Answers: 1: Part 1: There can be circumstances where the taxpayer regularly gets payment in the form of compensation when they suffer commercial or other types of losses. There is a golden rule associated to the taxability of compensation payment. The character involving a compensation payment will normally be reliant on what type of amount is received by the taxpayer (Burkhauser et al., 2015). This involves the payment which replaces,...Read More >>
Answers: 1: Part 1: There are situations where the taxpayers normally gets the compensation payment where they suffer commercial as well as other type of losses. There are golden rule or principles relating to replacement. The character of a compensation receipt is largely dependent on the type of amount that is received by the taxpayer. This involves the payment which replaces, substitutes or compensate the taxpayer (Barkoczy, 2...Read More >>
Answer: Answer to Part 1: The cash and the accrual basis of accounting are regarded as two different method that is used in recording the accounting transactions. The central differences between the two methods is the time when the transactions are recorded (Bushman et al., 2016). When it is aggregated over the time, the outcomes of the two method is approximately the same. Under the cash method accounting the expense are recorded when the ca...Read More >>
Answer: Part 1 Required 1: Issue Frank wishes to know whether he should file return on cash or accrual basis Law In terms of Australian law, a business entity can maintain its book of accounts under cash or accrual basis depending on threshold limit specified under the act and amended from time to time. Further, the law also specifies that it shall be at the disposal of the business to report its accounts under accrual or cash when thresh...Read More >>
Answer: 1. Income Recognition Basis There are two basis for recognising income that are available to a taxpayer which are the cash basis and accrual basis. In line with tax ruling TR 98/1, the taxpayer has the choice to select one of these methods based on which method would present a more accurate picture of the income of the taxpayer. In cash method, the income recognition takes place when the cash payment is received without any considerat...Read More >>
Answer: Introduction A taxpayer decides when wage is determined by embracing a strategy for representing pay. When representing salary, for tax purposes, a citizen must embrace the technique for bookkeeping that, in the conditions, is fitting. A strategy for accounting is fitting on the off chance that it gives a 'generously correct reflex' of that pay. This is the rule set up for Carden's situation. Cash basis is one of the frameworks by whi...Read More >>
Answer: Part 1: The cash basis of accounting identifies the revenue on receiving the cash and the expenditure when they are paid. The cash basis of accounting does not records the accounts receivable or accounts payable. There are several small business that opts for the cash basis of accounting since it is easy to maintain. The cash method of accounting held as beneficial in identifying the amount of cash the business has during any gi...Read More >>
Answer: There are two methods of recording the transaction namely the cash method and the accrual method of accounting. The main difference between the two methods of accounting is time when the transactions are recorded. Nevertheless, upon aggregating the transaction over the time the result that is yielded approximately the identical time (Ball et al., 2016). The cash method of accounting records the revenue when it is received from the cus...Read More >>
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