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In English history, "no taxation without representation" was an old principle and meant that Parliament had to pass all taxes. At first, the "representation" was held to be one of land, but, by 1700, this had shifted to the notion that, in Parliament, all British subjects had a "virtual representation."
Lilian Hefti, was head of the BIR who assumed office in September 2007, but resigned in October 2008, for health reasons. [5] [6] On October 20, 2008, she was replaced by Sixto Esquivias, who served as deputy commissioner. [7] The Bureau currently has more than 75 BIR Forms [8] and tax classification for different professionals and businesses.
For example, $225K would be understood to mean $225,000, and $3.6K would be understood to mean $3,600. Multiple K's are not commonly used to represent larger numbers. In other words, it would look odd to use $1.2KK to represent $1,200,000. Ke – Is used as an abbreviation for Cost of Equity (COE).
Expenses are recognized not when the work is performed, or when a product is produced, but when the work or the product actually makes its contribution to revenue. Only if no connection with revenue can be established may cost be charged as expenses to the current period (e.g., office salaries and other administrative expenses).
Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position. Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study the information diligently."
Sankey Diagram - Income Statement (by Adrián Chiogna) An income statement or profit and loss account [1] (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) [2] is one of the financial statements of a company and ...
An expense report is a form of document that contains all the expenses that an individual has incurred as a result of the business operation. For example, if the owner of a business travels to another location for a meeting, the cost of travel, the meals, and all other expenses that he/she has incurred may be added to the expense report.
In insurance, incurred but not reported (IBNR) claims is the amount owed by an insurer to all valid claimants who have had a covered loss but have not yet reported it.. Since the insurer knows neither how many of these losses have occurred, nor the severity of each loss, IBNR is necessarily an est