- Tuesday, 17 October 2017
- Super User
Under South African law there are different types of residents, for example a resident defined by the Income Tax Act, 1962 in terms of the so called physical presence test and an ordinary resident defined in terms of South African common law.
Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analyses. Accounting is also a profession consisting of individuals having the formal education to carry out these tasks.
Some people think that bookkeeping is the same as accounting. They assume that keeping a company's books and preparing its financial statements and tax reports are all part of bookkeeping. Accountants do not share their view.