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  2. Deferred tax - Wikipedia

    en.wikipedia.org/wiki/Deferred_tax

    For example, a tax asset may appear on the company's accounts due to losses in previous years (if carry-forward of tax losses is allowed). In this case a deferred tax asset should be recognised if and only if the management considered that there will be sufficient future taxable profit to use the tax loss. [2]

  3. What Is a Tax Loss Carryforward? - AOL

    www.aol.com/tax-loss-carryforward-112652068.html

    A loss carryforward lets a taxpayer use a loss incurred in one year to reduce tax obligations in a future year. Businesses and business owners can carry forward net operating losses when expenses ...

  4. Carryover basis - Wikipedia

    en.wikipedia.org/wiki/Carryover_basis

    Carryover basis, also referred to as a transferred basis, applies to inter vivos gifts and transfers in trust. [1] Generally, a taxpayer's basis in property is the cost to acquire the property. [2]

  5. Accounting equation - Wikipedia

    en.wikipedia.org/wiki/Accounting_equation

    The accounting equation plays a significant role as the foundation of the double-entry bookkeeping system. The primary aim of the double-entry system is to keep track of debits and credits and ensure that the sum of these always matches up to the company assets, a calculation carried out by the accounting equation.

  6. Chart of accounts - Wikipedia

    en.wikipedia.org/wiki/Chart_of_accounts

    In practice, changes in the market value of assets (negative) or liabilities (positive) are recognized as losses while, for example, interest or charitable contributions are recognized as other expenses. Income is the term generally used when referring to revenue and gains together. A separate term for the aggregation of expenses and losses ...

  7. Error Carried Forward - Wikipedia

    en.wikipedia.org/wiki/Error_Carried_Forward

    This application employs the model-view-controller design, which includes a data structure to represent the exam questions, a graphical user interface (GUI) for inputting student answers, and a set of algorithms written in JavaScript to process input and output. However, this application is a work in progress, as it cannot handle rounding errors.

  8. Uniform Certified Public Accountant Examination - Wikipedia

    en.wikipedia.org/wiki/Uniform_Certified_Public...

    Until the mid-1990s, the Uniform CPA Exam was 19.5 hours in duration and was administered over two and one-half days. It consisted of four subject areas (sections) which were tested in five sittings: Auditing (3.5 hours); Business Law (3.5 hours); Accounting Theory (3.5 hours); and Accounting Practice (Part I & Part II; 4.5 hours each).

  9. Going concern - Wikipedia

    en.wikipedia.org/wiki/Going_concern

    A going concern is an accounting term for a business that is assumed will meet its financial obligations when they become due. It functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months or the specified accounting period (the longer of the two).

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