Accounting for Inventory from a Commercial Point of View

2021 ◽  
Vol 1 (2) ◽  
pp. 81-85
Author(s):  
Dewi Purnamasari ◽  
Ayu Almira ◽  
Nadia Della Savira
Keyword(s):  
Inventory Control ◽  
Income Tax ◽  
Lot Sizing ◽  
Balance Sheet ◽  
Point Of View ◽  
Tax Law ◽  
Income Tax Law ◽  
Descriptive Approach ◽  
Accounting Period ◽  
The Cost

Inventory control is a very important managerial function because the physical inventory of many companies involves the largest investment in current assets. The main purpose of inventory accounting is to determine periodic profit and loss through the process of bringing together the cost of goods sold with the sales proceeds in one accounting period and determining the amount of inventory to be presented in the balance sheet. This paper aims to describe the accounting for inventory from a commercial point of view. The method used in this study is qualitative in nature with a descriptive approach. The results showed that the main functions of inventory are to avoid delays in goods, loss of goods and with the presence of inventory, the company's operations can continue to run so that services to consumers can be carried out as well as possible. More specifically, the main functions of inventory are the decoupling function, economic lot-sizing function, and anticipation function.  As the inventories become subject to regulations in Indonesia, the study also highlights the purposes of calculating the income tax of inventories. Article 10 paragraph (6) of the Income Tax Law states that inventories must be valued at cost. Therefore, if the taxpayer makes an assessment based on a method other than cost, an adjustment is required.

The Possibility of Applying Fair Value According to IFRS 13 to Achieve Tax Justice in Determining Taxable Income in Iraq: An Applied Study

2021 ◽  
Vol 39 (11) ◽  
Author(s):  
Emad Ghafoori Abood Al-Najjar
Keyword(s):  
Income Tax ◽  
Balance Sheet ◽  
Fair Value ◽  
Tax Law ◽  
Fair Value Accounting ◽  
Taxable Income ◽  
Historical Cost ◽  
Accounting Measurement ◽  
Applied Study ◽  
Income Tax Law

The research aims to determine the importance of adopting the General Tax Authority in Iraq fair value accounting in determining taxable income by highlighting the failure to apply the historical cost that leads to misleading the users of the financial statements because of the unrealistic and inappropriate information they contain, as well as explaining the role of applying fair value in achieving The basic qualitative characteristics of accounting information in a manner that leads to determining taxable income more closely to justice after being amended according to the applicable income tax law. And analyzing the company's reports so that income is measured according to the fair value on the basis of the IFRS 13, which is subsequently modified according to the applicable income tax law to reach the measurement of taxable income in Iraq as well as the preparation of the Balance sheet In light of this, this measurement is generalized to all Contracting companies listed in the market. The researcher reached a set of conclusions, the most important of which is that the use of fair value accounting in accordance with the IFRS 13 in the contracting sector contributes to providing consistency in accounting measurement and disclosure practices, providing relevance and faithful representation information that is the basis for achieving fairness in tax accounting and recommendations.

scholarly journals The influence of cost taxes on the development of agriculture in Slovakia

2012 ◽  
Vol 48 (No. 8) ◽  
pp. 359-363
Author(s):  
J. Bojňanský
Keyword(s):  
Income Tax ◽  
Point Of View ◽  
Tax Law ◽  
Important Impact ◽  
Insurance Funds ◽  
The Cost ◽  
The Impact

The author deals with the influence of cost taxes on the development of agriculture, mainly those taxes, which have an important impact from the point of view of forming an entrepreneurial environment in agriculture. Among the cost taxes, the impact of land tax, building tax, road tax and income tax is most important. The analysis also deals with the contribution to the insurance funds related to employees. This contribution can also be considered as a taxation. The article also gives a prediction of the expected development of the consequences of the accepted tax law changes.

scholarly journals VERGİ MEVZUATI AÇISINDAN KANUNEN KABUL EDİLMEYEN GİDERLERE YÖNELİK HATALI İŞLEMLERİN TESPİTİ, DÜZELTME VE MUHASEBE KAYITLARI

2018 ◽  
Vol 6 (2) ◽  
Author(s):  
Alper TAZEGÜL
Keyword(s):  
Income Tax ◽  
Point Of View ◽  
Tax Law ◽  
Tax Base ◽  
Application Point ◽  
Income Tax Law ◽  
The Law ◽  
Taxable Profit

One of the most important concepts that appears the differentiation of accounting profit and taxable profit is expenses which are not legally accepted. In the determination of accounting profit some expense which is not legally accepted as an expense can be deducted and these expenses cannot be deducted in determination of taxable profit Therefore, it is important to correctly apply the expenses that are not legally accepted for the determination of the accounting profit which constitutes the tax base in general. For this reason, the law stated expenses that can be deducted in the 40th article of the Income Tax Law. All the expenses except these that can be discounted are considered as legally deductible expenses. The expenses that cannot be deducted are also counted in article 41 of the same law. These expenses will also be considered as unacceptable expenses without any hesitation. However, when considered from the application point of view, it is seen that there is a doubt in terms of issues such as whether it should be taken into consideration as an unacceptable expense or whether the necessity of being subject to withholding should be considered as a fee. Within this context, the errors encountered in the application in relation to legally unacceptable costs and their adjusted accounting records are included in our study.

A STUDY OF THE IMPACT OF SPECIAL INTEREST GROUPS ON MAJOR TAX REFORM: AGRICULTURE AND THE 1913 INCOME TAX LAW

2008 ◽  
Vol 35 (2) ◽  
pp. 71-100 ◽  
Author(s):  
Douglas K. Barney ◽  
Tonya K. Flesher
Keyword(s):  
Quantitative Analysis ◽  
Income Tax ◽  
Income Taxes ◽  
Tax Law ◽  
Special Interest Groups ◽  
Congressional Debates ◽  
Farm Population ◽  
Income Tax Law ◽  
State Income ◽  
The Impact

Farmers have benefited from unique tax treatment since the beginning of the income tax law. This paper explores agricultural influences on the passage of the income tax in 1913, using both qualitative and quantitative analysis. The results show that agricultural interests were influential in the development and passage of tax/tariff laws. The percentage of congressmen with agricultural ties explains the strong affection for agriculture. Discussion in congressional debates and in agricultural journals was passionate and patriotic in support of equity for farmers. The quantitative analysis reveals that the percentage farm population was a significant predictor of passage of the 16th Amendment by the states and of adoption of state income taxes in the 20th century.

Federal Income Tax Law

1927 ◽  
Vol 26 (2) ◽  
pp. 230
Author(s):  
George M. Morris ◽  
Roland R. Foulke
Keyword(s):  
Income Tax ◽  
Tax Law ◽  
Federal Income Tax ◽  
Income Tax Law

Distributional Effects of Taxes and Benefits in Korea

2009 ◽  
Vol 24 (1) ◽  
pp. 59-80
Author(s):  
Sung Myung Jae ◽  
Jeon Byung Mok ◽  
Jun Byung Hill
Keyword(s):  
Simulation Model ◽  
Income Tax ◽  
Tax Revenue ◽  
Tax Law ◽  
Current Version ◽  
Middle Income ◽  
Absolute Value ◽  
Consumption Decisions ◽  
Income Tax Law ◽  
Income Taxpayers

A Simulation model has been developed in Korea, named Korea Institute of Public Finance Simulation Model (KIPFSIM), which aims to estimate the effects of taxes and transfers in Korea. The current version of KIPFSIM adopts a statice approach combined with a zero-elasticity assumption that there will be no change in labor supply and consumption decisions even after changes in taxes and transfers. KIPFSIM uses a representative sample from the House-hold Income and Expenditure Survey, compiled and released by the Statistical Office of Korea. Using KIPFSIM, we hypothetical changes in taxes and transfers, which is set to be enacted in 2009 and 2010. We found that the benefit of the income tax cut is concentrated mostly on high-income taxpayers in terms of absolute value, but more on middle-income taxpayers in terms of percentage of the tax burden. Therefore, the new income tax law is considered to strengthen the progressive nature of the tax code and to lower tax burdens and tax revenue. We also found that after-income-tax income inequality, as measured by Gini coefficeint, was slightly worsened, primarily due to the decrease in income tax revenue, whice helps equalize income distribution.

scholarly journals ANALISIS PERHITUNGAN DAN PELAPORAN PPH FINAL PASAL 4 AYAT 2 ATAS BUNGA DEPOSITO DAN TABUNGAN NASABAH PADA PT. BPR MAPALUS TUMETENDEN CABANG TOMOHON

2016 ◽  
Vol 11 (2) ◽  
Author(s):  
Veronica Junisa Lolong ◽  
David Paul Elia Saerang ◽  
Hence Wokas
Keyword(s):  
Service Quality ◽  
Income Tax ◽  
Descriptive Analysis ◽  
Field Studies ◽  
Study Data ◽  
Tax Law ◽  
Income Tax Law ◽  
The Government ◽  
Tax Deduction

Income tax is one of the largest government revenues. Income Tax Law Article 4 Paragraph 2 gives a mandate to the government to impose income tax on certain earnings final. This study aims to determine how the interest calculation and interest reports and final income tax deduction on interest of savings and customer deposits at PT. BPR Mapalus Tumetenden Branch Tomohon. Descriptive analysis was employed in this study. Data were obtained by field studies. The results shows that the calculation and reports of Final Income Tax Article 4 Paragraph 2 on deposit and savings PT. BPR Mapalus Tumetenden Branch Tomohon have compiled with the laws of regulations. Leaders of PT. BPR Mapalus Tumetenden Branch Tomohon should improve the service quality to each customer, so that the customers can increase the amount of savings in bank. Keywords: calculation, reporting, deposit interest, customer savings

scholarly journals ANALISIS PERHITUNGAN DAN PELAPORAN PAJAK PENGHASILAN (PPh) DI P.T BANK SULUTGO

2017 ◽  
Vol 12 (2) ◽  
Author(s):  
Novlicia Putri Utiarahman ◽  
Jantje J. Tinangon ◽  
Dhullo Afandi
Keyword(s):  
Income Tax ◽  
Descriptive Analysis ◽  
Field Studies ◽  
Study Data ◽  
Tax Law ◽  
Government Revenue ◽  
Income Tax Law ◽  
The Law ◽  
The Government

Income tax is of the largest government revenue. Income Tax Law Article 4 Paragraph 2 gives a mandate to the government to impose income tax on certain earnings final. This study aims to determine how the calculation and report income tax  on savings, deposits, giro customer at PT. Bank SulutGo. Descriptive analysis was employed in this study. Data were obtained by field studies. The result shows that the calculation and reports income tax on savings, deposits, giro at PT. Bank SulutGo have compiled with the law of regulation. Leaders of PT. Bank SulutGo should improve the service guality to each customer, so that custumer can increase the amount of savings.Keywords : calculation, reporting, savings, deposits, giro

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