TAXABLE INCOME Definition

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TAXABLE INCOME is that income that is reported to the government for the purposes of calculating income taxes. Taxable income normally is not aligned with the financial income reported within financial statements. See FINANCIAL INCOME.

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BOUGHT LEDGER see LEDGER.

AUTHORIZE / AUTHORIZATION is to give permission for. For example, a manager authorizes a transaction by signing a voucher authorizing the disbursement.

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