Business Knowledge

Ans:   The term export means shipping the goods and services out of the port of a country. Normally, Export means to send goods or services across national frontiers for the purpose of selling and realizing foreign exchange. Export is a function of international trade whereby goods produced in one country are shipped to another country for future sale or trade. In International Trade, "exports" refers to selling goods and services produced in the home country to other markets.

Exporting refers to the sale of goods or services produced by a company based in one country to customers that reside in different country.

Ans:   Imports are the products shipped into our country from other places. The definition of import is commodities, i.e. goods and services brought into one country from another country for the purposes of trade. Import is also a verb meaning the action of bringing in goods and services from another country.In other senses entirely, import can mean the following:importance or significancean inferred, underlying meaning, rather than one that is actually stated to indicate or signify something.

Importing is the purchase of goods or services by a company based in one country from sellers that reside in another.

Imports are the goods and services that are bought by residents of a country, but made outside of the country. It doesn't matter what the goods or services are, or how they are sent. They can be shipped, sent by email, or even hand-carried in personal luggage on a plane. If they are produced in a foreign country and sold to domestic residents, they are imports.

For example, tourism products and services are still imports, even though they are sold to tourists outside of their country. In a way, when you travel outside the country, you are importing those souvenirs.

Income year:

                               The year of income for which tax is imposed.

Assessment year.

Assessment and collection

Assessment cycle:

1. Preparation for return.

2. Payment of tax assessment.

3. Submission of return.

4. Assessment of tax.

5. Issue of demand bodies.

6. Tax payment as far demand notice.

7. Imposition of penalty.

8. Recovery of tax including penalty.

9. Appeal and revision.

10. Tax refund.

Types of assessment:

A Regular:

1. On the basis of return.

2. On the basis of evidence.

3. Reports of CA.

4. Best judgement.

5. Directions of NBR.

B. Universal self assessment.

C. Provisional assessment.

D. Emergency assessment.

1. Discontinued business.

2. Persons leaving the country for good.

3. Income of death person.

4. Income of nonresidents.

E. Spot assessment.

Deduction of tax at source?

1. Power and functions of DCT?

Ans:

Functions:

1. Issue of notices.

2. Return of notice.

3. Best judgement of tax.

4. Call for relevant information.

5. Extension of return submission time.

6. Power to inspect register.

7. Power of inquiry.

8. Other functions:

a. Entry charging.

B. Break open.

C. Search.

Powers:

1. Power to write off.

2. Power to impose penalty.

3. Power to appeal.

4. Power to call for wealth explanation.

1. What is the definition of management accounting?

Ans:

Management Accounting:

Management accounting is concerned with accounting information that is useful to management.

According to Charles T. Horngren, "Managenet Accounting is the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information that assists executives in fulfilling organizational objectives.”

2. What is Managerial Accounting?

Ans:

Managerial Accounting:

Managerial accounting is the process of

1. Identifying.

2. Measuring.

3. Analyzing.

4. Interpreting.

5. Communicating Information.

3. Make a flow chart about Managing Resources. Activities and people?

4. What are the functions of Management Accounting?

Ans:

Functions of management accounting:

1. Collection of data.

2. Modification of data.

3. Analysis of financial information.

4. Evaluation of function.

5. To help planning.

6. Coordination.

7. Problem identification.

8. Budgeting.

9. Controlling.

10. Communication.

11. To help policy determination.

5. What are the techniques of management Accounting?

Ans:

Techniques of management accounting:

1. Determine production cost.

2. Analyses financial statement.

3. Determine standard cost.

4. Budgetary control.

5. Determine direct cost.

6. Operation research technique.

6. How managerial accounting adds value to the organization?

Ans:

1. Providing information for decision making and planning.

2. Assisting managers in directing and controlling activities.

3. Motivating managers and other employees towards organizations goal.

4. Measuring performance of subunits, activities, managers and other employees.

5. Assessing the organization's competitive position.

7. What is the Scope of Management Accounting?

Ans:

Scope of management accounting:

1. Financial accounting.

2. Cost accounting.

3. Budgeting.

4. Decision accounting.

5. Tax accounting and tax planning.

6. Analysis and interpretation of accounting information.

7. Reporting.

8. Office management.

9. Management information system.

10. Control system.

8. Differentiate Managerial versus financial accounting?

9. What are the Major themes in Managerial Accounting?

Ans:

Major themes in managerial accounting:

Managerial accounting:

1. Behavioral issues.

2. Information and incentives.

3. Costs and benefits.

4. Evolution and adoption.

10. Managerial accounting as a career:

Professional organizations:

Institute of management accountants (IMA)

1. Publishes management accounting and research studies.

2. Administers certified management accountant program.

3. Develops standards of ethical conduct for management accounts.

11. What are the Professional Ethics?

Ans:

Professional ethics:

1. Competence

2. Confidentiality.

3. Integrity.

4. Credibility.

1. Who is assessee?

2. Who is liable to pay his return assessee?

3. Who is a person or institution who is liable to pay tax by the law?

4. What is the Physical status of assessee?

5. What is the Classification of assessee?

Ans:

Classification:

For individual:

1. Resident.

2. Non-resident.

6. What are the Effects of residential status?

Ans:

Effects of residential status:

1. Total income.

2. Tax rate.

3. Net tax liability

4. Tax rebate.

7. What are the Rights and obligation of assessee?

Ans:

Rights of an assessee:

1. General assessee.

2. Rights tender income tax ordinance.

Obiligation of an assessee: