Transport enterprises 2
What is the employee limit for a micro-firm in the motor transport sector?
10 employees
Why is accounting important in trade and catering businesses?
For managing finances and ensuring compliance
What does COGS stand for in accounting?
Cost of goods sold
What is the ‘recovered value’ of vehicles?
New value after modernization or capital investments
What are the primary production costs in motor transport enterprises?
Expenses for transportation of goods or passengers
Which specialized accounting function is particularly important for catering businesses?
Inventory management
What type of goods are typically sold by trade enterprises without modification?
Trading goods
2940 - what does it represents
"Goods given for temporary use (for hire)"
How often are capital repairs typically performed?
According to the business plan
What are Financial Performance Indicators (FPIs)?
Metrics to evaluate financial performance of core activities
What are merchandise transactions in trade enterprises?
Buying and selling of goods to generate revenue
Which method can be used to value inventory?
FIFO
or Weighted Average Method
Which accounting code represents "Goods in transit"
2970
Enterprises with which status can operate under the compact tax regime?
Micro-firms and small enterprises
Single tax payment is calculated based on what?
Income from services and freight
What should be specified in clear contractual agreements with suppliers?
Payment terms, delivery schedules, and product quality expectations
What characterizes wholesale trade?
Selling large quantities of goods for commercial use or production
What account is used to record primary production costs?
2010
What are the initial cost of vehicles as per BHMS No. 5?
Purchase cost including VAT, Costs of transportation, Customs duties and state registration costs
Direct costs in motor transport enterprises include?
Balance sheFuel and driver wages et
What subject are you taking a test in?
What subject are you taking a test in?
Which trade activity involves selling goods in small batches for cash or cashless settlements?
How are mandatory contributions for new motor vehicles recorded?
Debit 0820, Credit 6520
How are motor transport enterprises classified by ownership?
State, non-state, and mixed ownership