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  2. Accounting equation - Wikipedia

    en.wikipedia.org/wiki/Accounting_equation

    However, due to the fact that accounting is kept on a historical basis, the equity is typically not the net worth of the organization. Often, a company may depreciate capital assets in 5–7 years, meaning that the assets will show on the books as less than their "real" value, or what they would be worth on the secondary market.

  3. Journal entry - Wikipedia

    en.wikipedia.org/wiki/Journal_entry

    For instance, if ABC Company sells a laptop for $300 in cash, the journal entry would be a debit to the Cash account for $300 and a credit to the Sales account for $300. This follows the rule that an increase in assets (cash) is debited, and revenue from sales is credited.

  4. Schedular system of taxation - Wikipedia

    en.wikipedia.org/wiki/Schedular_system_of_taxation

    Plant and machinery allowances conventionally gave a 25% reducing balance basis annual 'writing down allowance' (WDA). The 25% WDA was reduced to 20% from April 2008. This means that if a plant asset, say, was bought for £400 in year 1, 20% of £400 (i.e. £80) would be deductible from taxable profits as tax depreciation in year 1.

  5. Materiality (auditing) - Wikipedia

    en.wikipedia.org/wiki/Materiality_(auditing)

    These include single-rule methods and variable size rule methods. [14] Single rule methods: 5% of pre-tax income; 0.5% of total assets; 1% of equity; 1% of total revenue. "Sliding scale" or variable-size methods: 2% to 5% of gross profit if less than $20,000; 1% to 2% of gross profit, if gross profit is more than $20,000 but less than $1,000,000;

  6. Capital gains tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Capital_gains_tax_in_the...

    The Capital Gains and Qualified Dividends Worksheet in the Form 1040 instructions specifies a calculation that treats both long-term capital gains and qualified dividends as though they were the last income received, then applies the preferential tax rate as shown in the above table. [5]

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    Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!

  8. Generally Accepted Accounting Principles (United States)

    en.wikipedia.org/wiki/Generally_Accepted...

    Under the AICPA's Code of Professional Ethics under Rule 203 – Accounting Principles, a member must depart from GAAP if following it would lead to a material misstatement on the financial statements, or otherwise be misleading. In the departure, the member must disclose, if practical, the reasons why compliance with the accounting principle ...

  9. Regulation S-X - Wikipedia

    en.wikipedia.org/wiki/Regulation_S-X

    Regulation S-X and the Financial Reporting Releases (Staff Accounting Bulletins) set forth the form and content of and requirements for financial statements required to be filed as a part of (a) registration statements under the Securities Act of 1933 and (b) registration statements under section 12, [2] annual or other reports under sections 13 [3] and 15(d) [4] and proxy and information ...