COST ACCOUNTING
FINANCIAL TERMINOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Interest payments from savings
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Purchasing of stock
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Selling of products
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Credit sales
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Detailed explanation-1: -Answer and Explanation: d) Unearned Revenue is not a type of revenue.
Detailed explanation-2: -The 5 major sources of revenue for the Government are Goods and Services Tax (GST), Income tax, corporation tax, non-tax revenues, union excise duties . You can read about the Taxation System in India – Types, GST, VAT, Objectives, Limitation in the given link. Download The E-Book Now!
Detailed explanation-3: -Note: Revenue Items means all Profit & loss account Items and Non-Revenue Items means all Balance sheet Items. When you enable the option Show opening balance for revenue items in reports ? in F11: Accounting Features, the Cost centre reports will show the opening balance for Revenue Items also.
Detailed explanation-4: -The correct answer is Interest tax.