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FINANCIAL STATEMENTS
Financial Statements are the reports signifying the end result of the financial accounting process. The reports are as follows:
A. Income Statement...
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ACCOUNTING RECORDS
Taxpayers are required by law and regulations to keep and maintain accounting records in sufficient detail to enable them to make a proper return ...
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BOOKKEEPING SYSTEMS
Bookkeeping may be classified into two systems, namely, (1) the single entry and (2) double entry.
A. SINGLE ENTRY SYSTEM of bookkeeping is basical...
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ACCOUNTING METHODS
The taxable income of a taxpayer shall be computed in accordance with the method of accounting he regularly employs in keeping his books.
The metho...
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ACCOUNTING PERIODS
Accounting periods are generally classified into two. They are:
Calendar year; and
Fiscal year
Calendar Year — is an accounting period which star...
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