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A GST number is an identification number assigned to a business when it registers for Goods and Services Tax (GST). It is like a tax number in business and it provides the business with the ability to collect GST and pay it to the government.

IRS stands for Internal Revenue Service, which is the United States government organization which collects taxes and enforces tax laws.

In account On account is a concept used in accounting to describe a transaction in which no payment is made, but that it will be paid off at a later time. It generally implies that it was goods or services sold or purchased on credit. As an example, when a customer purchases goods using an...

Gross wages are defined as the amount of earnings that an employee earns before deductions are made such as taxes, benefits, or retirement contributions. It comprises the basic salary, overtime, commissions, and bonuses that are received over a pay period.

Basic accounting can be described as a procedure, in which financial transactions of a business organization are documented, summarized and presented. It complies with the rule of equal assets and liabilities and equity that provides a clear picture of financial health in terms of balance sheets...

Equity is a right to a business or an asset, and is calculated as the currency between the assets and liabilities. The business stake is identified as the shareholders in the business which illustrates their claim after the payment of debts. Home value, less mortgage can be defined as equity to...

A premium audit is a periodical review made by an insurance company typically after a policy has expired to examine the actual basis of exposure of business (such as a payroll or sales) with the initial estimates. It strives to get to the end, right premium and be fair, right pricing.

Accountants should be efficient relying on special software. Simple ones are QuickBooks or Xero to handle the bookkeeping, Excel to analyse and Sage to be used in bigger companies. Tax professionals use tax programs like the TurboTax or Thomson Reuter or CCH professional suites.

Google lacks its own accounting software. QuickBooks, Xero or Wave are the alternatives used by most people in bookkeeping and finance management. In addition, when dealing with basic accounting, use Google Sheets too with templates.

A person who is able to own or have control over something like property, a business or a thing legally. You are said to be an owner where you have the right to use, manage or benefit. The tenure can be on a purchase, inheritance or legal contract.

A payroll deduction scheme means that your employer will take money out of your paycheck directly to pay the taxes, insurance or retirement savings. Some of them are compulsory (like taxes) and some others (like retirement or insurance) are optional and you set them in place as part of your...

Taxpayer: This refers to an individual that is a subject of the law who is required to pay taxes to the government. This could be in terms of individual persons (e.g. employees or self-employed persons) or institutions (e.g. companies or businesses). In simplistic terms, you would be a taxpayer...

Hourly wage as salary is calculated as your annual salary/52weeks/number of hours you work each week. This approximates your hourly rate.

The zinc coin used in an American penny has a thin copper layer. As of 1982, the pennies have contained 97.5 percent of zinc and 2.5 percent of copper. This was done to minimize the cost of production. Although it may seem like copper, the modern penny is predominantly inner zinc and, as a...

Yes, accounts receivable is an asset. It is money that is vested to a company due to goods or services that it has rendered to its customers without receiving a payment. As a current asset, the accounts receivable is supposed to be consumed into cash within a year and it also aids the company to...