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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ADVANCE is an amount paid before it is earned, e.g. payment ahead of actual expenditures or phase completion of a construction project.

CONVERTIBLE CURRENCY is any national currency that can be easily exchanged for that of another country.

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