How much cash are you allowed to carry with you on an airplane trip overseas?
Q. What is the limit for the amount much cash a person can carry with them on an airplane trip overseas? What would happen if someone tried to take a large amount of cash with them on an airplane?
Asked by Laura - Thu May 15 02:20:23 2008 - - 4 Answers - 1 Comments

A. No problem with the airline! But yes with Customs: As from 15 June 2007, people travelling directly to or from a country outside the European Union (EU)*and carrying 10,000 euros or more (or the equivalent amount in another currency) will be required to declare the cash to HM Revenue and Customs (HMRC) at the place of their departure from, or arrival in, the United Kingdom.( Cash not only means currency notes and coins but also bankers drafts and cheques of any kind, including travellers cheques.) This measure will apply in all EU countries having been introduced under European Parliament and Council Regulation No1889/2005 to help combat money laundering. Forms on which to make the declaration will be available at ports and… [cont.]
Answered by CARLOS O - Thu May 15 07:41:36 2008

How much cash can you put into the bank each month before you start getting taxed on it?
Q. I recently began dating someone who sends me 2 thousand dollars in cash each week to help pay for bills and expenses. I would like to put this money into my savings account, but am unsure if this is legal. Is this legal, or is there a better option i'm not considering? I would not like to have large amounts of cash sitting around, and would prefer it to be in the bank. If I put it into the bank, will I be taxed on this? And if so, after how much money deposited will I be taxed?
Asked by Benjy0620 - Mon Dec 8 17:38:59 2008 - - 6 Answers - 0 Comments

A. $2,000 a week, in cash? There is something going on that you are not telling us. Anyway, there is no tax on gifts, though he will have to look at gift tax at his end. The bank might start asking questions as this raises money laundering questions.
Answered by MadMan - Mon Dec 8 22:00:26 2008

What is the difference between the cash basis of accounting and the accrual basisof accounting?
Q. What is the difference between the cash basis of accounting and the accrual basisof accounting? Which one (cash basis or accrual basis) would you select for a company that has inventory? Why? Does the size of the company make a difference in which basis cash or accrual is used? Explain how it makes a difference. What would be the advantages and disadvantages of using one basis of accounting over the other?
Asked by Gee - Thu Apr 8 14:06:15 2010 - - 1 Answers - 0 Comments

A. In the cash basis actual receipt or payment of cash ( cash includes cheque) is accounted. Under the accrual method irrespective of the movement of cash, ( receipt / payment ) the Transaction is accounted on the due date. For example If Rent is not paid on the last day of the month, it is accounted by debiting Rent a/c crediting Accounts payable. As the inventory is already received and payment is not made, it is appropriate to follow the accrual method. The accrual method is good for the company having inventory. Yes For a bigger company it is advisable to follow the accrual system, otherwise it is very difficult to assess the actual financial position of the Company. By following the accrual system the correct profit and loss, [cont.]
Answered by smahadevan39 - Thu Apr 8 14:28:25 2010