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Taxes

Accounts receivable

is known as accounts payable.

Accounts payable is a term commonly used in the world of finance. It refers to the amount of money a company owes to its creditors, which is recorded as a liability on its balance sheet. These are typically unsettled transactions or claims that are part of the normal course of a business. As a knowledgeable professor, it is important to understand the significance of this term and how it impacts a company's financial standing.

Local tax

Local taxes are imposed by lower levels of government, such as state, provincial, county or city governments, in countries with central or federal governments. These taxes ar...

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Lump-sum exempt amounts

A tax-free threshold is a set amount of income or net worth that individuals are allowed to earn without being subject to taxation. It serves as a fixed sum that acts as a m...

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Corporate income tax

Income tax is a crucial concept in the world of finance, especially when it comes to the income of companies. It refers to the tax levied on the profits earned by a business...

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Legal entity

In the realm of finance, we often encounter terms such as corporations, joint-stock companies, and limited liability companies. It is important to note that for tax purposes...

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