Excise Tax: This form of taxation is levied for non-basic and luxury goods such as fuel, tobacco, and alcohol which are non-basic merchandise.
This form of taxation is aimed at discouraging the consumer from purchasing and consuming these products.
Financial accounting: Financial accounting involves managing and being accountable for finances and assets.
it involves maintaining balance sheets, statements, sales records and expenditure receipts and reporting individual or organizations financial standing and performance.
These are calculated and reported using different formulae.
Processing Data: Data generated by a business required proper management thus it must be reviewed, processed, organized than stored on databases.
Tax accounting: Tax collection is a major revenue generator for every government.
Governments depend on taxpayers to generate Finances for government spending, development, and governance.
To achieve this, the accountant must be well versed with the legislature associated with taxation.
The accountant, therefore, needs to review different accounting legislature and regulations to provide legal advice.