Assam Cricket Association Interview Questions and Answers

Deferred revenue expenditure refers to expenses that are incurred in one accounting period but are recognized as assets and expensed over multiple periods.

• Deferred revenue expenditure is recorded as an asset on the balance sheet and is gradually expensed over the period of benefit.

• Examples include heavy advertisement expenses, preliminary expenses for setting up a business, and expenses incurred for the development of ...read more

Capital is shown on the liability side of the Balance Sheet to represent the owner's claim on the assets of the business.

• Capital represents the owner's investment in the business and is considered a liability because the business owes this amount to the owner.

• It is shown on the liability side to balance the equation: Assets = Liabilities + Owner's Equity.

• Capital is used to calculate the net worth of the business and is...read more

Input GST is the tax paid on purchases, while output GST is the tax collected on sales.

• Input GST is the tax paid on goods and services purchased by a business.

• Output GST is the tax collected on goods and services sold by a business.

• Input GST can be claimed as input tax credit, while output GST is the tax liability to be paid to the government.

• Input GST reduces the cost of production for businesses, while output GST is ...read more

Service Tax is a tax levied by the government on services provided by service providers.

• Service Tax is a form of indirect tax imposed on specified services.

• It is governed by the Finance Act, 1994.

• Service providers are required to collect and remit the tax to the government.

• The rate of service tax varies depending on the type of service provided.

• Examples of services taxable under service tax include consulting, advertis...read more

CPF stands for Central Provident Fund, a mandatory savings scheme for working Singaporeans. Percentage of share refers to the contribution rate of an individual's salary to their CPF account.

• CPF is a social security savings plan in Singapore

• Employees and employers contribute a percentage of the employee's salary to the CPF account

• The percentage of share can vary based on factors like age and income level

• For example, th...read more

Professional tax is calculated based on the slab rates set by the state government on a monthly basis.

• Professional tax is calculated based on the income slab rates set by the state government.

• The tax amount is deducted from the employee's salary on a monthly basis.

• The tax slab rates vary from state to state.

• For example, in Maharashtra, the professional tax slab rates range from Rs. 175 to Rs. 2500 per month based on th...read more

Gratuity is calculated as 15 days of salary for each completed year of service, based on the last drawn salary.

• Calculate the number of years of service completed by the employee.

• Determine the last drawn salary of the employee.

• Multiply the number of years of service by 15 days of salary to get the gratuity amount.

• For example, if an employee has worked for 10 years and their last drawn salary was $5000, the gratuity amou...read more

Contingent liability is a potential liability that may occur in the future depending on the outcome of a specific event.

• Contingent liabilities are not recorded in the financial statements but disclosed in the notes to the financial statements.

• Examples include pending lawsuits, warranties, and guarantees.

• The amount of contingent liability and the likelihood of occurrence determine whether it needs to be disclosed or not...read more