INCOME TAXES PAYABLE Definition

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INCOME TAXES PAYABLE is income taxes due including current portion of deferred taxes.

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CAPITAL RESERVE is a fund set aside for specific purposes, thereby cannot be distributed for other uses. See also REVENUE RESERVE.

INSPECT / INSPECTION, during an audit, is to scrutinize or critically examine a document. As part of a CPA firm's quality control system, a procedure to monitor the effectiveness of the system.

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