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accounts payable accounts receivable accrued actual amount ascer ascertain assets balance sheet bank banker basis bonds bookkeeping capital stock cash book cashier cent certified Certified Public Accountants charged cheques clerk client concern contracts controlling account corporation cost current assets customers debts deductions defalcations deposits depreciation depreciation reserve directors discount dividends duty earnings entries errors examination expenses fact fraud funds gross gross profit important included income instance interest inventory investigation investments invoices joint stock company ledger liabilities loans loss account manufacturing matter ments notes operations paid partner payable payments period plant possible practice professional auditor profit and loss proper public accountant purchase real estate reason receipts records reserve revenue securities shown sinking fund statement stockholders surplus taxicab thereof tion transactions trial balance unless usually valuation verified vouchers
Page 611 - All the ordinary and necessary expenses actually paid within the year out of income in the maintenance and operation of its business and properties, including all charges, such as rentals or franchise payments, required to be made as a condition to the continued use or possession of property.
Page 611 - All the ordinary and necessary expenses actually paid within the year out of earnings in the maintenance and operation of its business and property within the United States and its Territories, Alaska, and the District of Columbia, including all charges such as rentals or franchise payments required to be made as a condition to the continued use or possession of property.
Page 641 - Provided, That no deduction shall be made for any amount paid out for new buildings, permanent improvements, or betterments, made to increase the value of any property or estate: Provided further, That only one deduction of
Page 65 - (2) The auditors shall make a report to the shareholders on the accounts examined by them, and on every balance sheet laid before the company in general meeting during their tenure of office and the report shall state (a) Whether or not they have obtained all the information and explanation they have required; and (b)
Page 64 - 113. (i) Every auditor of a company shall have a right of access at all times to the books and accounts and vouchers of the company, and shall be entitled to require from the directors and officers of the company such information and explanation as may be necessary for the performance of the duties of the auditors.
Page 240 - 106. Once at least in every year the directors shall lay before the company in general meeting a profit and loss account for the period since the preceding account or (in the case of the first account) since the incorporation of the company, made up to a date not more than six months before such meeting.
Page 65 - such reference to that report as is required by this section, the company, and every director, manager, secretary, or other officer of the company who is knowingly a party to the default, shall, on conviction, be liable to a fine not exceeding fifty pounds. (5)
Page 611 - corporation or association organized and operated exclusively for religious, charitable, or educational purposes, no part of the net income of which inures to the benefit of any private stockholder or individual. Second. Such net income shall be ascertained by deducting from the gross amount of the income of such corporation, joint stock company or association, or insurance company, received within the year from all sources:
Page 611 - All losses actually sustained within the year and not compensated by insurance or otherwise, including a reasonable allowance for depreciation of property, if any, and in the case of insurance companies the sums other than dividends, paid within the year on policy and annuity contracts and the net addition, if any, required by law to be made within the year to reserve funds.
Page 611 - All losses actually sustained within the year in business conducted by it within the United States or its Territories, Alaska, or the District of Columbia not compensated by insurance or otherwise, including a reasonable allowance for depreciation of property, if any, and in the case of insurance companies the sums other than dividends, paid within the year