January 5, 2015
Role and Functions of Law refers to the body of binding rules and regulations set to controlled by the federal or state government. Handling disputes, regulating with conducts, as well as controlling accounting actions in the business society.
Roles of Law
Law plays substantial roles in bookkeeping as well as income taxation consultation business in enhancing free from any liability attached to the breach of the predefined tax and bookkeeping principles. The functions classified as follows;
Bookkeeping laws refers to the regulation that ensures consistently in provision of relevant standardized measures and procedures are adopted to the fullest. The bookkeeping accentuates pragmatic managerial initiatives which define the principles that regulate the binding double entries principles which guide in ascertaining correctness of the financial statements.
The income tax laws interpreted as a procedural measure enacted by state to deal with subsequent taxation treatment of the accounting income. The taxation act accentuates on sensitive taxation principles and guidelines which express the tax advisor to follows the requirement to evade the liability arising from in compliance with the designed policies.
Functions of law
The business operations are subject to provisions provided law that substantiate the following duties;
i. Bookkeeping law promotes effectiveness and accuracy in financial statement presented to the public. ii. Incomes tax laws define within the act substantiates pragmatic concentration on the taxable income hence limiting damages arising from tax evasion. iii. Bookkeeping also