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Principles of Domestic Tax Systems

In this article we will discuss about the principles of domestic tax systems. General Principles of Domestic Tax Systems: As early as 1776, Adam Smith prescribed the four principles of taxation in his book on the "Wealth of Nations" as follows: (a) Equity: The tax payable should accord with the ability to pay, or the taxable capacity. (b) Certainty: The [...]

By |2016-06-22T16:01:10+00:00June 22, 2016|Domestic Tax|Comments Off on Principles of Domestic Tax Systems

Top 14 Principles of Responsibility Accounting | Cost Accounting

The following points highlight the top fourteen principles of responsibility accounting. 1. Determination of responsibility centres by dividing the organisation into various responsibility centres. 2. A target is fixed for each responsibility centre in consultation with the person responsible for the responsibility centre. 3. Actual performance is compared with the target. 4. The variances from the budgeted plan are analysed [...]

By |2016-06-18T06:58:42+00:00June 18, 2016|Responsibility Accounting|Comments Off on Top 14 Principles of Responsibility Accounting | Cost Accounting

Accounting Principles: 8 Important Principles of Accounting

The following points highlight the eight important principles of accounting. The principles are: 1. Cost Principle 2. Dual-Aspect Principle 3. Accrual Principle 4. Conservatism Principle 5. Matching Principle 6. Consistency Principle 7. Materiality Principle 8. Full-Disclosure Principle. Accounting Principle # 1. Cost Principle: The cost principle requires that assets be recorded at their exchange price, i.e., acquisition cost, or historical [...]

By |2016-06-18T06:57:29+00:00June 18, 2016|Accounting Principles|Comments Off on Accounting Principles: 8 Important Principles of Accounting
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