Accounting Onion

Formal Name. The formal name of the Saver’s Credit is the Retirement Savings Contribution Credit. The Saver’s Credit is in addition to other tax savings you get if you set aside funds for retirement. For example, you may also be able to deduct your contributions to a traditional IRA.

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We went, we ate, we submitted the receipt. More than Thanksgiving break, the department admin or accountant flips out at the faculty member, the organizing senior and for some purpose me (I’m not even in the division) for ordering wine. Huh? It turns out that paranoid admin misread the itemized receipt, thinking the name of a reasonably frequent dessert in French HAD to be a bottle of wine. It took weeks to get the faculty member reimbursed. He apologized for also coming down on us, at least. Not a word from the admin.

Investment by the owners for the use in the firm is identified as capital. From the accounting equation provided earlier, it can very easily be identified that the capital is Rs.40,000. Owner’s equity is the ownership claim on total assets. It is equal to total assets minus total external liabilities: E=A-L this is also referred to as residual interest. Owner’s equity is equal to capital.

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