accounting terms and tax accountant

Unlocking the Language of Accounting: Understanding Common Terms

SMBAccountant

MARCH 6, 2024

In contrast, accrual accounting records transactions when they occur, offering a more accurate depiction of the company’s financial position over time by matching revenues with expenses. Book Accounting and Tax Accounting Small businesses may notice differences between book accounting and tax accounting.

accrual accounting

accrual accounting accounts payable Account accountant

What is Capital Cost Allowance and How Does it Impact Your Business

Ronika Khanna CPA,CA

JULY 7, 2023

The accounting term for the same concept is depreciation (or amortization). The difference between accounting and tax is that while there are many depreciation methods that can be used for accounting purposes, the calculation for CCA in Canada is generally based on what is referred to as the “declining balance method” (see below).

Tax

Tax accounting and finance Account accountant

Accountant Advocate

Unlocking the Language of Accounting: Understanding Common Terms

What is Capital Cost Allowance and How Does it Impact Your Business

Webinars

Stay Connected