TAX PAYABLE METHOD Definition

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TAX PAYABLE METHOD is where the tax expense is equal to the provision for taxes payable in a particular period and deferred income tax is not recognized.

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SILENT PARTNERSHIP is the relation of partnership sustained by a person who furnishes capital only, i.e., the partner is not involved in the day-to-day operations or decisions of the entity.

RETAINED EARNINGS STATEMENT see STATEMENT OF RETAINED EARNINGS.

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