Withholding Tax
Withholding tax is the portion of income tax deducted at source by the payer on payments like salaries, rent, interest, or dividends. The payer remits it directly to the government on behalf of the recipient. It ensures timely tax collection and reduces the risk of tax evasion.
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Withdrawals (Owner’s Drawings)
Withdrawals refer to funds or assets taken out of the business by the owner for personal use. These are recorded…
Working Trial Balance
A working trial balance is an internal report prepared before finalising financial statements. It includes all ledger accounts and adjustments,…
Work Order Accounting
Work order accounting tracks the costs, materials, and labour associated with specific projects or manufacturing jobs. It helps determine actual…
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