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Case study of a property developer and drilling businessIncome that is subjected to tax is known as the assessable income. The profit derived from the selling of subdivided land can be considered as capital gains and ordinary income depending upon the circumstances (Burnett 2015). As evident from the study, that Marzena entered into the contract to sell an entirely separate block of land for $79,000, which was originally purchased for $81,000....
Audit Planning:In this report, innovative methods have been implemented to select seven accounts for the purpose of audit. The choosing of number of accounts is being done in a way that to examine the objective of extraordinary fluctuations in particular pieces and aids to detect the reason of the variations. The variations percentage in pieces along the variations in trail balance is taken as a base. The review in a systematic manner is di...
Key Risks in Auditinga) From the case study, it is recognized that Sharon Gallagher, Josh Thomas, and Jo Wadley are associate members of an audit firm named W & S Partners. Sharon works as an audit manager, Josh is a senior auditor, and he helps the partners. Jo Wadley analyzes the decision of accepting the auditing task of Cloud 9 Pty Ltd for the year ending on 31st 2016. In this matter, Jo has investigated various things, and he discover...
ASIC v Rich Case - Allegations and the Judgment Decision given by Austin J in case law Australian Securities and Investments Commission v Rich (2009) 236 FLR 1 (‘ASIC v Rich’), redraw the provisions related to business judgment rule in Australia. This report discusses the business judgment rule and also the decision in ASIC v Rich. This report mainly focus on three main issues which directly relates with the balance between auth...
In the given assignment two companies have been given for analysis towards the internal control being maintained by the entity, the strengths and weaknesses in the system, the affect effect or the wrong doing which may happen as a result of the weak internal control and finally the risk control assessment of both the companies has been done with the view to make aware the management of the company with the loopholes and how the same can be rec...
John and Jane's Electrical BusinessJohn and Jane run an electrical business since last 8 years. But, recently due to high demand in electrical supplies and fitting they have planned to open 3 stores all in different locations. Earlier they use to follow traditional manual system of accounting and now considering shifting to online accounting because they faced lot of difficulties in maintains accounts manually. They faced difficulties such as...
Need for Audit from an ExpertThis report contains the analysis of the case study given for DIPL where the services of an expert is used by the company to collect evidences for material misstatements which was founded in financial reports. It is important for a company to prevent material misstatements in the financial records and statements. For this purpose company conduct internal and external audit depending on the demand needed for the typ...
Drivers of Audit QualityAuditing is the process to conduct a formal inspection on the financial and accounting statements of the companies. For this reason, business organizations consider auditing as one of the major drivers for success for their business organizations. It is the responsibility of the auditors to make it sure that the financial statements of the companies are free from any kind of material misstatement (Arens, Elder and Mark ...
Failure of the Introduction of the New Conceptual FrameworkThe main objective of the essay is to analyze the financial reporting, as there is a need for an analysis on the failure of the introduction of the new conceptual framework. For this reason, it is needed to bring radical changes in the introduced conceptual framework (Weil, Schipper & Francis, 2013). The introduction of SAC-4, that is Statement of Accounting Concept, has made it ne...
Benefits of Budgeting for the company and its role in business developmentEvery business, whether small or large, operates to achieve its goals and objectives. The objectives can either be financial or non-financial. To achieve those objectives the businesses needs formulation and implementation of various plans. Proper planning is necessary for the survival and growth of the business. Budgeting is the integral part of planning process of an o...
Financial Performance Analysis of AB plc and its CompetitorThis case depict about a company which is trying to buy the shares of an unlisted company. In this report, various ways has been analyzed through which the company could enhance the funds and raise the funds from various available sources. In this report, AB plc’s case has been studied and it has been found that this company is trying to acquire an unlisted company to grab the ma...
Liquidation Causes in the CompaniesThrough taking cases of the chose organizations those are all around distributed, for example, ABC Learning, HIH Insurance and One Tel Phone Company; the present paper will consider uncovering a few factors that added to liquidation of these organizations alongside specific governance and administration angles that depicts such money related anxiety. Liquidation of an organization can be clarified as a pro...
Competitive Strategies1. (i) The competitive strategy refers to the long-term plan that a company develops in order to gain a competitive advantage over its rivals. The four types of competitive strategy that are most important are cost leadership strategy, differentiation strategy, low cost focus strategy and differentiation focus strategy. The business by focusing one or more of these strategies tries to achieve be competitive advantage. A b...
What are the signs that a company is insolvent, and what actions and proactivity is required of the directors in these circumstances?Insolvency refers to such a situation in which the person is unable to pay back the money which they owed to the others. In terms of a company’s insolvency, the company is unable to pay the debts owed by it, to different stakeholders. Insolvency broadly has two forms, i.e., the cash flow insolvency and the ...
Conversation with the CEO of a CompanyConversation with Chris, CEO Threat of Advocacy has been identified in relation to the auditor independence (Edwin, 2015). In the conversation with the Chief Executive Officer of the company, he has said that Geoff, audit partner of the audit firm Clarke and Johnson, have to promote the business of the company by revealing the benefits of the products of the company along with the other advantages ...
Why the Change of Depreciation Method?This paper is an analysis of one of the Sunshine Limited operational models. The Sunshine Limited is a large department store in Australia. Since the inception of the company, The Sunshine Limited has been employing straight-line depreciation model in their daily business’ activities. During the company’s financial year that ended in June 2015, the Sunshine Limited made a good profit; a trend t...
Cash flow TableIn this report, an attempt is made to analyses the project using the NPV, IRR, payback period and Profitability index. The report also analyses the sensitivity of the projects using different techniques. The main aim of the report is to evaluate and suggest the projects. Statement showing Cash Flow Particulars Year 0 Year 1 Year 2 Year 3 Year 4 Initial Investments ...
Acquisition Analysis as at 1 July, 2015 Net fair value of identifiable assets and liabilities of Zack Ltd. Share Capital 1,50,000 General Reserve 34,000 Retained Earnings 20,000 Lan...
Part A1. Particular casual sneaker practical flat classic high heel Revenue $ 480,450.00 $ 408,170.00 $ 418,660.00 Less: Expenses ...
Processes to Reduce Audit Expectation GapAuditing is the process of inspecting the financial reports of the business organizations in order to confirm that there is not any material misstatement or frauds in them. In the process of auditing, one of the major concepts is the Audit Expectation Gap. Audit expectation gap can be defined as the difference between the expected and actual performance of the auditors (Gold, Gronewold and Pott 2012). A...
Introduction:Economic decision in every society must be made based on the information that is available at the time of decision-making. For example- the decision relating to giving a loan by the bank is made based on the financial relationships with the business, the financial condition which is reflected as per the financial statements of the company. If the decision is consistent according to the decision makers the information used in the d...
MethodologyManagement accounting, in simple terms, refers to the processing of financial data to evaluate company performances, in view of its profitability strengths and challenges. Not only does an effective management accounting system help with the conduct of a risk-averse strategic framework, but also assists in the identification and mitigation of transparency threat in the overall process. Early identification of financial risks, widening...
Product costs Vs period costsAs commented by Chang et al., (2015), cost could be termed as sacrifice of resources in order to gain any specific benefit or other resource. The costs are categorised as follows: The product costs are those costs apportioned to the production of products and they are realised for financial reporting at the time of sale. Thus, with the help of these costs, Carl would be able to include direct labour, direct mate...
Evaluation of Marketing AuditMarketing strategy is an integral part of a business as it helps the business organizations to promote and sell the products of their business. The success of a business organization vastly depends on the successful development and implementation of the marketing strategies and plans. Hence, it is the utmost responsibility of the marketing managers of a business to prepare an effective marketing plan. In order to do ...
Relevance and application of the social contract to Legitimacy Theory in accountingThis study deals with analysing the relevance and application of social contract to Legitimacy Theory in Accounting (Van Bommel, 2014). The current segment explains that legitimacy theory in the area of accounting is significant in increasing the financial framework of Business Corporation and takes into account execution of social contract in aligning with the ...
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