Explain the meaning of business ,professional charging of provision ,computation of income admissible deductions ,and pro forms of all charts
Answers
*Business - An organization or economic system where goods and services are exchanged for one another or for money
*professional charging of provision - A provision is an expenditure relating to a particular accounting period, but not falling due on the date of financial statements. ... Provision for audit fee is to be made based on the terms of engagement.
*computation of income-Computation of Income Tax. ... To determine the amount of income tax owed, certain deductions are taken from an individual's gross income to arrive at an adjusted gross income, from which additional deductions are taken to arrive at the taxable income
*admissible deduction - A deduction is any item or expenditure subtracted from gross income to reduce the amount of income subject to income tax. It is also referred to as an "allowable deduction
I hope this will help :)