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Answers :- 1.According to Income Tax Assessment Act 1997, assessable income mainly includes ordinary income and statutory income. The assessable ordinary income of an Australian citizen includes the ordinary income generated directly or indirectly from all the sources, whether in or outside Australia, during the financial year. If the person is a foreign citizen, then his assessable income will be the ordinary income derived from all the s...Read More
Answer: TASK A M B Requirements 20 30 39 Prod. Specifications 60 78 117 Design & Implementation A 68 135 270 B 135 225 451 C 176 351 702 Integra...Read More
Answer: Part one The main argument of this article is that the accountants claim to represent the reality the way it is, is not true. According to Morgan the accountants are not objective appraisers of reality. Whatever they represent is always one sided. It does not show the reality because the representations of the accountants are mostly objective and not subjective. Accountants only represent the information that can be quantified. They o...Read More
Answer: Definition of liability: According to AASB (2014), liabilities could be defined as the future compromises of economic benefits, which the organisation is obliged currently to make to the other organisations due to past events or other past transactions. The three necessary features that could be obtained from the definition of liabilities in the “Paragraphs 4.15 – 4.19 of the Conceptual Framework 2010” are described ...Read More
Answer: Question 1 The five major underlying assumptions of accounting are: Business Entity: This concept explains that each business has a separate existence from its business and the entity is treated as an artificial judicial person distinct from its members. The effect of this assumption on the accounting of the company is that all the legal and contractual obligations are on the name of the company or entity and not on the name of ...Read More
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