What are Deferred Taxes? Deferred taxes refer to the postponement of income taxes to future periods due to differences in…
The provision for income taxes serves as a crucial element in financial reporting, representing the anticipated income tax liability that…
What are Retained Earnings? Retained earnings are the portion of a company’s profits that are kept by the company rather…
A representation letter is a written statement provided by a company’s management to its auditors as part of the audit…
What is a Dividend? A dividend is a distribution of a portion of a company’s earnings, decided by its board…
What is Income Tax Expense? Income tax expense is the amount of tax that a company owes on its taxable…
Loan Forgiveness Loan forgiveness is a situation in which a creditor, such as a bank or government entity, decides not…
Loan Received by a Business Obtaining a loan from a bank or other financial institution is a common way for…
What is an Owner Contribution? When a business is first starting out, its owners or co-founders may need to invest…