Accounting and Taxation
Generally accepted accounting principles are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices. The USA has separate federal state, and local governments with taxes imposed at each of these levels. Tased are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. Taxes may be imposed on individuals, business entities, trusts, or other forms of organizations. Taxes maybe based on property, income, transactions, transfers, importations of goods, business activities, or a variety of factors and are generally imposed on the type of taxpayer for whom such tax base is relevant.