Explore: Expense Accounts And Taxation

an expense account (an income statement account) and a credit to either an asset account or a liability account, which are balance sheet accounts. An

right amount of tax at the right time and securing the correct tax allowances and tax relief. The first known taxation occurred in Ancient Egypt around 3000–2800

set of statutory accounts, there will usually be a note to the accounts which provides a breakdown of the elements of the tax expense i.e. current tax

accounts receivable to its net realizable value. The entry would consist of debiting a bad debt expense account and crediting the respective accounts

has claimed tax depreciation in excess of the expense for accounting depreciation recorded in its accounts, whereas in the future the company should claim

accounting-wise, affects the net income, and thus the income statement that they report. Generally, the cost is allocated as depreciation expense among

Capital expenditure or capital expense (abbreviated capex, CAPEX, or CapEx) is the money an organization or corporate entity spends to buy, maintain,

In accounting, a deferral is any account where the income or expense is not recognised until a future date. In accounting, deferral refers to the recognition

internally created intangibles, and Limited-life vs. indefinite-life intangibles. Intangible assets are typically expensed according to their respective

and subsequent taxation years)". aem. Retrieved 2020-07-21. "IT519R2-CONSOLID - Medical Expense and Disability Tax Credits and Attendant Care Expense