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
ACCOUNTANTS OPINION is a signed statement regarding the financial status of an entity from an independent public accountant after examination of that entities records and accounts.
CONSISTENCY PRINCIPLE requires accountants to apply the same methods and procedures from period to period. When they change a method from one period to another they must explain the change clearly on the financial statements.
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