent of persons income called?
Tithe
A sum of money placed on a person property or income of an individual by government?
The sum of money placed on a persons property or income by the government is referred to as taxes. In the United States, these taxes are federal and state taxes.
What is a claim on the property or income of a barrower called?
A lien.
What is net income assets minus liabilities or revenues minus expenses?
Net Income is revenue minus expenses. Assets minus liabilities is Net Worth.
What is a claim on the property or income of a borrower called?
financial asset
What is income property good or service is subject to tax called?
Income property, goods or services that is subject to tax is called the taxable portion. This is usually based on a percentage of the value and other criteria.
What is meant by the term contingent liabilities?
The term contingent liabilities means liabilities that are not included in a normal balance sheet of a company's income. These liabilities are pending the actions of other outcomes such as court cases or employees benefits.
How do you figure total equity if given assets liabilities and net income?
It's pretty easy. The basic financial equation is: Assets = Equity + Liabilities. A part of equity is retained earnings. Retained earnings = net income - dividends Equity = Assets - Liabilities
What is the linkage between income statements and balance sheet?
Income statement and balance sheet are linked in this way that income statement describes how assets and liabilities are utilized to earn revenue and net income while balance sheet describes the information about remianing amount of assets and liabilities.
What are the 5 elements of accounting?
Assets, Liabilities, Expenses, Income & Equity.
What is the format of a balance sheet?
The format of the Balance Sheet is Assets = Liabilities + Equity * Current Assets * Fixed Assets * -------------------- * Total Assets * Current Liabilities * Long Term Liabilities * -------------------------- * Total Liabilities * Equity * Net Income * ---------------------------- * Total Equity * -------------------------- * Total Liabilities and Equity
What is the duration of Income Property?
The duration of Income Property is 1800.0 seconds.
