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Accounting Theory and Current Expenses Issues

Question: Discuss about the Accounting Theory and Current Expenses Issues. Answer: Introduction: The research company Bio-sustainable Feeds (BSF) Ltd., is an Australian company listed at ASX. The company is engaged in research of sustainable aqua-culture feeds. The plant based feed is developed from canola, corn, soya-bean, sunflower, etc. The total R&D cost stood up at $360 million. The target of the company is to make sure that it can create an aqua feed with is less costly. It is always known fact that fish based feed to the fish is costly a...

  • Published: 03 Jan, 2018
  • Views: 9

Ethics Management for Auditing and Developing

Question: Discuss about the Ethics Management for Auditing and Developing. Answer: Introduction: While audits are not typically planned to eliminate every occurrence of fraud, auditors do have the responsibility to identify substantial misstatements in the financial statements of the company caused by fraud. The past decade in the USA, has been characterised by economic crises, stock exchange speculations, financial instability, lack of trust in capital markets, financial scandals and the bankruptcy of famous companies, have resulted in economic d...

  • Published: 03 Jan, 2018
  • Views: 8

Big Five Model of Personality

Question: Discuss about the Big Five Model of Personality. Answer: Introduction The Big Five Model of personality is a general term used in the field of psychology that basically identifies the various interests and preferences in individual attitude or personality. Though this model might always not be effective for understanding the personality of every human being, still it could serve as an effective theoretical model or framework that could gather an insight about the essential components of personality and also determine how those could ...

  • Published: 03 Jan, 2018
  • Views: 10

Foundation of Taxation Law for Peta Taxpayer

Question: Describe about the Foundation of Taxation Law for Peta Taxpayer. Answer: 1. Issue It is known based on the given situation that Peta the taxpayer has obtained an amount of $ 600,000 from the tennis court sale to the local tennis club. The key concern is to evaluate the various case facts and thereby opine on whether the above proceeds can be termed as ordinary income or not. Rule Not all income that is obtained by the taxpayer is considered assessable for the purpose of tax. The assessable income as advocated by ITAA 1997 has been captu...

  • Published: 03 Jan, 2018
  • Views: 8

Auditing Theory and Risk Assessment

Question: Discuss about the Auditing Theory and Risk Assessment. Answer: Introduction Auditing has been an essential practice in the business sector as well as other areas dealing with a lot of economic assessment. The capability of a corporation to assess its growth depends wholly on auditing performed within the firm. Most of the operation in the economic sector highly rely on the nature of auditing, therefore, various theories have then been developed to assist eliminate various risks and crisis in auditing (López and Peters 2012). These metho...

  • Published: 03 Jan, 2018
  • Views: 11

Auditors Liability During Time of Crisis

Question: Discuss about the Auditors Liability During Time of Crisis. Answer: Introduction: Liability is for the negligence on the part of the auditors. It would amount to a defence to an action wherein there is a negligence on the part of the professional accountants and the auditors. An auditor is the person who is required to exercise a huge amount of judgement and experience and professional care when it comes to expressing his opinion on the fairness of the financial statements. But when he fails to comply with the above, then he incurs a liab...

  • Published: 03 Jan, 2018
  • Views: 10

Australian Taxation Law for Section 6-5 of Income

Question: Describe about the Australian Taxation Law for Section 6-5 of Income. Answer: 1. Issue: After understanding the given case one would understand the provisions of Ordinary income as per the Australian Income Tax Law. Peta had received an income from the club for selling his table tennis court. The amount received was $600,000. The amount spent by Peta was $100,000 to renovate the tennis court. His ultimate aim was to build three units on it and then to sell in the market. But since the offer made by the club was very good, Peta changed her m...

  • Published: 03 Jan, 2018
  • Views: 8

Environmental Accounting and Supply Chain Management

Question: Discuss about the Environmental Accounting and Supply Chain Management. Answer: Introduction: The development of technology has improved the business operations of small and large business organizations. The advancement in internet and applications helps the organizations to provide quality services to their customers. In the given case study, B Bakery wants to make an investment in accounting software in order to take their business in next level. The company has recently lost some of the key accounts as a result of unable to manufacture s...

  • Published: 03 Jan, 2018
  • Views: 11

Income Tax for Concept of Ordinary Income

Question: Describe about the Income Tax for Concept of Ordinary Income. Answer: Introduction: The receipt of $600,000 against the sale of the refurbished tennis courts is an ordinary income under section 6-5 despite the receipts are capital in nature because the property was purchased before two years and was with an intention to use for self and family and also a part to be converted to units to be sold for gain or profit so that the money used for purchasing the entire property will be covered to greater extent and as well Peta will also make some...

  • Published: 03 Jan, 2018
  • Views: 8

Auditing and Assurance Services for Systematic Approach

Question: Discuss about the Auditing and Assurance Services for Systematic Approach. Answer: Introduction: Best Living Supplies Limited is in the business of selling variety of household products to retail outlets. The inventory is purchased directly from the manufacturer and located in a single warehouse from where it is transported to the required locations. Best Living Supplies Ltd has adopted computerized perpetual inventory records and uses First in First Out inventory method for measurement of inventory. Measurement of inventory is vital for ...

  • Published: 03 Jan, 2018
  • Views: 8

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