31 relations: Accounting, American Taxpayer Relief Act of 2012, Amortization, Applicable convention, Asset, Canada, Capital allowance, Capital Cost Allowance, Consumption of fixed capital, Cost of goods sold, Cost segregation study, Debits and credits, Deferred financing cost, Deferred tax, Depletion (accounting), Depreciation recapture (United States), Expense, Fair value, Impaired asset, Income statement, Internal Revenue Service, International Financial Reporting Standards, John I. Beggs, Life expectancy, MACRS, Matching principle, Purchase price allocation, Residual value, Revaluation of fixed assets, Tax deduction, United Kingdom.
Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations.
The American Taxpayer Relief Act of 2012 was passed by the United States Congress on January 1, 2013, and was signed into law by US President Barack Obama the next day.
Amortization (or amortisation) is paying off an amount owed over time by making planned, incremental payments of principal and interest.
An applicable convention, as presented in of the United States Internal Revenue Code, is an assumption about when property is placed into service.
In financial accounting, an asset is an economic resource.
Canada is a country located in the northern part of North America.
Capital allowances is the practice of allowing a company to get tax relief on tangible capital expenditure by allowing it to be expensed against its annual pre-tax income.
Capital Cost Allowance (CCA) is the means by which Canadian businesses may claim depreciation expense for calculating taxable income under the Income Tax Act (Canada).
Consumption of fixed capital (CFC) is a term used in business accounts, tax assessments and national accounts for depreciation of fixed assets.
Cost of goods sold (COGS) refers to the carrying value of goods sold during a particular period.
Under United States tax laws and accounting rules, cost segregation is the process of identifying personal property assets that are grouped with real property assets, and separating out personal assets for tax reporting purposes.
In double entry bookkeeping, debits and credits (abbreviated Dr and Cr, respectively) are entries made in account ledgers to record changes in value resulting from business transactions.
Deferred financing costs or debt issuance costs is an accounting concept meaning costs associated with issuing debt (loans and bonds), such as various fees and commissions paid to investment banks, law firms, auditors, regulators, and so on.
A notional asset or liability to reflect corporate income taxation on a basis that is the same or more similar to recognition of profits than the taxation treatment.
Depletion is an accounting and tax concept used most often in mining, timber, petroleum, or other similar industries.
Depreciation recapture is the USA Internal Revenue Service (IRS) procedure for collecting income tax on a gain realized by a taxpayer when the taxpayer disposes of an asset that had previously provided an offset to ordinary income for the taxpayer through depreciation.
In common usage, an expense or expenditure is an outflow of money to another person or group to pay for an item or service, or for a category of costs.
In accounting and in most Schools of economic thought, fair value is a rational and unbiased estimate of the potential market price of a good, service, or asset.
According to U.S. accounting rules (US GAAP), the value of an asset is impaired when the sum of estimated future cash flow from that asset is less than the book value of the asset.
An income statement or profit and loss accountProfessional English in Use - Finance, Cambridge University Press, p. 10 (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.
The Internal Revenue Service (IRS) is the revenue service of the United States federal government.
International Financial Reporting Standards, usually called IFRS, are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
John Irvin Beggs (September 17, 1847 – October 17, 1925) was an American businessman.
Life expectancy is a statistical measure of the average time an organism is expected to live, based on the year of its birth, its current age and other demographic factors including gender.
The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States.
In accrual accounting, the matching principle states that expenses should be recorded during the period in which they are incurred, regardless of when the transfer of cash occurs.
Purchase price allocation (PPA) is an application of goodwill accounting whereby one company (the acquirer), when purchasing a second company (the target), allocates the purchase price into various assets and liabilities acquired from the transaction.
Residual value is one of the constituents of a leasing calculus or operation.
In finance, a revaluation of fixed assets is an action that may be required to accurately describe the true value of the capital goods a business owns.
Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income.
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed with some organisations, including the and preferring to use Britain as shorthand for Great Britain is a sovereign country in western Europe.
Accumulated Depreciation, Accumulated depreciation, Capital Consumption, Capital consumption, Depreciate, Depreciated, Depreciating asset, Depreciation reserve, Economic depreciation, Physical depreciation, Salvage Value, Straight-line depreciation, Sum-of-years' digits, Sum-of-years' digits depreciation, Terminal value (accounting).