Examlex
A married couple in the top tax bracket has a new baby.Due to the birth of the baby their taxable income will be reduced in 2017 by $4,050.
Company Books Adjustment
The process of making changes to the accounting records of a company to correct errors or reflect updated information.
Internal Control
Internal control comprises the procedures and measures a company undertakes to protect assets, ensure accurate financial reporting, and comply with laws and regulations.
Reasonable Assurance
This concept refers to a high level of assurance or confidence in the accuracy of financial statements and internal controls without guaranteeing 100% certainty.
Error Recording
Error recording is the process of documenting mistakes and inaccuracies found in financial statements or transactions to analyze and correct them.
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