Accounting. Accounting for income and expenses from business activities (the most important)

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Accounting. Accounting for income and expenses from business activities (the most important)

Lecture notes, cheat sheets

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79. Accounting for income and expenses from business activities

Individual entrepreneurs - individuals registered in the prescribed manner and carrying out entrepreneurial activities without forming a legal entity, as well as private notaries, lawyers who have established law offices.

Accounting for income and expenses and business transactions is carried out by individual entrepreneurs by fixing in Book of income and expenses and business operations of an individual entrepreneur operations on income received and expenses incurred at the time of their commission on the basis of primary documents in a positional way.

The Book of Accounts reflects the property status of an individual entrepreneur, as well as the results of entrepreneurial activity for the tax period.

Individual entrepreneurs keep records of income and expenses and business transactions in the relevant sections of the Book of Accounts. Accounting for income received, expenses incurred and business transactions is carried out by an individual entrepreneur in one Book of Accounts separately for each type of entrepreneurial activity.

Income and expenses are reflected in the Book of Accounts on a cash basis, i.e. after the actual receipt of income and expenditure.

The Book of Accounts reflects all income received by individual entrepreneurs from entrepreneurial activities, without reducing them for tax deductions.

В income includes all receipts from the sale of goods, performance of work and provision of services, as well as the value of property received free of charge.

The cost of goods sold, work performed and services rendered is reflected taking into account the actual costs of their acquisition, performance, provision and sale.

The amounts received as a result of the sale of property used in the course of entrepreneurial activity are included in the income of the tax period in which this income is actually received.

Income from the sale of fixed assets and intangible assets is defined as the difference between the sale price and their residual value.

Cost accounting for individual entrepreneurs carried out taking into account the following features:

▪ the cost of acquired material resources is included in the expenses of the tax period in which income from the sale of goods, performance of work, and provision of services was actually received;

▪ expenses for material resources purchased for future use or used for the production of goods (work, services) not sold in the tax period, as well as not fully used in the reporting tax period, are taken into account when receiving income from the sale of goods (work, services) in subsequent tax periods periods;

▪ in cases where the activity is seasonal, the costs should be reflected in accounting as deferred expenses and included in the expenses of the tax period in which the income will be received;

▪ depreciation is taken into account as expenses in amounts accrued for the tax period.

Expenses directly related to the extraction of income from entrepreneurial activity are divided into:

▪ material costs;

▪ labor costs;

▪ depreciation deductions;

▪ other expenses.

Author: Kabkova E.N.

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