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Residency status and taxation in AustraliaIssue Amount Ellie should include in her assessable income in Australia during the year ended 30 June 2021 Whether the amounts are (i) ordinary income, (ii) discuss the source of income and (iii) discuss derivation. Law and Application Residents are taxed on worldwide income whereas non-residents and temporary residents are generally taxed on Australian-sourced income only. A person’s liabil...
Different industries based on their expenses and assetsThe behaviour of companies vary depending on the industry. A manufacturer or a producer of a product differ with the distributor of the same product. The assets (plant and machinery) required to manufacture a commodity are more compared to the assets used in distributing the same commodity. Therefore the manufacturing industry is expected to have more fixed assets in its balance sheet. In ...
Objectivity is having an uncompromised mental attitude by an auditor when carrying out an audit assignment. Since an auditor is a professional, they are expected to comply with Ethical Standards for Auditors as stipulated in IAASA (Irish Auditing & Accounting Supervisory Authority) (2017). Independence is the auditor's capacity to execute an audit assignment without coercion by persons with a financial interest in auditing the company (IAA...
Kathmandu Holdings StrategyIn this report, there is a discussion about the business and competitive strategy of Kathmandu Holdings and how its business performance is evaluated in the context of the strategies embraced by the company. Meanwhile, the is balanced scorecard also added with outlining the four important perspectives named as internal, financial, customer, learning and growth perspectives. In last, various recommendations also have ...
Current and Non-Current Assets Complex Stuff Ltd. Balance Sheet as on 31 January 2021 Amount Amount Current assets: Cash £41,000 Receivables £18,000 Inventories £41,500 Total Current Assets £100,500 Non-Current Assets: Property, plant and equipment £88,100 Tota...
Potential audit risks identified during planning stageJudging by the discussions presented in the case study of CariBev Co, the audit risks that have been identified during the planning stage of conducting an audit has been illustrated in a tabular format as follows: 1 CariBev is involved in supplying 60% of its goods to FoodForAll at significantly reduced selling price per unit of good. This can result in t...
Classification of Assessable IncomeIssue: The main issue is determining what amounts will be included in her assessable income and amounts that will be permitted as an allowable deduction within the “sec 8-1 ITAA 1997”. The issue will also determine the net amount of Nadine tax liability and any tax offsets and levies. Rules: The below given following procedure have been adopted while computing the taxable income of ...
The Role of Financial Accounting and Management AccountingManagement accounting is the only relevant aspect of accounting skills Managers must have. Other aspects, such as Financial accounting knowledge is important for professional accountants only.” Do you agree? Discuss. I do not agree with the fact that management accounting is the only relevant aspect of the accounting skills managers needs to have. I feel that a manager must...
What are Audit Services and Non-Audit Services?Audit in simple sense represents an impartial inspection of the financial records of a business organisation. So, audit services are the services employed by any independent individual professional or an audit firm for providing an opinion and commenting on the reliability and relevance of the financial statements prepared by the company which is the audit client. This means that the sole purpose ...
ISA 500 pertains to ‘Audit Evidence’. The standard defines ‘audit evidence’ as any information which the auditor can make use for framing a conclusion which forms the basis of the auditor’s opinion. Audit evidences include information which pertains to the accounting records of the financial statements and any other information. This standard elucidates that the objective of the auditor should be to perform...
Part A - Risk And Return CharacteristicsThe goal of this research is to identify and understand the risk and return characteristics of five worldwide asset classes, as well as make suggestions on whether or not each asset class is viable for investment. The first section of the research examines five asset classes: Australia's stock market, Canada's stock market, Australian 10-year government bonds, oil, and gold. A few statistical measures su...
Management/Cost AccountingThis report will be a focus on the Contemporary Issues in Accounting that includes management/cost accounting and environmental, corporate, and social accounting. The two issues will be discussed briefly and the last recommendation will be discussed to solve the contemporary issue. Contemporary accounting challenges examine a variety of current and growing worldwide difficulties to familiarise self with the corporate ...
The Meaning of AI a) What is the purpose of your report? The purpose of this report is to explain the opportunities and threats attached to AI to my accounting and non-accounting clients who are torn between the AI impacts in their present business models in order to recommend a position on whether or not the AI should be adopted or embraced. This will help allay the fears of my clients and also buttress belief of the AI proponents ...
Background Information on BP's Response to the Oil SpillThe economic cost of the BP’S response to the Deepwater Horizon Oil Spill is continuously addressed as a controversial concept that has brought about several arguments. BP also released its group income statement for the fourth quarterly of 2010 on February 1, 2011. Consequently, is a reflection of a pre-tax charge of US$ 40.9 billion which is connected to the Deepwater Horizon Spil...
Importance of the true and fair view conceptThis study deals with analyzing several methods of accounting that are used by an organization while they operate or function in this competitive world (Skyrms, 2014). It is essential for business organization to obey or follow with the accounting standards that is linked with IFRS and GAAP for presenting a good and fair financial report for their business. The current segment explains true and fair ...
History Of Lehman Brother And Its CollapseThe study is prepared describing the Auditing Issues involved in Lehman Brother and the impact of these issues on the collapse of Lehman Brother along with the reasons for introduction and taking effect of ASA 701-Key matters in the audit report of the company. At the start of the study History of Lehman Brother has been discussed to understand the working and practices of the company with the causes beh...
Background of the CompaniesThe following report aims to present the discussion on the strength and weakness of the company’s capabilities together with the discussion on relevant issues in the theory used by the companies. In order to present the discussion, Coca- Cola Amati and Pacific diaries beverage companies have been selected that incorporates identification of relevant accounting theory. The assignment covers the discussion based ...
Conceptual Framework and its ApplicabilityConceptual framework can be thought of as the foundations of the term accounting as it defines it. On an attempt to potentially strengthen the accounting levels it is necessary that this framework analyses both the theoretical and the practical points attached to the financial report and explains it logically and on a steady basis. A lot of information on this topic has already been constructed and bro...
This is a report for Melbourne Cricket Club asset management and will be defined by many factors .ISO55000 is not a standard for asset management; is a standard for management systems. It does not provide details of how to manage assets, but simply provides the elements that must be carried out for a management system (for example, it is a characterization of a business management system that casually has to do with management of the teams),...
Manufacturing Overheads(a) It is important to have a brief description of manufacturing overheads first. Also known as production cost, factory overhead & factory burden, manufacturing overheads are incurred in a factory’s manufacturing processes. The cost incurred in the factory for the production purpose other than direct Labour and direct materials cost is termed as manufacturing overhead cost. This is why, it is often...
Fundamental CharacteristicsThe objective of this report is to assess how the capital market participants use operating lease in the off-balance sheet at the time of evaluation of the credit risks of the organizations. The study will focus on the risks that are associated with the operating lease. It will also focus on the accounting information and its treatment in the balance sheet with regard to the operating lease. From the economical aspec...
Explaining the pricing strategy for HWLThe relevant declining pricing strategy is mainly used by the organisation, as the popularity of the solar panels is relatively going to diminishing in three years. Hence, the organisation could adequately choose the depicted prices of the units produced, as it might help in identifying the overall viability of the project (Armstrong 2014). Calculating target cost per unit Year ...
Explanation of the Assumptions:The explanations to the assumptions follows that the revenue derived from the occasion with little amount of overhead. This provides the occasion with the speedy break-even point with little amount of overhead (Akintoye, 2014). Prior to arriving at the net profit tax rates are taken into the considerations for information. The event will not carry any loan burden which would be effected by the rate of tax. An ...
CrowdfundingTitle: Research on different aspects and the laws surrounding crowdfunding Capital is a key requirement for any company as for buying the inputs, for paying salaries, for buying land, equipments and for numerous other works of any business, capital is needed. There are different manners in which a company can raise its capital. The conventional methods include issue of shares, debentures, taking loans and the like. However, the un...
