In the realm of corporate accounting and finance, companies often need to allocate funds for various purposes ahead of time. One such allocation involves the advance payment of taxes before they are due, which helps in managing cash flow and complying with tax regulations. This type of payment is categorized in a specific manner within the company's financial statements. Identify the correct classification for advance payment of tax from the options given below:
Advance payment of tax is classified as a prepaid expense. This is because it represents an expense that has been paid in advance and will benefit the company in future periods when the tax is due. Prepaid expenses are recorded as current assets on the balance sheet until the benefit is realized, at which point they are expensed on the income statement.
Which of the following countries launched the World's most powerful GEO Spy Satellite-the Gaofen 4’?
Who has been awarded the ‘Malcolm Adiseshiah Prize 2022’?
Which of the following is an annual exercise between Indian Army and Japanese Ground Self Defence Force?
Who won the 2024 Australian Open Men's Singles title
To avoid any procedural ambiguity, the Ministry of Finance has decided that any payments by an individual using their international Debit or Credit card...
_________has collaborated with IBM to deploy future ready infrastructure to enhance scalability and agility & to consolidate its front branch servers ...
Reserve Bank of India (RBI) launched the 'Scheme of Penalty for non-replenishment of ATMs', in which a penalty of ₹__________ per ATM will be levied i...
HMD Global and IDEMIA have partnered with which payments bank to introduce an offline Central Bank Digital Currency payment application on feature phone...
In which city did National Child Science Congress begin?
What was the theme for “World Water day” this year?