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Symbolic interaction theory states:
Schedule L
Used to provide additional details on financial status or transactions not captured in the main tax form; no longer in general use for most taxpayers.
Accounting Method
The systematic approach to recording and reporting financial transactions for a business, determining how income and expenses are recorded and recognized.
Financial Accounting
The field of accounting focused on the summarization, analysis, and reporting of financial transactions pertaining to a business to external entities.
Subchapter S Corporation
A corporation that meets specific Internal Revenue Code requirements and elects to be taxed as a pass-through entity, avoiding double taxation on its income.
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