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What is nominal national income?
National income is defined as the total value of all the goods and services produced within a country plus income coming from abroad in a particular time period usually 1 year.
Why resources scarce?
because of income and taxes
What basic economic problem do both higher-income and lower-income nations have in common?
scarcity of resources
What is the meaning of income goods?
income goods means goods that were not used by producers. And outcome goods called produced goods
How foreign exchange improves national income?
as national income is the sum of goods and services produced within a country and income from abroad. hence increase in foreign exchange will increase the national income.
Income received in Advance?
prepaid income
Is commission received debit?
Commission received in income and cash is actually received so cash is always debit and commission is credit against cash as all incomes have credit balance as default balance.
What is money received especially on a regular basis for work at their investments?
The money received regularly for work is typically referred to as a salary or wages, which is compensation for employment. In the context of investments, this income can be generated through dividends, interest, or rental income. Together, these forms of income represent earnings from labor and capital, contributing to an individual's overall financial resources.
How do you pass journal entry of income for which contract has made income will be received in future in installments basis?
Income will only be recorded when it will received an no entry on contract.Entry at time of received:[Debit] cash / bank[credit] income
What is the difference between accrued income and income in advance?
Accrued income is that where income is earned but amount is not received while income in advance is reverse of accrued income where amount is received in advance but services not provided yet.
What are examples of income received in advance?
a good example would be rent income that has been received in advance another example would be membership fees etc... thr income received in advance is seen as a liability because it is money that does not correlate to that specific accounting or business year but rather for one that is still to come. the income account will then be credited to the income received in advance account and the income received in advance will be debited to the income account such as rent. When the time period for which the money was received comes, then a reversal takes place which is the same only differing by now debiting the income account to income received in advance account and vice versa.
What is realized income?
Realized income is essentially the income that you know that you have earned or received. This income is considered taxable.
How is pension income?
Pension income are those income that the employee received after their retirement from job.
What is income received in advance?
Income received in advance means that amount form customer is received in advance with promise of goods delivery at some future time.
What does accrued income mean?
Accrued Income is an income already incurred but no payment is received yet.
What is nominal national income?
National income is defined as the total value of all the goods and services produced within a country plus income coming from abroad in a particular time period usually 1 year.
What is the meaning of aggriculture income?
Agriculture income means money received from the sale of paddy, food grains, sugarcane, fruits, vegetables etc. You can not expect money from the agriculture always. Sometime you may get money. In sometime you may not get anything from the agricultural field due to rain or famine or flood. So the agricultural income is not regular income. That is why there is no income tax for agricultural income.
