Computerized Accounting Work

What is Computerised Accounting System?

Answer:-

(1) Computerised Accounting System is an Accounting Information System that processes the financial transactions and events as per Generally Accepted Accounting Principles (GAAP) to produce reports as per user requirements.

(2) Modern Computerised Accounting Systems are based on the concept of database.

(3) A database is implemented using a database management system (DBMS), which is define by a set of computer programs which manage and organise data effectively and provide access to the stored data by the application programs.

(4) The Computerised Accounting the transaction data is stored in well-organised database.


Explain Working of Accounting Software.

Answer:-

Working of Accounting Software

What is GST Reports?

Answer:-

The GST report prints a summary of the GST received and paid by you, broken down by the various tax codes, and is used to calculate your GST payment or refund.


What is GST? Explain in Brief.

Answer:-
  1. GST stands for Goods and Services Tax.
  2. France was the first country to implement the GST in 1954, and since then an estimated 160 countries have adopted this tax system.
  3. GST is an Indirect Tax which has replaced many Indirect Taxes in India.
  4. In India the GST Act came into effect on 1st July 2017.
  5. The GST replaced existing multiple taxes levied by the central and state governments.
  6. GST is one nation, one tax, one market.
  • Goods: Means every kind of movable property other than money and securities.
  • Services: These are the activities provided by other people, who include doctors, lawn care workers, dentists, barbers, waiters, online servers, consultants, chartered accountants.
  • Tax: A compulsory contribution to state revenue, levied by the government.

What is GSTIN?

Answer:-
  1. GSTIN stands for Goods and Services Tax Identification Number.
  2. It is the registration number allotted to every registered dealer under GST Act.
  3. The GSTIN is a 15 digit PAN based registration number.
  4. You may register multiple businesses under the same PAN registration, provided they are all within the same state.

What is HSN Code?

Answer:-

HSN stands for Harmonized System of Nomenclature, is an internationally accepted coding system developed by World Customs Organisation (WCO) with the vision of classifying goods all over the world in a systematic and logical manner.


What is SAC?

Answer:-

SAC stands for Services Accounting Code, which is issued by CBEC(Central Board of Excise and Customs) to uniformly classify each service under GST. Each service has a unique SAC.


Explain GST Rates?

Answer:-
  1. The government has proposed a 4-tier tax structure for all goods and services under the slabs- 5%, 12%, 18% and 28%.
  2. There is zero % tax imposed on items such as, milk, sugar, salt, eggs, bread butter milk, curd, natural honey, fresh fruits and vegetables, jute, fresh meat, fish, chicken, stamps, judicial papers, printed books, newspapers, bangles, handloom. etc.

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