unit3 tax accounting

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English for accounting

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  • Income tax: Thu thu nhp Sales tax: Thu bn hng Inheritance tax: Thu tha k Corporate tax: Thu DN Property tax: Thu BS Excise tax: thu tiu th VAT (value added tax)

  • Match these expressions with tax to their definitions1 g2 f3 h4 d5 a6 e7 b8c

    1. tax avoidancea. someone who lives in another country for tax reasons2. tax bracketb. to introduce a new tax on something3. tax evasionc. to make the tax go up4. tax exemptd. when you dont have to pay tax on certain income5. tax exilee. to cancel a tax6. to abolish taxf. tells you what amount of tax to pay based on income7. to impose taxg. trying not to pay tax (legal)8. to increase taxh. trying not to pay tax (illegal)

  • salvage value: gi tr thu hiacquisition cost: gi gc, ph tn mua smdepreciation expense: gi tr khu haoaccelerated depreciation: khu hao gia tcinterim tax return: t khai thu tm thitaxation expense: chi ph thutaxable income: li tc c thu, thu nhp c thutax avoidance: s trn thutax bracket: khung thu, nhm thu

  • tax evasion: lu thu, trn thu (illegal)tax exempt: min thutax exile: ngi lu vong trn thuto abolish tax: bi thu to impose tax: p dng thuto increase tax: tng thutax break: s gim thutax return: giy khai thuTax bracket: khung thuTax avoidance: trn thu (legal)

  • 5 methods of depreciation

    Straight line: ng thngDeclining balance: S d gim dnSum of the years digits:Khu hao theo tng sUnit of production: sn luongHours of use: gi s dng

  • 3.3 Read and answer the questions

    a. How does the accountant calculate the profit before tax figure?b. Why is the taxation amount only an estimate?c. Do they need file the interim tax return?d. Complete the CEOs notes below:

  • 3.3 Read and answer the questions

    a. The operating profit minus interest expense.b. Because they dont know until much later how much tax they have to pay.c. No, they dont.

  • d. Fill in the blankTaxation expense is calculated by subtracting (1) from (2) This gives us an estimate, which we use to (3) ..We need it to justify (4) If there is any difference between the profit before tax and the taxable income, we (5) .

  • d. Fill in the blankTaxation expense is calculated by subtracting (1) from (2) This gives us an estimate, which we use to (3) ....We need it to justify (4) .. If there is any difference between the profit before tax and the taxable income, we (5) .

    1. Interest expense2. Operating profit3. Prepare an interim tax return4. the taxation expense we include in the P&L.5. Record it as a net deffered tax asset or liability on the balance sheet.

  • salvage value: gi tr thu hiacquisition cost: gi gc, ph tn mua smdepreciation expense: gi tr khu haoaccelerated depreciation: khu hao gia tcinterim tax return: t khai thu tm thitaxation expense: chi ph thutaxable income: li tc c thu, thu nhp c thutax avoidance: s trn thutax bracket: khung thu, nhm thu

  • tax evasion: lu thutax exempt: min thutax exile: ngi lu vong trn thuto abolish tax: bi thu to impose tax: p dng thuto increase tax: tng thutax break: s gim thutax return: giy khai thu

  • Match these expressions with tax to their definitions1 g2 f3 h4 d5 a6 e7 b8c

    1. tax avoidancea. someone who lives in another country for tax reasons2. tax bracketb. to introduce a new tax on something3. tax evasionc. to make the tax go up4. tax exemptd. when you dont have to pay tax on certain income5. tax exilee. to cancel a tax6. to abolish taxf. tells you what amount of tax to pay based on income7. to impose taxg. trying not to pay tax (legal)8. to increase taxh. trying not to pay tax (illegal)

  • 1. What do the governments use the taxation system for?2. What are the roles of taxation laws?3. Who can help companies on all the taxes they are liable?4. Who are the tax specialists?5. What do these specialists do?

  • 3.6. Use words from the box to fill in the gaps

    Abolish b. bracket c. breaks d. Exempt e. exile f.increase g. property h.return

    The government needs more money, so it is planning to . taxes.

    2. He earns a lot of money- he must be in the highest tax

    3. She lives there because she has to be a tax ..

    4. They are planning to . the tax on large company cars, and replace it with a tax on all company cars.fbea

  • 3.6. Use words from the box to fill in the gaps

    a. abolish b. bracket c. breaks d. Exempt e. exile f.increase g. property h.return5. She is a student, so she is tax ...

    6. The government is planning to introduce new tax .. for IT companies.

    7. Dont buy a house this year- the . taxes are being abolished next March.

    8. A tax is the same as a tax declaration- its a list of income and tax deductible expenditure for the authority.dcgh

  • Use words from the box to fill in the gapsA. increase B. bracketC. exileD. abolishE. exemptF. breaksG. propertyH. return

  • a. Find words from the conversation which mean the followings1. to improve a machine or equipment2. written suggestion3. an opinion of what something means4. rules5. to include as an asset6. an explanation of what something means1. To upgrade2. submission3. interpretation4. regulations5. To capitalize 6. definition

  • c. Use phrases from the box to soften the following statetments1. I'm afraid I can't agree with your comments. I'm sorry but they (Just) don't make much sense.2. I'm sorry, but this conversation ... Could you please call me ... ?

  • 3. I'm sorry but I disagree ... I'm afraid that's not (quite) right.4. Excuse me, but I think there may be a problem with your idea.5. Your calculations seem to be full of mistakes.6. It appears that you don't have the necessary experience to do this job

  • Taxation planningThe governments of some countries use the taxation system to promote investment. Taxation laws are enacted to encourage domestic and international corporations to either invest or raise capital, and tax brackets are given to specific industries or to certain types of expenses to attract investors and consumers. As a result of these taxation measures, there is significant scope for taxation planning in some countries and companies would be well advised to use such opportunities to structure their business in the most tax effective manner.For both their clients business and the various taxation laws, companies turn to their tax advisers for help on all the taxes for which they are liable, such as income tax, sales tax, property tax and payroll tax. These tax specialists are normally Chartered Accountants and CPAs who are not only involved in the preparation of tax returns (compliance), but who also give advice on a multinational companys domestic and foreign operations (consulting). Furthermore, they represent their clients before the tax authorities.

  • 1 Fixed assets could includea) buildingsb) plant and machineryc) the firm's delivery vansd) fuel for the vans2 Depreciation due to physical deterioration of an asset may include a) wear and tearb) theftc) erosiond) rot3 Machinery becomes obsolete due toa) new technologyb) consumptionc) changes in production methods d) changes in fashion4 Amortization is the provision for consumption of the following items a) mortgagesb) leasesc) patentsd) copyright

  • 5 A provision for depletion would be used for the following itemsa) minesb) buildingsc) quarriesd) oil wells6 The following are methods of depreciationa) straight-lineb) reducing balancec) the sum of the years' digitsd) market value7 A machine could be disposed of by beinga) scrappedb) resold c) revalued d) traded in8 The accounts which would record the sale or disposal of a machine area) machinery account b) sales accountc) machinery disposals accountd) provision for depreciation (machinery) account

  • III. Complete the sentences by reordering the given words1. We/ to/ employ / an / help / assistant / us/ need/ to.2. Everything / do depends / having/ on / accurate / we / information.3. company / the / electrical / photocopiers / produces / goods / like/ and / scanners.4. cant/ we / have / laptops / for/ new / everyone/ its / because / too / simply / costly.5. Ill / debts/ paid / his/ have / off / next / by / year.

  • III. Complete the sentences by reordering the given words1. The / over / pre-tax/ was / 12$ / profit.2. We / have/ allocated/ been / conference / the / ground / room / on / floor / the. 3. They / complete/ hope / to / report/ the.4. We / at / usually/ the/ highest/ have/ sales / Chrismas.5. Many / developing/ are / countries/ burdened/ heavy / by/ debt.

  • - The governments of some countries use the taxation system to promote investment. - Taxation laws are enacted to encourage domestic and international corporations to either invest or raise capital, and tax breaks are given to specific industries or to certain types of expenses to attract investors and consumers. - As a result of these taxation measures, there is significant scope for taxation planning in some countries and companies would be well advised to use such opportunities to structure their business in the most tax effective manner.

  • Taxation planningThe governments of some countries use the taxation system to promote investment. Taxation laws are enacted to encourage domestic and international corporations to either invest or raise capital, and tax brackets are given to specific industries or to certain types of expenses to attract investors and consumers. As a result of these taxation measures, there is significant scope for taxation planning in some countries and companies would be well advised to use such opportunities to structure their business in the most tax effective manner.For both their clients business and the various taxation laws, companie

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