Which of the following statements is true? A. Cash is a nominal account, and Service Revenue is a temporary account. B. Equipment is a real account, and Salary Expense is a permanent account. C. Accounts Receivable is a temporary account, and Dividends is a real account. D. Prepaid Rent is a permanent account, and Income Summary is a nominal account
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The data needed is on minimum 1,000 companies.
Show your variables of measuring accounting quality and whether you have access to data in Worldscope, Thompson Routers Global Compustat, Eikon or with Beaurau van Dijk for access to Orbis or Osiris databases.
Taxpayers are entitled to organise their financial affairs in such a way that their tax burden is minimised. This perfectly legal activity is known as tax avoidance. Over the years tax advisors have shown great ingenuity in devising very complex and highly artificial tax avoidance schemes to exploit “loopholes” in the tax system. These schemes often result in a significant loss of tax revenues.
Recently David Cameron and his mother received press attention because Mrs Cameron had given her son two gifts of £100,000 each.
In an essay of approximately 1,800 words, briefly provide background on the inheritance tax planning scheme used by Mary Cameron, then discuss, using appropriate legislation and case law, whether or not you consider this scheme to be tax avoidance or tax evasion.
You may wish to discuss the DOTAS regime, whether or not this applies to this type of inheritance tax planning and if you feel that there is any way that HMRC can prevent blatant tax loophole exploitation. You can choose other areas for examples to illustrate your points.
The GCU library website has a Lexis Nexis site, which provides an excellent legislation and case law reference section.
Review and evaluate the accounting system
This review can be of the complete system or of one or more of the accounting functions, depending on your findings – but must specifically cover the following points:
Record keeping systems – explain the purpose of financial reports, and the suitability of the organisation’s current reports to meet organisational needs
Internal systems of control – identify how internal control supports the accounting system and the types of internal control in place, and any controls that are missing
Fraud – explain the causes of fraud, common types of fraud, methods that can be used to detect fraud and potential areas for fraud within the organisation
Working methods/practices – review the working methods used including the use of appropriate computer software, and the operating methods in terms of reliability, speed and cost effectiveness
Training – Identify how training is or can be used to support staff.
The review should cover all aspects of the assessment criteria, as mapped above, when it can naturally be introduced into the report. If it cannot be covered in the report then it can be covered within a written explanation included in the appendix.
Whilst a SWOT analysis may be a good starting place, this should not be placed in the body of the report.
Conduct an ethical evaluation of the accounting systems.
Evaluate the accounting systems against ethical principles by reviewing working practices.
Identify any actual or possible breaches of professional ethics.
To help you with this see http://www.aat.org.uk/sites/default/files/assets/AAT_Code_of_Professional_Ethics.pdf
Conduct a sustainability evaluation of the accounting systems.
Evaluate the accounting systems against sustainability principles by reviewing working practices.
Identify any possible improvements that could be made to improve sustainability.
Identify weaknesses and make recommendations for improvement.
Evaluate the system to identify significant weaknesses, which should be clearly explained along with their impact upon the organisation.
For every weakness that has been identified there should be one or more recommendations made to attempt to improve the situation.
The recommendations should concentrate on the effect that the changes would have both on the organisation and on individual members of staff. They may also highlight:
aids to improve staff performance;
changes needed to organisational culture;
anything else which would improve the running of the accounting system.
Prepare a Cost Benefit Analysis
At least one of the recommendations made should be subject to a cost benefit analysis. Whilst not all benefits are quantifiable, all costs are. Students should make any necessary assumptions or estimates to allocate costs to such items as time, unknown salaries, or any other unknown expense involved in the recommended changes. All benefits should be identified, included those that cannot be allocated a financial figure. This can include such things as improved customer relationships, improved documentation systems or staff morale (though this could be allocated a financial figure as improving staff turnover cuts recruitment costs).
Note on appendices
Any charts and diagrams or supporting evidence should be included here and cross-referenced within the text. Any appendices included should be referred to in the main body of the report or, in the case of supporting statements to cover missing assessment criteria, be mapped and cross-referenced on the mapping document.
The assignment is in the form of a problem question dealing with exclusion of liability and consideration.
The assignment is in the form of a problem question dealing with exclusion of liability and consideration.
Before attempting the assignment you should review:
• • the guidance on writing eTMAs set out in section 4 of your eTMA Guide; and
• • the advice for answering problem questions set out in section 7 of your eTMA Guide.
You will also need to review the relevant material in Units 4, 5, 6 and 7. You are encouraged to do further independent research, but are not required to do so.
Commercial Vehicle Repairs PLC (“CVR”) repairs vehicles for small businesses. Last month it entered in to repair contracts with (among other customers) Parsons Plumbing Ltd (“PPL”) and Bright Sparks Ltd (“BSL”).
PPL’s managing director, Iwan Parsons, telephoned CVR to arrange the repair of one of its vans and its truck. After the telephone conversation, CVR sent a quotation for the job (see Document A).
Iwan read the quotation but did not look at the terms and conditions set out on the back, an extract from which appears as Document B. He telephoned CVR and explained the importance of finishing the jobs properly and on time, as the vehicles were crucial for cash flow. He said that PPL would be accepting the quotation.
BSL had been a customer of CVR’s for at least 10 years, and every 6 months its vehicles go to CVR for maintenance. CVR’s latest contract with BSL was to service a transit van for £150 (plus the cost of any replacement parts). A date for the work was agreed and CVR agreed that if the van was dropped off by 8:30 am the work would be completed by 4:00 pm on the same day. The first document that BSL received was the invoice after the job was finished. On the back of the invoice were the same terms and conditions mentioned above (Document B).
There have been a number of difficulties:
o • PPL’s van came to CVR with engine problems. CVR’s employee, Bill, reinstalled the radiator without attaching one of the pipes correctly. As a result, the engine overheated and failed. It needs to be replaced at a cost of £2,000. PPL has lost 10 days’ plumbing jobs, amounting to a £10,000 loss of profit.
o • On PPL’s truck, a defective engine management system unit was fitted, so, 2 days after the repair, the engine did not start and PPL has been unable to use the truck for 5 days. As a result, it has lost another £5,000 profit.
COMMERCIAL VEHICLE REPAIRS PLC Specialists in vehicle repairs since 1960 Unbeatable prices
Is it socially responsible of a multinational corporation (MNC) to utilize tax avoidance strategies?
Instruction given by the lecturer:
Introduction: 200-300 words
1. Introduce the topic
2. Give the thesis statement
3. Outline your approach
Main body of the assignment: 1000-1300 words
Main argument needs a lot of analyse.
Conclusion: 300-500 words
Reiterate the thesis statement
Recap the main points/findings
Show how these address the thesis statement.
Come up with a definite answer to the question (even if the answer is “it depends”)
The conclusion should NOT introduce any new material, but can raise some speculative points.
Criteria for marking:
1. Core concepts: Presenting your knowledge and understanding of the subject matter base on research. Be critical of generic online resources. Search for and use original articles / documents
Flow of argument, headings, spelling/grammar etc.
3. Critical Reflection:
Evaluating arguments (debates, pros and cons) and developing insights
Marking criteria for 17-point scale (1st class):
Very high quality work, with full understanding of the subject matter. Work that demonstrates intellectual maturity, and is perceptive with highly developed organisation. An ambitious project carried out successfully, with sophisticated handling of primary and secondary material, reasoned, analytical argument. Some degree of originality, independent research and thought.
Can you please also reference the following if possible:
– Only peer-reviewed articles, texts and case studies
– A recent article about corporate tax avoidance
Assignment 1: Contracting and the FAR
Due Week 4 and worth 200 points
Imagine that you are a contracts officer for the Internal Revenue Service (IRS), and that your supervisor has tasked you with the procurement of a new software system for processing tax returns. Use the Internet to research one (1) scandal related to government procurement that has occurred within the past four (4) years.
Write a three (3) page paper in which you:
1. Thoroughly analyzed the Federal Acquisition Regulation (FAR), and thoroughly concluded whether or not these regulations overall offer adequate protection of the collective buying power of the American people. Thoroughly prepared an argument in support of your position.
2. Thoroughly determined whether or not the executive branch is the proper branch to effectuate change that would provide checks and balances for the purchase of good and services for the United States government. Thoroughly provided a rationale for your answer.
3. Use at least 5 (5) quality academic resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality academic resources.
The specific course learning outcomes associated with this assignment are:
• Describe the legal and administrative framework and economic considerations of the federal procurement process.
• Distinguish between the various types of contracts and considerations for use.
• Use technology and information resources to research issues in procurement and contract law.
• Write clearly and concisely about procurement and contract law using correct grammar and mechanics.
Format your assignment according to the following formatting requirements:
o Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
o Include a cover page containing the title of the assignment, your name, your professor’s name, the course title, and the date. The cover page is not included in the required page length.
o Include a reference page. Citations and references must follow APA format. The reference page is not included in the required page length.