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university type - Poland  
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Gdynia, Poland

Accounting and taxation

Rachunkowość i podatki

Language: Polish Studies in Polish
Subject area: economy and administration
University website: en.wsaib.pl
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Accounting
Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
Accounting
The problem is not that this optimistic view is wrong. By economic accounting, the optimistic view is mostly right.
Didier Sornette Why Stock Markets Crash - Critical Events in Complex Systems (2003) Ch. 10, 2050: The End Of The Growth Era?, p. 390.
Accounting
Over the years, Charlie [Munger, Berkshire Hathaway Vice Chairman] and I have observed many accounting-based frauds of staggering size. Few of the perpetrators have been punished; many have not even been censured. It has been far safer to steal large sums with pen than small sums with a gun.
Warren Buffett 1988 Chairman's Letter
Taxation
An unlimited power to tax involves, necessarily, a power to destroy.
Daniel Webster, McCulloch v. Maryland 17 U.S. 327 (1819). Usually reported as "The power to tax is the power to destroy". Webster, in arguing the case, said: "An unlimited power to tax involves, necessarily, a power to destroy", 17 U.S. 327 (1819). Chief Justice John Marshall reflected this in his decision, saying: "That the power of taxing it [the bank] by the States may be exercised so as to destroy it, is too obvious to be denied" (p. 427), and "That the power to tax involves the power to destroy … [is] not to be denied" (p. 431).
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