Answer Posted / guest

Income for financial statement purposes is determined under
generally accepted accounting principles as set forth by the
accounting profession. Income for tax purposes is determined
according to the rules of the Internal Revenue Service which
are passed into law by Congress (Thought the same rules
applied with other contries). These rules often do not
follow generally accepted accounting principles.
Accordingly, differences will arise between accounting
income and taxable income.

These differences may be either temporary or permanent in
nature. Temporary differences are referred to as “timing
differences” because, with time, they reverse or “turn
around”. Permanent differences are forever—they do not
reverse. In this post we are going to discuss the temporary
differences.

Temporary differences involve the recognition of revenue or
expense items in one year for tax purposes but in a
different year for accounting purposes. Overall the total
income is the same for both tax and accounting purposes; it
is just the timing that is different.
Amit Kumar

Cheque Received From Customer What is accounting entry and in which vocher. coustomer order is 100 items . 5 items given to customer cost rs 2000 5 items Total 2000 and remaing 95 items not deliveried 100000 Cheque Received

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Hi, we are not a VAT register and raised not VAT bill to company for signage material. they are deducting WCT @4%, can anybody help me why they are deducting WCT while i am not a VAT register vendor, as i do not cross threshold limit.

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Compare financial accounting and cost accounting.

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HP EMPLOYYES - If any one in HP company, Please give refernce for attend the Accounting Job in chennai,Bpo- chetpet.If any one Worked there Please,Send mail to me Umaiyo@gmail.com.I have 1 year exp in banking sector, & 8 months exp in accounting in SIEMENS, at present I'm searching for a job.If any person see this mail,Kindly send mail to me. Thank U Friend.

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Sir, I want to know about Entry Tax. I purchased the Packing Box from other state.the entry tax on the packing items is 5 %.but now sale tax deptt. close the entry tax on barrier. the tax will be deposited with return. sir we want to know can i deposit this entry taxon on CST challan or not. if not then how can i deposit, or which cloumn in return shown this amount. please send the return format my mail ID is happynlg@gmail.com

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M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances

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