Answer: Using a single account for personal and business funds complicates financial control, raises questions from tax authorities, and can lead to additional tax assessments and transactions being deemed unjustified.  Read more

Answer: Yes. Received and issued advances must be recorded in accounting and tax records. Incorrect recording of advances often leads to an incorrect determination of the tax base.  Read more

Answer: Closing a period records the financial result and eliminates uncontrolled changes in data. Failure to close a period on time increases the risk of misreporting and tax calculation errors.  Read more