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Topic: Business
Number of pages / Number of words: 3 / 801
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According to the IRS,

Each taxpayer, business or individual, must figure taxable income on an annual

accounting period called a tax year. The calendar year is the most common tax year.

Other tax years are a fiscal year and a short tax year. (2004).

As for the simulation, the accounting periods appeared to be monthly starting at the beginning of November and December and ending each month...


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The calendar year is the most common tax year.

Other tax years are a fiscal year and a short tax year. (2004).

As for the simulation, the accounting periods appeared to be monthly starting at the beginning of November and December and ending each month.

Prepayments are amounts paid in advance for goods and services and show up on the balance sheet as a specific asset...


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