BOOK PROFIT Definition

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BOOK PROFIT see BOOK INCOME.

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TRACEABLE, in accounting, is to discover by going backward over the transactions (evidence) step by step establishing a "paper-trail" for a transaction. Non-traceable is where the "paper-trail" of a transaction is broken or non-existent.

WITHHOLDING TAX usually refers to those taxes that are withheld from an employee's compensation to account for that individuals tax liability on his/her compensation.

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