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The Philippine Institute of Certified Public Accountants (PICPA) is the national professional accountancy body of the Philippines. Explorers with an accounting background first formed the PICPA in November 1929. [2] The PICPA focuses on four areas of practice for a CPA: Public Practice, Commerce and Industry, Education, and Government. [2]
Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms [citation needed] or payment terms.
In certain countries, such as Australia, consumer rights dictate that under certain situations consumers have a right to demand a refund. [3] These situations include sales that relied on false or misleading claims, defective goods, and undisclosed conditions of sale. There are various reasons why customers may wish to return merchandise.
The Federal Trade Commission is sending more than $5.6 million in refunds to consumers as part of a settlement with Amazon-owned Ring, which was charged with failing to protect private video ...
In accounting, the revenue recognition principle states that revenues are earned and recognized when they are realized or realizable, no matter when cash is received. It is a cornerstone of accrual accounting together with the matching principle. Together, they determine the accounting period in which revenues and expenses are recognized. [1]
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Right now, the Internal Revenue Service is holding about $1.5 billion in unclaimed tax refunds for the 2019 tax year. Due to the pandemic, the IRS moved the deadline to file 2019 tax returns to ...
On July 4, 1946, when the Philippines gained its independence from the United States, the Bureau was eventually re-established separately. This led to a reorganization on October 1, 1947, by virtue of Executive Order No. 94, wherein the following were undertaken: 1) the Accounting Unit and the Revenue Accounts and Statistical Division were ...