Accounting Sample

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...

Overview of Option Pricing ModelsInvestors should have a comprehensive knowledge about various variables which are essential for determining the price of an option. There are several methods of option pricing which use parameters like volatility, price of the underlying, risk free rate and time to expiration to arrive at a theoretical fair value of options. The most commonly used option pricing model is the Black-Scholes option pricing model w...

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...

Overview of ABC analysis of usage value in Waterside Medical (WM)1. Prepare a Spreadsheet-Based ABC Analysis of usage Value The table below shows the ABC analysis of usage value in Waterside Medical (WM). A represent items which accounts for 20% of the items that make up the usage value, B-represent items, which account for 30% of the usage value, and C represents items which account for 50% of the usage value, along with their respective per...

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...

Knowledge Flows and National Innovation SystemsNational innovation systems are built on the assumption that understanding the interconnectedness of the actors engaged in innovation is crucial to enhancing technical performance. Innovation and technological advancement are the outcomes of a multifaceted network of connections between actors who produce, transmit, and consume various types of knowledge (Maloney 2017). The manners in which these ...

Discussing the inventory stage of the logistics process.The concept of international business consists of all the commercial activities that help in the promotion of transferring of goods, services along with resources, people, ideas and technology across national boundaries. It helps a business to enhance its growth and expand its business operations in an optimal manner. The following report is based on the organization of CERAMICOSA which...

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...

About the organisation Provide an overview of the organisation and product/services/programs. Describe the key functions and activities of the work area you will develop an operational plan for. Briefly describe at least two objectives outlined in the strategic plan (if there is no strategic plan for your business, develop two objectives for your work area or business). Describe your job role. Explain how your job role contributes...

Company BackgroundDomino’s Pizza is a multinational quick-service restaurant organization which was established in the year 1960 and is headquarter in United States. The company operates or runs through three primary segments: U.S Stores, International Franchise, and Supply Chain. Thus, segment of U.S Stores includes operations concerning all Franchised & company owned stores through the United States. Hence, its stores consist o...

Establishment of Separate Departments to Enhance Internal ControlThe organizations depend upon the information systems for carrying out along with managing all operations, interatom with the suppliers as well as customers, and competing within the marketplace. An information system is a components' integrated set to collect, process, and store data, along with to provide digital products, knowledge and information. An information system is use...

Answers Answer to Question 1) Requirement a) Acquisition Analysis:         Amount Amount Amount Total Purchase Consideration   $138,000   Less: Dividend Payable on 1 July 2020   $10,000   Net Purchase Consideration     $128,000 Less:     &n...

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 ...

SDGs as a WholeThe United Nations (UN) Sustainability Reporting Goals (SDGs) can be regarded as the blueprint for achieving a better and more sustainable future for all. The SDGs include 17 interlinked global goals focusing on different facets of sustainability (sdgs.un.org 2022). This essay aims at specifically discuss about different aspects associated with the SDG 4 Quality Education (SDG 4). First, this essay briefly discusses about the SD...

Operational PlanOperational planning is an outline of goals and objectives that a company creates in order to reach those goals. It contains an elaborate document containing responsibilities that the team members need to follow to understand and achieve those goals (Towbin et.al. 2018). The key elements of an operational plan that the organization crafts include a clearly defined vision or goal of the organization. This is followed by breaking...

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 ...