TAX BOOKKEEPING

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

Financial Statements are the reports signifying the end result of the financial accounting process. The reports are as follows: A. Income Statement This is a report that summarizes the business...

FINANCIAL STATEMENTS

Financial Statements are the reports signifying the end result of the financial accounting process. The reports are as follows: A. Income Statement This is a report that summarizes the business...

ACCOUNTING RECORDS

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 of income. The books and records...

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 of income. The books and records...

BOOKKEEPING SYSTEMS

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 basically a type of “net worth” method...

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 basically a type of “net worth” method...

ACCOUNTING METHODS

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 methods of accounting recognized under the...

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 methods of accounting recognized under the...

ACCOUNTING PERIODS

ACCOUNTING PERIODS

Accounting periods are generally classified into two. They are: Calendar year; and Fiscal year Calendar Year — is an accounting period which starts from January 1 and ends on December...

ACCOUNTING PERIODS

Accounting periods are generally classified into two. They are: Calendar year; and Fiscal year Calendar Year — is an accounting period which starts from January 1 and ends on December...