Quickrun - Finance Ppl

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Quick Referencer

1) What are the laws with respect to Customs in India ?

Key laws governing customs are Customs Act 1962, Customs Tariff Act 1975, Provisional collection of Taxes Act 1975. There are also Rules and Regulations that are part of the Customs Law, issued from time to time by CBIC. At present, there are 65 Regulations and 49 Rules in force wrt customs law in India.

2) What are the organizations associated with Ministry of Corporate Affairs?

MCA has several attached and subordinate offices, summarized below

3) What are the laws with respect to Customs in India ?

Organised sector constitutes those business entities that are formally registered with the government and are required to follow the prescribed regulations and guidelines stipulated for its every area of operation. They typically have laws governing every area of the operation and all functional departments. For example: their core technical operations subjected to industry specific rules, labor law compliances, audit requirement, tax compliance, environment regulations etc.

4) What is weighted average cost of capital ?

What is capital structure: It is mix of of equity and debt fund that is employed in a business by a company, to finance/fund its operations and fund its investments in capital assets, acquisitions and expansions. WACC is calculated by assigning their respective weights to cost of finance raised through each mode. i.e debt and equity. The weights assigned are nothing but the proportional market value of each source of fund to the the total market value of funds raised.

Weighted average cost of capital is expressed in percentage (%)

WACC = Cost of equity x (MV of Equity /Total MV of combined funds) + Cost of debt x (1 – Tax) x (MV of Debt /Total MV of combined funds)

5. what do you mean by basic accounting equation?

Basic accounting equation is Assets = Liabilities + Equity. Meaning, the assets owned by business are, sponsored by owner's equity and the debt the supplier owes, to creditors and lenders.

6. What is a Non-PO Invoice?

Non-PO Invoice also known as expense invoice is a invoice that is not backed by a purchase order. Doesnt require the same level of validation as is followed for PO invoice. Supporting document for Non-PO invoices are recipts, contracts or agreements. Used mostly for non-recurring small value transactions.

7. what do you mean by 'green channel' in customs context?

Some importers enjoy green channel clearance facility, where clearance of goods is done without routine examination of the goods. They have to submit declaration form at the time of filing of BOE. The appraisement is done as per normal procedure except that there would be no physical examination of the goods