Regular Mistakes and Negligence Made by Enterprises When Filing Business Income Tax-Part 1:
2014-01-22 16:04:21
1. Enterprises, whose business is not specialized in real estate or securities, hold land that is not classified as fixed asset and is not sold by the end of the fiscal year. The interest expense that has not been allocated according to the regulations along with the interest expense that’s directly from the land is entered into accounting journal as “deferred expense.”
2. The gifts purchased by enterprise for promotional events are entered into accounting journal under “expense” at the time of purchase. However, in the case of the gifts not yet been given out, they must be transferred into gift inventory.