Accounting is the art of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management.
Accounting is called “the language of business” because it is the vehicle for reporting financial information about a business entity to many different groups of people. Accurate and timely financial information will allow the business owner to make proper business decision based on the actual information. The financial information of a company represent a score sheet which tell the business owner the progress of the company business and provide the early warning signals when and why the business may be going under.
A tax is a financial charge or other levy imposed upon a taxpayer by a government. A failure to pay, or evasion of or resistance to taxation, is usually punishable by law. Taxpayer always headache on what to tax and what not to tax? As a taxpayer, if he/ she can make full use of the tax reliefs that help to reduce his/ her chargeable income, he/ she can save a significant amount of taxes.