Do Amish Pay Taxes? Why? Why Not?

The government’s main purpose of tax imposition is to finance public welfare and meet national expenses. Whether it’s your healthcare, social security, defense, primary education, etc., everything has to be paid by the government, and that’s why taxes are collected from all members of the community. However, certain groups of societies are exempt from certain …

Do Amish Pay Taxes? Why? Why Not? Read More »

What is Meant by Credited to Your Account?

Individuals and businesses must follow accounting procedures and regulations to report expenses, revenues, assets, liabilities, contingencies, etc. However, when you are just starting to understand accounting and financial reporting, the rules of debit and credit can be very confusing. Yet another confusion that exists is the difference between double-entry, single-entry, GAAP, IFRS, etc. It might …

What is Meant by Credited to Your Account? Read More »

What is the Difference Between an Audit and an Attestation?

Whether you are a CPA, finance, or accounting student, understanding the audit process, assurance engagement, and attestation is important for you. Besides, the businesses also need to understand the concept of audit and attestation. As a CPA accountant, you must know the difference between audit and attestation engagements to help your clients understand the meaning …

What is the Difference Between an Audit and an Attestation? Read More »