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Define the branches of accounting of the following:
1.preparation of general purpose financial statement.
Answer:____________
2.evaluation of the performance of a sales department.
Answer:___________
3.develop standards to address a new business set up.
Answer:____________
4.review tax compliance of the business.
Answer:_________
5.evaluate whether a branch of the business complies with the collection and deposit policy of the company.
Answer:_________
6.review whether the financial statement are presented fairly and in compliance with accounting standards.
Answer:_________
7.report on the spending of government funds.
Answer:__________
8.report on the total cost of materials and labor used in the production.
Answer:________
9.conducting lectures on accounting topics.
Answer:___________
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- Which of the following users of accounting verifies accounting information to check the Tax compliance by the companies? a. Tax authority b. Regulatory agencies c. Management d. CreditorsThis branch involves the preparation of tax returns and the rendering of tax advice to clients, such as determination and verification of tax consequences, the effect of taxes in the business operations, tax minimization through legal means, and the like. Select one: a. Financial accounting b. Auditing c. Fiduciary accounting d. Tax accounting Which of the following would be classified as external users of financial statements? Select one: a. The creditors and stockholders of the company b. The company marketing managers c. The controller of the company and a company's stockholders d. Stockholders and management of the company Accounting involves communication. Select one: a. False b. TrueGenerally accepted accounting principles (GA P) has been developed to: Select one: A. interprets and enforces the tax laws that specify the rules for determining taxable income B. issues accounting standards for state and local governments C. provide guidelines for financial accounting D. to set and enforce accounting practices for companies.
- Typical accounting tasks include all of the following tasks except ________.A. auditingB. recording and tracking costsC. tax compliance and planningD. consultingE. purchasing direct materialsCentify which branch or field of accounting provides the functions and services stated below. Choose from the choices given. financial accounting management accounting tax accounting accounting education forensic accounting cost accounting government accounting auditing fiduciary accounting 1. Validation of financial statements 2. Preparation of tax returns 3. Presentation of cost incurred in business operations 4. Accounting for public funds 5. Recording and presentation of financial records to external users 6. Accounting to help managers and owners plan and manage their business 7. Development of accounting curriculum in educational institutions 8. Provision of guidance for compliance to tax obligations 9. Management of the business, possessions, and or property of another individual party 10. Branch of accounting involved in criminal or civil cases investigationWhat is the primary purpose of financial accounting? A) To control the spending of a company B) To manage employee payrolls C) To provide financial information to external users for decision-making D) To calculate the company's tax liabilities
- The primary objective of management accounting is O A. to provide management with information useful for planning and control of operations. O B. to provide banks and other creditors with information useful in making credit decisions. O. C. to provide the relevant taxation authorities with information about taxable income. O D. to provide shareholders and potential investors with useful information for decision making.Purpose:This assignment aims at developing an understanding of students on different concepts of Accountingfor Income tax and the application of those concepts in the practical financial setting. In addition toanswering theoretical questions on different concepts on accounting for income tax, students willneed to analyse the tax related disclosures made by an ASX listed company in its financial statementsand the associated notes to the financial statements.Assessment task:Please answer the following questions relating to Accounting for Corporate Income Tax.Question 1: Why do deferred tax assets or deferred tax liabilities arise? Explain your answer withsuitable example.Question 2: Will the existence of unused tax losses always lead to the recognition of a deferred taxassets? Explain your answer with suitable example.Question 3: Do the liabilities and assets that are generated by using the 'balance sheet method' ofaccounting for tax appear to be consistent with the definition and…Typical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materials
- An important task ¡n the audit of the revenue cycle is determining whether a client has appropriately recognized revenue. a. What is the five-step process that companies should use in recognizing revenue? Why might the auditor need to do additional research and consider additional criteria on revenue recognition? b. The following are situations in which the auditor will make decisions about the amount of revenue to be recognized. For each of the following scenarios, labeled (1) through (6): . Identify the key issues to address in determining whether or not revenue should he recognized. . Identify additional information the auditor may want to gather in making a decision on revenue recognition. . Based only on the information presented, develop a rationale for either the recognition or nonrecognition of revenue. 1. AOL sells software that is unique as a provider of Internet services. The software contract includes a service fee of $19.95 for up to 500 hours of Internet service each month. The minimum requirement is a one-year contract. The company proposes to immediately recognize 30% of the first-year’s contract as revenue from the sale of software and 70% as Internet services on a monthly basis as fees are collected from the customer. 2. Modis Manufacturing builds specialty packaging machinery for other manufacturers. All of the products are high end and range in sales price from $5 million to $25 million. A major customer is rebuilding one of its factories and has ordered three machines with total revenue for Modis of $45 million. The contracted date to complete the production was November, and the company met the contract dare. The customer acknowledges the contract and confirms the amount. However, because the factory is not yet complete, it has asked Modis to hold the products in the ware house as a courtesy until its building is complete. 3. Standish Stoneware has developed a new low-end line of baking products that will be sold directly to consumers and to low-end discount retailers. The company had previously sold high-end silverware products to specialty stores and has a track record of returned items for the high-end stores. The new products tend to have more defects, but the defects are not necessarily recognizable ¡n production. For example, they are more likely to crack when first used in baking. The company does not have a history of returns from these products, but because the products are new, it grants each customer the right to return the merchandise for a full refund or replacement within one year of purchase. 4. Omer Technologies is a high-growth company that sells electronic products to the custom copying business. It is an industry with high innovation, but Omer’s technology is basic. In order to achieve growth, management has empowered the sales staff to make special deals to increase sales in the fourth quarter of the year. The sales deals include a price break and an increased salesperson commission but not an extension of either the product warranty or the customer’s right to return the product. 5. Electric City is a new company that has the exclusive right to a new technology that saves municipalities a substantial amount of energy for large-scale lighting purposes (e.g., for ball fields, parking lots, and shop ping centers). The technology has been shown to be very cost effective in Europe. In order to get new customers to try the product, the sales force allows customers to try the product for up to six months to prove the amount of energy savings they will realize. The company is so confident that customers will buy the product that it allows this pilot-testing period. Revenue is recognized at the time the product is installed at the customer location, with a small provision made for potential returns. 6. Jackson Products decided to quit manufacturing a line of its products and outsourced the production. However, much of its manufacturing equipment could be used by other companies. In addition, it had over $5 million of new manufacturing equipment on order in a noncancelable deal. The company decided to become a sales representative to sell the new equipment ordered and its existing equipment. All of the sales were recorded as revenue.Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleWhich area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?
