BOOK INCOME Definition

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BOOK INCOME is the income reported within the financial statements of the taxable entity, i.e., taxable income normally is not aligned with the financial income (book income) reported within financial statements

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ANNUITY, in finance, is a series of fixed payments, usually over a fixed number of years; or for the lifetime of a person, in which case it would be called a life-contingent annuity or simply life annuity.

ENTERPRISE RISK MANAGEMENT (ERM) identifies risks and opportunities, assesses them for likelihood and magnitude, determines responses strategy, and monitors progress. ERM integrates strategic planning, operations management, and internal control. Monitoring ERM is part of internal control activities.

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