23.Give the definitions of four basic principles of accounting: the prudence principle and the consistency principle.

The Principle of prudence is one of the seven principles of GAAP, and requires companies to report, on their balance sheet, the value of their assets and liabilities at their least favorable valuation. Additionally, the principle demands that income/expense recognition and projections be realistic -- i.e. revenue is not recognized unless it is certain, while expenses are recognized while they are probable.

The consistency principle states that, once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods. Only change an accounting principle or method if the new version in some way improves reported financial results. if you make such a change, fully document its effects and include this documentation in the notes accompanying the financial statements.Auditors are especially concerned that their clients follow the consistency principle, so that the results reported from period to period are comparable. This means that some audit activities will include discussions of consistency issues with the management team. An auditor may refuse to provide an opinion on a client's financial statements if there are clear and unwarranted violations of the principle.The consistency principle is most frequently ignored when the managers of a business are trying to report more revenue or profits than would be allowed through a strict interpretation of the accounting standards. A telling indicator of such a situation is when the underlying company operational activity levels do not change, but profits suddenly increase. 

24. Give definitions of following words: to impose tax, to increase tax.

25. Give definitions of following words: tax evasion, tax exempt

Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions. Tax evasion is an activity commonly associated with the informal economy. One measure of the extent of tax evasion (the "tax gap") is the amount of unreported income, which is the difference between the amount of income that should be reported to the tax authorities and the actual amount reported. Various tax systems grant a tax exemption to certain organizations, persons, income, property or other items taxable under the system. Tax exemption may also refer to a personal allowance or specific monetary exemption which may be claimed by an individual to reduce taxable income under some systems. Tax exempt status may provide a potential taxpayer complete relief from tax, tax at a reduced rate, or tax on only a portion of the items subject to tax. Examples include exemption of charitable organizations from property taxes and income taxes, exemptions provided to veterans, and exemptions under cross-border or multi-jurisdictional principles. Tax exemption generally refers to a statutory exception to a general rule rather than the mere absence of taxation in particular circumstances (i.e., an exclusion). Tax exemption also generally refers to removal from taxation of a particular item or class rather than a reduction of taxable items by way of deduction of other items (i.e., a deduction). Tax exemptions may theoretically be granted at any governmental level that imposes taxation, though in some broader systems restraints are imposed on such exemptions by lower tier governmental units.

26. 1. A tax exile is a person who chooses to leave a country with a high tax burden and instead, reside in a foreign nation or jurisdiction which takes a lower portion of earnings. Going into tax exile is a means of tax mitigation or avoidance .In most countries one becomes liable to be taxed in that country if one is resident there. For taxation, residence is often defined as spending six months (or some other period) in any one year in the country, and/or having an abiding attachment to the country, such as fixed property

27. 1. government impose tax because the government needs money to do things like build roads, pay police officers, teachers, firefighters, politicians, as well as hundreds of other government programs

28. Definition of 'Balance Sheet'

A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by the shareholders.

The balance sheet must follow the following formula:

Assets = Liabilities + Shareholders' Equity

It's called a balance sheet because the two sides balance out. This makes sense: a company has to pay for all the things it has (assets) by either borrowing money (liabilities) or getting it from shareholders (shareholders' equity).

Each of the three segments of the balance sheet will have many accounts within it that document the value of each. Accounts such as cash, inventory and property are on the asset side of the balance sheet, while on the liability side there are accounts such as accounts payable or long-term debt. The exact accounts on a balance sheet will differ by company and by industry, as there is no one set template that accurately accommodates for the differences between different types of businesses

29. Definition of 'Creative Accounting '

Accounting practices that follow required laws and regulations, but deviate from what those standards intend to accomplish. Creative accounting capitalizes on loopholes in the accounting standards to falsely portray a better image of the company. Although creative accounting practices are legal, the loopholes they exploit are often reformed to prevent such behaviors.

A primary benefit of public accounting statements is that they allow investors to compare the financial health of competing companies. However, when firms indulge in creative accounting they often distort the value of the information that their financials provide. Creative accounting can be used to manage earnings and to keep debt off the balance sheet.

30 . Help on personal income - a document for accounting service that determines the amount of tax deductions , as well as for submission to the bank for a loan or a loan . Take out a loan without income today is very problematic. Registration statement of earnings of an individual engaged in the organization of an accountant . The certificate indicates the income of an individual for the last six months.

Blank certificate of personal income consists of five sections :

For information about the tax agent ;

data of physical persons - the recipient of the income ;

income taxed at different rates of personal income tax ;

tax deductions ;

total income and tax for the period.

31 . Financial statements - a set of indicators accounting reflected in the form of certain tables and characterizing the movement of assets, liabilities and financial position of the reporting period [1]. Financial reporting is a system of data on the financial situation of the company, the financial results of its operations and changes in its financial position and are prepared based on accounting data.

There are four main types of financial statements:

balance sheet includes the assets and liabilities of the company in terms of money.

income statement includes data on revenues, expenditures and financial results in the amount of cumulative from the beginning of the year before the reporting date .

Statement of Changes in Equity discloses information about the movement of the authorized capital , reserve capital , additional capital , as well as information on changes in value of retained earnings ( uncovered loss ) organization.

Statement of cash flows shows the difference between the inflow and outflow of funds for a certain period.

32 . SALES tax.

A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow (or require) the seller to collect funds for the tax from the consumer at the point of purchase.

Laws may allow sellers to itemize the tax separately from the price of the goods or services, or require it to be included in the price (tax-inclusive). The tax amount is usually calculated by applying a percentage rate to the taxable price of a sale.

When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax.

Often laws provide for the exemption of certain goods or services from sales and use tax.

A conventional or retail sales tax is levied on the sale of a good to its final end user, and is charged every time that item is sold retail. Sales to businesses who later resell the goods are not charged the tax. A purchaser who is not an end user is usually issued a "resale certificate" by the taxing authority and required to provide the certificate (or its ID number) to a seller at the point of purchase, along with a statement that the item is for resale. The tax is otherwise charged on each item sold to purchasers who do not provide such a certificate and who are under the jurisdiction of the taxing authority.

INHERITANCE tax.

An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate (money and property) of a person who has died.[1] In international tax law, there is a distinction between an estate tax and an inheritance tax: an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the beneficiaries of the estate. However, this distinction is not always respected in the language of tax laws. For example, the "inheritance tax" in the United Kingdom is a tax on the assets of the deceased, and is therefore, strictly speaking, an estate tax. For historical reasons, the term death duty is still used colloquially (though not legally) in the United Kingdom and some Commonwealth nations to refer to the estate tax.

INDIVIDUAL INCOME tax.

An income tax is a government levy (tax) imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer. Details vary widely by jurisdiction. Many jurisdictions refer to income tax on business entities as companies tax or corporation tax. Partnerships generally are not taxed; rather, the partners are taxed on their share of partnership items. Tax may be imposed by both a country and subdivisions thereof. Most jurisdictions exempt locally organized charitable organizations from tax.

Income tax generally is computed as the product of a tax rate times taxable income. The tax rate may increase as taxable income increases (referred to as graduated rates). Tax rates may vary by type or characteristics of the taxpayer. Capital gains may be taxed at different rates than other income. Credits of various sorts may be allowed that reduce tax. Some jurisdictions impose the higher of an income tax or a tax on an alternative base or measure of income.

Taxable income of taxpayers resident in the jurisdiction is generally total income less income producing expenses and other deductions. Generally, only net gain from sale of property, including goods held for sale, is included in income. Income of a corporation's shareholders usually includes distributions of profits from the corporation. Deductions typically include all income producing or business expenses including an allowance for recovery of costs of business assets. Many jurisdictions allow notional deductions for individuals, and may allow deduction of some personal expenses. Most jurisdictions either do not tax income earned outside the jurisdiction or allow a credit for taxes paid to other jurisdictions on such income. Nonresidents are taxed only on certain types of income from sources within the jurisdictions, with few exceptions.

Most jurisdictions require self-assessment of the tax and require payers of some types of income to withhold tax from those payments. Advance payments of tax by taxpayers may be required. Taxpayers not timely paying tax owed are generally subject to significant penalties, which may include jail for individuals or revocation of an entity's legal existence.

33 . EXCISE tax.

An excise or excise tax (sometimes called a duty of excise special tax) is an inland tax on the sale, or production for sale, of specific goods or a tax on a good produced for sale, or sold, within a country or licenses for specific activities. Excises are distinguished from customs duties, which are taxes on importation. Excises are inland taxes, whereas customs duties are border taxes.

An excise is considered an indirect tax, meaning that the producer or seller who pays the tax to the government is expected to try to recover or shift the tax by raising the price paid by the buyer. Excises are typically imposed in addition to another indirect tax such as a sales tax or value added tax (VAT). In common terminology (but not necessarily in law), an excise is distinguished from a sales tax or VAT in three ways: (i) an excise typically applies to a narrower range of products; (ii) an excise is typically heavier, accounting for a higher fraction of the retail price of the targeted products; and (iii) an excise is typically a per unit tax, costing a specific amount for a volume or unit of the item purchased, whereas a sales tax or VAT is an ad valorem tax and proportional to the price of the good.

Typical examples of excise duties are taxes on gasoline and other fuels, and taxes on tobacco and alcohol (sometimes referred to as sin tax).

LAND tax.

Land tax - paid by organizations and individuals possessing lands by right of ownership , the right of permanent (perpetual) use or right of lifetime inheritable possession .

Land tax (Land tax) - a tax on the income from the land . Taxpayers are organizations and individuals possessing lands , recognized subject to taxation in accordance with Article 389 of the Tax Code , the right of property , the right of permanent (perpetual) use or right of lifetime inheritable possession , unless otherwise provided by this paragraph.

SOCIAL tax.

Unified social tax ( UST) is designed to raise funds for the realization of the right of citizens to the state pension and social security ( insurance) and medical assistance . Payers of the unified social tax in accordance with Articles 235 and 236 of the Code of recognized organizations and individual entrepreneurs in the case of registration of the legal entity to make payments to individuals on the labor and civil contracts , the subject of which was the performance of work , rendering of services ( except for wages paid to an individual entrepreneurs ) , as well as copyright treaties ; Taxpayers were also individual entrepreneurs , lawyers . If an organization fails to make such payments , it is not the payer and the UST was not required to submit tax returns for UST.

34. Describe some types of tax: taxes and special payments of subsurface users, tax on vehicles.

Taxes noun for money paid to the government for public purposes.

Special payments of subsurface users –(специальные платежи недроползователей )- subsurface users operate under special tax provisions.