Interested to Buy Any Domain ? << Click Here >> for more details...
What is the diffrence between General Exp. & Misc. Exp?
- 5 Answers
- 19444 Views
- Tata Steel Limited, I also Faced
- E-Mail Answers
Answer Posted / h.r. sreepada bhagi
For presentation in the Financial Statement (Read P&L A/c
abd BS), Assets, Liabilities, Income & Expenses are grouped
under broad heads. there is no hard & fast rule about the
name of the groups, but it's guided by the generally
followed accounting practice & convention.
When it comes to Expenses, the re can be groups like, 1)Cost
of Materials Consumed or Cost of Goods Sold, 2)Factory
Expenses or Production Expenses, 3)Administration Expenses,
4)Employee Related Expenses, 5)Selling & Distribution
Expenses 6)Rent, Rates & Taxes, and so on. Under each of
these groups relevant expense ledgers can be listed. Most of
the expenses can be easily identify with specific ledger
a/c, but there will be some expenses, generally of small
value, which can not be identified strictly with any of the
ledger a/c. Such expenses, which are not material (Read
Materiality Concept) can be accounted in common expense a/c,
which can be called as General Expenses A/c, Misc. Expenses
A/c, Other Expenses A/c, as the company feels relevant.
Once again, I repeat, the grouping mentioned above are only
examples & it differs from company to company.
Note - As mentioned in the above answer, TDS is not an
expense, but it is a liability towards the Government. If
there TDS on the income received, then it's an asset. In any
case TDS is not a P&L A/c item.
| Is This Answer Correct ? | 5 Yes | 4 No |
Post New Answer View All Answers
what is the meaning of 4X and 10X value in intraday market?
How create the invoices?
The claim recoverable has been settled with the insurance company for 2000.what is the actual stock lost value? Please give me in calculation.
What will be a entry for TDS deducted on Salaries, Directors Remuneration and Rent.
rate of vat on gold purchase local & o.m.s. & rate of % in sale local & o.m.s.
while raising credit note for price difference,is it mandatory to charge excise duty 12.36% and vat 14.5% on local supplies
we have a bill for billing software modification, i want to know that which head post this entry in tally & also tds applicable or not.
What is band and why the company needs this?
what is the amount withdrawlfrom other cbs branch by multicity chequ book.
What is mutual fund sub accounting?
What is the marginal cost formula?
Where should tds received should show in balance sheet?
Define scrap value in accounting?
Tell me what is the master account?
Under what type of account do the unearned revenues fall?
