#Tax INTERNATIONAL TAXATION PRINCIPLES Terminology - Shall be taxable only: Taxation rights are granted to only one country (usually to the country of residence)

#Tax May be taxed - Allocation of taxing rights:  The country of residence may also impose tax  However, the source country has the right to tax

#Accounting Accounting for Accrued Expenses - Examples: Interest, rent, salaries.

#Accounting A basic journal entry involves just two accounts: one is debited and the other credited for the same amount. This ensures that when one account increases, the other decreases equally.

#Accounting Recurring journal entry - Regular, repeated transactions, like monthly rent or bills, trigger recurring journal entries.

#Accounting Long-term Debt: Debt payable in more than one year, such as bonds/long-term loans. Deferred Tax Liabilities: Future tax payments; Pension Liabilities: Employee retirement benefits obligations; Lease Liabilities: Long-term lease commitments for buildings or equipment.

#Accounting The larger the business is there are several different sections of Assets, Liabilities, and Equity, but all balance sheet items are defined in these three categories.

#Accounting Skontro Format The skontro-format balance sheet is a financial report layout that separates assets on the right side from liabilities and equity on the left side.

#Accounting The Accounting Cycle is a series of systematic steps carried out to record, process, and report a company's financial transactions over an accounting period.

#Accounting The Statement of Cash Flows is a financial report that shows a company's cash inflows and cash outflows over a specific period. This report illustrates how operating, investing, and financing activities affect the company's cash position.

#Accounting Balance sheet Financial statements provide insight into a business’s assets, liabilities, and shareholders’ equity at a certain point in time. Balance sheets are helpful to evaluate a company’s financial worth.

#Accounting Financial year Refers to the time period that your finances are tracked over a year. Most businesses in Australia record from 1 July to 30 June.