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While mainly students are aware that accountants frequently assist their clients with tax returns and other tax issues, few are aware of the large number of diverse and challenging careers available in the field of taxation. The majority public accounting firms, ranging from the "Big 4" international firms to the sole practitioner generate a significant portion of their fees through tax compliance planning and consulting. With more than 155 million individual tax returns filed in the US every year it isn't surprising that many individuals and most businesses need assistance in dealing with the incredibly complex US and international tax laws. This complexity also provides tremendous tax planning opportunities. Since a tax specialist you will demonstrate individual clients how to reduce their taxes while simultaneously helping them make decisions about buying a house, investing, funding their children's education and planning their retirement. Intended for your business clients careful planning and structuring of business investments and transactions can save millions of dollars in taxes. Actually it is safe to say that very few significant business transactions take place without the careful guidance of a tax specialist.
Determine about the revenue section Revenue section provides a figure for net sales, which is balance of the Sales account, less the balances of contra sales accounts. (Sales -
Q. Show Recording changes in assets? Recording changes in assets, liabilities, and stockholders' equity While recording commerce transactions remember that the foundation of
Q. Explain about realization principle? Realization of revenue Under the realization principle the accountant doesn't recognize (record) revenue until the seller obtains the ri
Q. What are Service companies? Service companies carry out services for a fee. This group comprise law firms, accounting firms and dry cleaning establishments. The early sectio
Q. Comparability in accounting information? When comparability exists reported similarities and differences in financial information are real and not the result of differing ac
Q. What is Accounts Receivable account? Envisage a company with an Accounts Receivable account and an Accounts Payable account in its general ledger as well as no Accounts Rece
Q. What is sales transaction? - In a sales transaction the seller transmits the legal ownership (title) of the goods to the buyer. - An invoice is a document prepared by the
Glaser Services obtained 30% of the outstanding common stock of Nickels Company on January 1, 2008, by paying $864,180 for the 48,010 shares. Nickels stated and paid $0.50 per shar
Enumerate the fundamentals of financial accounting information Frame works and principles which have been developed try to address fundamental questions like: ?Who are user
Q. Explain about accounting cycle? when an event is a measurable business transaction you require adequate proof of this transaction. After that you analyze the transaction's e
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