The basis of the revenue part of the American budget (about 70%) is federal taxes. The most important tools for managing the level of income of the population are several types of taxes: income tax on the wages of individuals and self-employed e... Read more
Timely and full payment of taxes is the key to the stable development of any state. In the entire system of taxation, direct taxes are the most important and bring the highest income to the general treasury. Income tax is one of the most important ta... Read more
Many businesses are required to produce a document, such as an income statement. This source assumes the inclusion of figures that reflect how effectively the company is operating — in terms of revenue generation and business profitability. It is qui... Read more
Since making a profit is a goal of most organizations, the most important function of the accounting system is to provide information on the profitability of its activities. Funds received from profitable work may remain at the enterprise in order to... Read more
There are many types of income statement. Some of them are used often, and others are used quite rarely. The most experienced accountants are acquainted well with the following types:Classified income statement;Comparative income statement;Condensed... Read more
The income statement analysis reveals the structure of the company's revenues and expenses, which allows them to be controlled in terms of items, types (areas) of an activity, product groups, and managers. Thus, the income statement definition is ver... Read more
Ledger account is a way of the current interconnected reflection and grouping of property on structure and placement, on sources of its formation, and also economic operations on qualitatively homogeneous signs expressed in natural, monetary, and lab... Read more
Some people don’t know, “When are tax returns due?”. Taxpayers declare in the established form about the received income, taking into account privileges and discounts during the specific accounting period. Taxes, according to the established rate, ar... Read more
What is a journal entry? This is an entry that shows all the results of a business transaction, taking into account its reflection on the debit and credit, and explains this operation. Accounting posting is the registration of business transactions t... Read more
Every accountant must know, “What is payroll?”. When the company pays any wages (wages, bonuses, advances) to employees, the payroll is issued. You can make payments and cash receipts and expense orders, but they are valid only for one working day, w... Read more
