Answer Posted / sahil goel

Reserve is created for unknown liability which is not recognised & it is a part of shareholders' capital .
Provision is created for known liability which may happen in future.

Why are accounting standards necessary?

1073

---

Tell me what is the abbreviation for the accounting terms debit and credit?

1027

---

Tell me where do generally accruals appear on the balance sheet?

972

---

If i pay for general expense (and party provide me gst details) through credit card then how i can enter party details

1411

---

Can CPF share given by govt. added in the Financial gross salary while calculating Total gross salary at the end of Financial year.For eg: My gross salary is Rs.X during a Fin. year & govt share of CPF is Y then Total Fin. Year gross salary is =X+Y,is it correct?

2246

---

What information do you require before you approve an invoice for payment?

1147

---

how to calculate forefeiture of share when over subcription

2250

---

What qualifications have you achieved?

1057

---

what is a register when referring to accounting or bookkeeping?

997

---

What are the disadvantages of double entry system?

1072

---

sir i am working in construction company.we have more than one projects.i enter the attendance projectwise in payroll.if payroll autofill i want project wise salaries not overall

1943

---

explain me what steps would you take to increase revenue for this company?

1025

---

What is the treatment of claim settled by insurance company but still receivable in profit and loss account

1244

---

Tell me do you have any idea about service tax or excise?

1065

---

1. The following data is available. Determine the Break Even point in Sales: Sales : $1,800,000/- Fixed Expenses : $ 375,000/- Variable Expenses : $ 1,200,000/-

1865

---