https://drive.google.com/file/d/1ZZJdS3EhS1Dzn7qCZId40MMM6QvN3H3r/view?usp=drivesdk
Author: lhoel01
Estate Tax
Corporate Income Tax
Dealings in Property
Fringe Benefits
Deductions from Gross Income
Income Taxation on Individual
General principles of Income Tax
Income Taxation
An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations. Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens. Certain investments, like housing authority bonds, tend to be exempt from income taxes.
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Accounting
Definition of Accounting
According to A. W. Johnson; “Accounting may be defined as the collection, compilation and systematic recording of business transactions in terms of money, the preparation of financial reports, the analysis and interpretation of these reports and the use of these reports for the information and guidance of management”.
According to the American Institute of Certified Public Accountants [AICPA]; “Accounting is the art of recording, classifying and summarizing in a significant manner and terms of money, transactions and events, which are, in part at least, of a financial character and interpreting the result thereof”.
According to the American Accounting Association [AAA]; “Accounting refers to the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information”.
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