Tax Payable
Tax payable is a liability that represents the amount of taxes a business owes to the government but has not yet paid. It includes income tax, sales tax, and payroll-related taxes. This account is crucial for accurate financial reporting and timely tax compliance.
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Trade Discount
A trade discount is a price reduction offered by sellers to buyers, usually wholesalers or repeat customers, for bulk purchases…
Trust Account
A trust account is a special bank account where funds are held by one party for the benefit of another.…
Transfer Pricing
Transfer pricing is the method used to determine prices for goods, services, or intellectual property exchanged between related entities within…
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