Hey guys, here’s an amazing feature of Gmail. Tired of searching mails? Here’s a one stop solution for the same. Did you know in gmail you can organize your mails? Wow! Won’t that be fantastic. Guess what I am talking about? Yes! Correct its label. It’s too common. But the question is how to create a label?
When you are connected to us no need to worry. Just follow the below steps and prepare your own label. no problem.
1.Go to Gmail
2. Select / tick the mail you want to label
3. After selecting the gmail you will get a symbol label click on it ( if you want to put in an existing label select that labels name ) else go to create new
4. Name the label and create . congrats your label is created
Thanks for checking our blog, please share and do comment.
If you are looking for open source remote desktop connection software, then you are on the right website or a blog. We have checked and verified the best solution, which reviewed positively. Here you go:
Chrome remote Desktop Chrome Remote Desktop allows users to remotely access another computer through Chrome browser or a Chromebook. Download Link Below: Chrome Remote Desktop (google.com)
Let’s say you’re an executive at a large corporation. Your particular responsibilities include making sure that all of your employees have the right hardware and software they need to do their jobs. Buying computers for everyone isn’t enough — you also have to purchase software or software licenses to give employees the tools they require. Whenever you have a new hire, you have to buy more software or make sure your current software license allows another user. It’s so stressful that you find it difficult to go to sleep on your huge pile of money every night.
Soon, there may be an alternative for executives like you. Instead of installing a suite of software for each computer, you’d only have to load one application. That application would allow workers to log into a Web-based service which hosts all the programs the user would need for his or her job. Remote machines owned by another company would run everything from e-mail to word processing to complex data analysis programs. It’s called cloud computing, and it could change the entire computer industry.
In a cloud computing system, there’s a significant workload shift. Local computers no longer have to do all the heavy lifting when it comes to running applications. The network of computers that make up the cloud handles them instead. Hardware and software demands on the user’s side decrease. The only thing the user’s computer needs to be able to run is the cloud computing system’s interface software, which can be as simple as a Web browser, and the cloud’s network takes care of the rest.
There’s a good chance you’ve already used some form of cloud computing. If you have an e-mail account with a Web-based e-mail service like Hotmail, Yahoo! Mail or Gmail, then you’ve had some experience with cloud computing. Instead of running an e-mail program on your computer, you log in to a Web e-mail account remotely. The software and storage for your account doesn’t exist on your computer — it’s on the service’s computer cloud. If you want to know more click here > Read More
Accounting is the systematic process of recording, summarizing, analyzing, and reporting financial transactions of a business or individual.
It serves as the backbone of any financial system, providing a clear picture of an organization’s financial health and guiding decision-making.
Through accounting, businesses can track income and expenses, ensure statutory compliance, and provide investors, management, and regulators with quantitative financial information.
Meaning of Accounting
The primary objectives of accounting include:
Recording Transactions: Maintaining a detailed record of all financial transactions in chronological order.
Financial Reporting: Preparing financial statements that depict the business’s financial status.
Decision Making: Providing data that helps in planning and decision-making for future growth.
Compliance: Ensuring adherence to laws and regulations.
Financial Control: Managing resources effectively to avoid overspending or financial shortfalls.
The Role of Accounting in Business:
Accounting not only records financial transactions but also plays a crucial role in budgeting, forecasting, and strategic planning. It allows businesses to evaluate their performance, understand cash flows, and make informed decisions to optimize profitability.
For example, an organization can use accounting data to identify which products generate the most revenue and which areas are incurring higher expenses, thus enabling the company to adjust its strategy accordingly.Accounting is the systematic process of recording, summarizing, analyzing, and reporting financial transactions of a business or individual.
It serves as the backbone of any financial system, providing a clear picture of an organization’s financial health and guiding decision-making. Through accounting, businesses can track income and expenses, ensure statutory compliance, and provide investors, management, and regulators with quantitative financial information.
Below aretheBranches of Accounting:
Financial Accounting: Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. It includes the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements.
Managerial Accounting In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions.
Cost Accounting Cost accounting is defined as “a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail.
Auditing An audit is an “independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.
Tax Accounting For understanding tax accounting, you need to understand tax. Tax: A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national). Tax accounting is the subsector of accounting that deals with the preparations of tax returns and tax payments.
Fiduciary Accounting A fiduciary accounting (sometimes called a “court accounting”) is a comprehensive report of the activity within a trust, estate, guardianship or conservatorship during a specific period.
Project Accounting Project accounting is a type of managerial accounting oriented toward the goals of project management and delivery.
Forensic Accounting Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that investigates whether firms engage in financial reporting misconduct. Forensic accountants apply a range of skills and methods to determine whether there has been financial reporting misconduct.
Political Campaign Accounting Political campaign accounting is a specialty practice area of accounting that focuses on developing and implementing financial systems needed by political campaign organizations to conduct efficient campaign operations and to comply with complex financial reporting statutes. It differs from traditional management and financial consultancy in that it incorporates election law requirements and the unique requirements of political campaigns.
Accounting Information System An accounting as an information system is a system of collecting, storing and processing financial and accounting data that are used by decision makers. An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
Transfer pricing is the setting of the price for goods and services sold between controlled (or related) legal entities within an enterprise. For example, if a subsidiary company sells goods to a parent company, the cost of those goods paid by the parent to the subsidiary is the transfer price.
How transfer pricing playing role in tax planning?
Transfer pricing is in the cross hairs of tax policy as it relates to the competing objectives of three parties: the revenue-maximizing objective of the domestic tax authority, the revenue-maximizing objective of the foreign tax authority, and the tax-minimizing objective of the taxpayer. Because of the inherent differences in judgment and interpretation of facts when analyzing a company’s transfer pricing, together with the clashing revenue objectives of multiple tax authorities and taxpayers, the risk of adjustments to taxable income, double taxation, and potential for penalties is nontrivial, even for multinationals that make good-faith efforts to comply with Sec. 482.
Disputes between tax authorities and taxpayers may arise in many areas, including:
Tax authorities may question the choice of the economic method.
Tax authorities may disagree with the taxpayer’s characterization of the value chain within the group.
Example – As an example of the last type of dispute, in 2006 the IRS and GlaxoSmithKline Holdings (Americas) Inc. (GSK U.S.) settled a transfer-pricing dispute covering 1989 through 2005 for $3.4 billion, the largest settlement ever obtained by the IRS. At issue was the price charged GSK U.S. by its U.K.-based parent, GlaxoSmithKline PLC, through its worldwide operating group (Glaxo Group) for cost of goods sold, royalties, and other expenses, related in part to manufacturing and distributing Zantac and other prescription drugs. The position of GSK U.S. was that the drugs were developed outside the United States, as was the marketing strategy it used to sell them. As such, GSK U.S. was performing routine distribution and was charged prices and royalties based on the “resale price method,” which determines the appropriate arm’s-length range by the markups received by comparable distributors in uncontrolled, arm’s-length transactions. Based on the same facts, however, the IRS considered the marketing functions performed by GSK U.S. to have had a substantial role in creating demand for the drugs, and therefore, GSK U.S. deserved a much higher gross profit margin. The IRS applied the residual-profit-split method, which allocated Glaxo Group profit first between “routine” functions performed by GSK U.S. and GSK Group, then split the remaining profit according to where the largest part of the value was created.
SUMMARY OF STATEMENT NO. 78 CLASSIFICATION OF OBLIGATIONS THAT ARE CALLABLE BY THE CREDITOR—AN AMENDMENT OF ARB NO. 43, CHAPTER 3A (ISSUED 12/83)Summary This Statement amends ARB No. 43, Chapter 3A, “Current Assets and Current Liabilities,” to specify the balance sheet classification of obligations that, by their terms, are or will be due on demand within one year (or operating cycle, if longer) from the balance sheet date. It also specifies the classification of long-term obligations that are or will be callable by the creditor either because the debtor’s violation of a provision of the debt agreement at the balance sheet date makes the obligation callable or because the violation, if not cured within a specified grace period, will make the obligation callable. Such callable obligations are to be classified as current liabilities unless one of the following conditions is met: The creditor has waived or subsequently lost the right to demand repayment for more than one year (or operating cycle, if longer) from the balance sheet date. For long-term obligations containing a grace period within which the debtor may cure the violation, it is probable that the violation will be cured within that period, thus preventing the obligation from becoming callable. Short-term obligations expected to be refinanced on a long-term basis, including those callable obligations discussed herein, continue to be classified in accordance with FASB Statement No. 6, Classification of Short-Term Obligations Expected to Be Refinanced. This Statement is effective for financial statements for fiscal years beginning after December 15, 1983 and for interim periods within those fiscal years.
VAT is a general consumption tax imposed on most supplies of goods and services in the UAE. By default, it is chargeable on supplies of goods and services throughout the territorial area of the UAE. This territorial area will also include those areas currently defined as both fenced and non-fenced Free Zones. For VAT purposes, both fenced and unfenced Free Zones are considered to be within the territorial scope of the UAE – and therefore subject to the normal UAE VAT rules – unless they fulfil the criteria to be treated as a Designated Zone as defined by the Federal Decree-Law on VAT1 and Executive Regulations2. Those Free Zones which are Designated Zones are treated as being outside of the territory of the UAE for VAT purposes for specific supplies of goods. In addition, there are special VAT rules in respect of VAT treatment of certain supplies made within Designated Zones. The effect of these rules is that certain supplies of goods made within Designated Zones are not be subject to UAE VAT. In contrast, supplies of services made within Designated Zones are treated in the same way as supplies of services in the rest of the UAE. Important: Free Zones meeting the criteria have been specifically identified by way of a Cabinet Decision as Designated Zones. Where a Free Zone is not a Designated Zone, it is treated like any other part of the UAE.
Identification of a Designated Zone A Designated Zone is an area specified by a Cabinet Decision as being a “Designated Zone” 3. Free Zones listed by the Cabinet Decision as being a Designated Zone can be found under the Legislation tab on the FTA website (www.tax.gov.ae). Although an area might be identified as a Designated Zone, it is not automatically treated as being outside the UAE for VAT purposes. There are several main criteria4
which must be met in order for a Designated Zone to be treated as outside the UAE for VAT purposes. These are as follows: 1. The Designated Zone must be a specific fenced geographic area. 2. The Designated Zone must have security measures and Customs controls in place to monitor the entry and exit of individuals and movement of goods to and from the Designated Zone. 3. The Designated Zone must have internal procedures regarding the method of keeping, storing and processing of goods within the Designated Zone. 4. The operator of the Designated Zone must comply with the procedures set out by the FTA. This means that where a Designated Zone has areas that meet the above requirements, and areas that do not meet the requirements, it will be treated as being outside the UAE only to the extent that the requirements are met. In addition, should a Designated Zone change the manner of its operation or no longer meet any of the conditions imposed on it which led to it being specified as a Designated Zone by way of the Cabinet Decision, it shall be treated as though it is located within the territory of the UAE5. Important: Only where a Designated Zone meets all the above tests it can be treated as outside the UAE for VAT purposes.
Entities within a Designated Zone Those businesses which are established, registered or which have a place of residence within the Designated Zone are deemed to have a place of residence in the UAE for VAT purposes6. The effect of this is that where a business is operating in a Designated Zone, it itself will be onshore for VAT purposes, even though some of its supplies of goods may be outside the scope of UAE VAT.
VAT registration Any person carrying on a business activity in the UAE and making taxable supplies in excess of the mandatory VAT registration threshold (i.e. a taxable person) must apply to be registered for VAT purposes.
Any other person that is making taxable supplies or incurring expenses (which are subject to VAT), in excess of the voluntary VAT registration threshold may apply to register for VAT purposes. Important: Designated Zone businesses are considered to be established ‘onshore’ in the UAE for VAT purposes. This means that they have the same obligations as non-Designated Zone businesses and have to register, report and account for VAT under the normal rules. It also means they can join a tax group (VAT group) provided they meet the required conditions.
————————————————————————————————————————- 1 Federal Decree-Law No. (8) of 2017 on Value Added Tax, hereafter ‘the Law’. 2 Cabinet Decision No. (52) on the Executive Regulations of Federal Decree-Law No.(8) of 2017 on Value Added Tax, hereafter the ‘Executive Regulations’. 3 Article 1, Executive Regulations: any area specified by a decision of the Cabinet upon the recommendation of the Minister, as a Designated Zone for the purpose of the Decree-Law. 4 Article 51(1), Executive Regulation.
It is important that you understand the concepts of Generally Accepted Accounting Principles (GAAP), which form the basis of accounting and are part of the language of accounting and business. Third parties who invest in or provide loans to any company must know that they can rely on the financial information provided. This chapter will introduce the agencies responsible for standardizing the accounting principles that are used in the United States and it will describe those principles in full detail. Once you understand these guiding principles, you will have a solid foundation on which to build a complete set of accounting skills. It is useful and necessary that whether an international company is reporting to its stockholders or a proprietor is presenting information to a bank for a loan, these reports follow a consistent set of rules that everyone understands and agrees to. Generally Accepted Accounting Principles begin with the three basic assumptions made about each business. First, it is assumed that the business is separate from its owners or other businesses. Revenue and expenses should be kept separate from personal expenses. Second, it is assumed that the business will be in operation indefinitely. This validates the methods of putting Assets on the Balance Sheet, depreciation and amortization. Only when liquidation of a business is certain does this assumption no longer apply. Third, it is assumed a business’s accounting records include only quantifiable transactions. Certain economic events that affect a company, such as hiring a new employee or introducing a new product, cannot be quantified in monetary units and, therefore, do not appear in a company’s accounting records. Financial statements must present relevant, reliable, understandable, sufficient, and practicably obtainable information in order to be useful.
Principle of Regularity: GAAP-compliant accountants strictly adhere to established rules and regulations.
Principle of Consistency: Consistent standards are applied throughout the financial reporting process.
Principle of Sincerity: GAAP-compliant accountants are committed to accuracy and impartiality.
Principle of Permanence of Methods: Consistent procedures are used in the preparation of all financial reports.
Principle of Non-Compensation: All aspects of an organization’s performance, whether positive or negative, are fully reported with no prospect of debt compensation.
Principle of Prudence: Speculation does not influence the reporting of financial data.
Principle of Continuity: Asset valuations assume the organization’s operations will continue.
Principle of Periodicity: Reporting of revenues is divided by standard accounting periods, such as fiscal quarters or fiscal years.
Principle of Materiality: Financial reports fully disclose the organization’s monetary situation.
Principle of Utmost Good Faith: All involved parties are assumed to be acting honestly.
GAAP (Generally Accepted Accounting Principles) is a set of guidelines and rules that govern how companies prepare and present their financial statements. Here are some examples of GAAP:
Accrual accounting: Under GAAP, companies must use the accrual method of accounting, which means that revenue and expenses are recognized when they are earned or incurred, rather than when cash is received or paid.
Consistency: GAAP requires that companies use consistent accounting methods from one period to another to ensure that financial statements are comparable over time.
Materiality: Companies must disclose all material information in their financial statements. Materiality refers to the significance of an item or event to a company’s financial performance.
Historical cost: GAAP requires that assets and liabilities be recorded at their historical cost, which is the amount paid for them when they were acquired.
Full disclosure: Companies must provide complete and transparent financial statements that include all relevant information, including notes to the financial statements.
Matching principle: GAAP requires that expenses be matched with the revenue they help generate. For example, if a company sells a product in one year but incurs the cost of producing it in the following year, the expense must be recorded in the same period as the revenue.
Conservatism: GAAP allows companies to be conservative in their financial reporting by recording potential losses and expenses before they occur. For example, companies can create an allowance for bad debts to account for the possibility that some customers may not pay their bills.
Going concern: GAAP assumes that companies will continue to operate indefinitely, unless there is evidence to the contrary. This means that financial statements must be prepared with the assumption that the company will continue to exist and operate normally in the foreseeable future.
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