What are Tariffs? Tariffs are taxes or duties imposed by a government on imported or exported goods. They are typically…
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…