The phrases “accounting” and “financial reporting” are often used as synonyms. Companies are also generally distinguished into public firms and private corporations for legal and regulatory purposes. Private firms do not have publicly traded shares, and infrequently include restrictions on transfers of shares. In some jurisdictions, personal firms have maximum numbers of shareholders. The term is also usually used colloquially to refer to a company.
Credits are quantities that have been paid to the Department of Revenue and aren’t due or are granted by the Legislature for a selected objective. Credits are subtracted from the B&O tax due on your …