TAX BOOKKEEPING

Financial Statements are the reports signifying the end result of the financial accounting process. The reports are as follows: A. Income Statement...

Taxpayers are required by law and regulations to keep and maintain accounting records in sufficient detail to enable them to make a proper return ...

Bookkeeping may be classified into two systems, namely, (1) the single entry and (2) double entry. A. SINGLE ENTRY SYSTEM of bookkeeping is basical...

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...

Accounting periods are generally classified into two. They are: Calendar year; and Fiscal year Calendar Year — is an accounting period which star...