8 Terms
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Tax
Of or relating to the fees charged by a government on a product, income, or activity; and also to the system by which they are successfully levied.
Industry: Accounting
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Tax
Gross income
Accounting; Tax
Total sales less cost of goods sold Caution For income tax purposes, the definition is total taxable income from all sources before a deduction for cost of goods sold, cost of services, etc ...
Accountant's opinion
Accounting; Tax
If a independent certified public accountant is requested to audit a company's books, he will issue a opinion as to the condition of the financial statements There are several degrees of opinion ...
Ground rent
Accounting; Tax
Where the building owner rents the land beneath the building from the land owner Ground rents generally are for an extended period of time, 99 years is not unusual There are often special tax and ...
Accounting rate of return
Accounting; Tax
A method of computing the profitability where the total cash inflow over the life of the project is reduced by expenses This amount is divided by the estimated life of the project to arrive at an ...
Life income period-certain annuity
Accounting; Tax
The annuitant is guaranteed payments for the rest of his life, but should he die before a certain time, there is a payout based on a minimum number of payments
