hy guys
what do u mean by the term GST, liability, livestock, accounting and profit.
Answers
Answer:
GST-goods and services tax levied on domestic goods. there are 3 types of GST
CGST- central tax
IGST-Inter-state tax
SGST-state tax
liability-a liability is something a person or company owes
Livestock- defined as farm animals used to generate profit
Accounting- the process or work of keeping accounts
Profit -it also net income is the amount of earnings that exceeds expenses over a period.
Explanation:
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Answer:
GST- GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. ... Under the GST regime, the tax is levied at every point of sale. In the case of intra-state sales, Central GST and State GST are charged.
liability -A liability is a legally binding obligation payable to another entity. ... Examples of liabilities are accounts payable, accrued expenses, wages payable, and taxes payable. These obligations are eventually settled through the transfer of cash or other assets to the other party.
livestock-The term "LIVESTOCK" is used in a broad sense to cover all grown animals regardless of age, location or purpose of breeding. Domestic animals included are large and small quadrupeds, poultry, insects (bees) and larvae of insects (silkworms). ...
accounting -Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.
profit-Profit describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question. ... Profit is calculated as total revenue less total expenses