COST ACCOUNTING
COST ACCOUNTING STANDARDS
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Question
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Involves considering the impact and being accountable for the effects that actions might have on society.
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The field of accounting that includes preparing tax returns and planning future transactions to minimize the amount of tax; involves private, public, and government accountants
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Detailed explanation-1: -Tax Accounting It includes tax planning and preparation of tax returns. It also involves determination of income tax and other taxes, tax advisory, and other tax related matters.
Detailed explanation-2: -CPAs or Certified Public Accountants provide a range of tax, accounting, business and financial advisory services. They are often trusted business advisors to management and help a business or individual reach their financial goals.
Detailed explanation-3: -Tax accounting is the subsector of accounting that deals with the preparations of tax returns and tax payments. Tax accounting is used by individuals, businesses, corporations and other entities. Tax accounting for an individual focuses on income, qualifying deductions, donations, and any investment gains or losses.
Detailed explanation-4: -What is Tax Accounting? Tax accounting refers to the rules used to generate tax assets and liabilities in the accounting records of a business or individual. Tax accounting is derived from the Internal Revenue Code (IRC), rather than one of the accounting frameworks, such as GAAP or IFRS.