Auditing

Auditing

The systematic review and examination of an individual's or organization’s accounting records to verify their accuracy.

Industry: Accounting

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Auditing

Income tax expenses

Accounting; Auditing

Certain activities are allowed to be deducted from the gross income tax base, like dependent care, office supplies for a self-employed writer, and upgrading a roof with solar panels.

Income tax depreciation

Accounting; Auditing

Under the guidelines of the Internal Revenue Service, depreciation expenses are an allowable deduction from the gross income tax base.

Incoming averaging

Accounting; Auditing

To calculate income taxes based on prior year amounts. This method is no longer valid because of the revised tax laws in 1986.

Income taxes payable

Accounting; Auditing

A line item on a company's financial statement to reflect how much taxes the company had paid for the accounting period.

Inconvertibility

Accounting; Auditing

Situation where the currency of a country cannot be exchanged for a foreign currency in the open market.

The total cost of a landed shipment including purchase price, freight, insurance, and other costs up to the port of destination. In some instances, it may also include the customs duties and other ...

Land

Accounting; Auditing

1. General: Primary input and factor of production which is not consumed but without which no production is possible. It is the resource that has no cost of production and, although its usage can be ...