Question

Which of the following is not recorded in Financial Accounts? *

A. Notional Salary of owner
B. Interest
C. Corporate Income Tax
D. Legal Expenses

Answer 1

Answer:

The correct option is C.

Explanation:

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Answer 2

Answer:

Notional Salary of owner is not recorded in Financial Accounts.

Explanation:

• Notional Salary of owner is a notional income.

• Notional income is that  no one can receive extra benefits by choosing not to take income or capital that they are entitled to.
• It is something differ from tariff or deemed income from capital in the possession of the claimant which is a way to assess, albeit at a very high level, the profit that could be generated from it.