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Finance
Question:
A business purchases 10 digital televisions for use in its offices. When the televisions arrive at the workplace the owner of the business decides that one will be taken home. The total cost of the acquisition was $16,500 (GST inclusive).
Describe how you would process this to comply with taxation reporting requirements. How much input tax credit could be claimed and why?
Answer:
The Australian tax office requires you to submit the BAS monthly, quarterly or annually and the BAS is used to report the GST and PAYG instalments, PAYG withholding tax and other tax obligations.
In the case of the ten televisions they should all be under taxation, and this is because they were bought to be used in the business.
Feedback:
Only 9 televisions can be claimed for business purposes, have not clearly explained how much input tax credit can be claimed in the BAS, what fields are used and how is deprecation considered and processed.
A business purchases 10 digital televisions for use in its offices. When the televisions arrive at the workplace the owner of the business decides that one will be taken home. The total cost of the acquisition was $16,500 (GST inclusive).
Describe how you would process this to comply with taxation reporting requirements. How much input tax credit could be claimed and why?
Answer:
The Australian tax office requires you to submit the BAS monthly, quarterly or annually and the BAS is used to report the GST and PAYG instalments, PAYG withholding tax and other tax obligations.
In the case of the ten televisions they should all be under taxation, and this is because they were bought to be used in the business.
Feedback:
Only 9 televisions can be claimed for business purposes, have not clearly explained how much input tax credit can be claimed in the BAS, what fields are used and how is deprecation considered and processed.
Finance
Hi. Is it possible to do Economic Impact Analysis / Input/Output Model (by W Leontief) on Demonetisation? If it possible, how to do?
Finance
information from Hunter Valley Access Undertaking (2016 HVAU), ARTC http://www.artc.com.au/library/ARTC%202016%20HVAU%20-%20Stakeholder%20Consultation%20Document%20-%20March%202015.pdf
should include:
cost centers
process of allocating of electricity cost
Main cost aspect involved: jobs, department, units, products etc)
identify the method to allocate the cost to the department
should include:
cost centers
process of allocating of electricity cost
Main cost aspect involved: jobs, department, units, products etc)
identify the method to allocate the cost to the department
Finance
User of the budgets below outside of management
1. Master Budget
2. Operating budget
3. Cash flow budget
4. Financial budget
5. Static budget
6. Plant Utilisation Budget
7. Production cost budget
8. Direct Material Budget
9. Zero Base Budgeting
10. Flexible Budget
1. Master Budget
2. Operating budget
3. Cash flow budget
4. Financial budget
5. Static budget
6. Plant Utilisation Budget
7. Production cost budget
8. Direct Material Budget
9. Zero Base Budgeting
10. Flexible Budget
Finance
Undertake your own research to collect three pieces of financial data. Each piece of data must come from a different source. Submit a copy of the data and your comments in response to these activities to your trainer/ assessor.
c. Describe how you could index the data to ensure it can be quickly located and referred to later. Be specific.
(Profit and loss statement from the following link)
https://corporatefinanceinstitute.com/resources/knowledge/accounting/profit-and-loss-statement-pl/
c. Describe how you could index the data to ensure it can be quickly located and referred to later. Be specific.
(Profit and loss statement from the following link)
https://corporatefinanceinstitute.com/resources/knowledge/accounting/profit-and-loss-statement-pl/
Finance
Undertake your own research to collect three pieces of financial data. Each piece of data must come from a different source. Submit a copy of the data and your comments in response to these activities to your trainer/ assessor.
b. Evaluate the usefulness of the data to those who might be required to provide a report on financial activity. (Balance Sheet) (From the following link)
https://www.accountingcoach.com/balance-sheet/explanation/4
b. Evaluate the usefulness of the data to those who might be required to provide a report on financial activity. (Balance Sheet) (From the following link)
https://www.accountingcoach.com/balance-sheet/explanation/4
Finance
Undertake your own research to collect three pieces of financial data. Each piece of data must come from a different source. Submit a copy of the data and your comments in response to these activities to your trainer/ assessor.
a. Summarise the bank statements data (First one from the following link)
http://tripevent.co/7-sample-of-bank-statement.html
a. Summarise the bank statements data (First one from the following link)
http://tripevent.co/7-sample-of-bank-statement.html
Finance
what is the purpose of the cash flow projection?
Finance
What are the different sources of data for cash flow statement and cash flow projection?
Finance
Part way through the production process it is discovered that the cost assignment was inaccurate for product A and that there has been an underestimation of $150 per unit. They are unable to change the pricing because of contractual obligations.
What is the impact of this error in cost assignment if sales were as predicted?
calculate increase/decrease of predicted sales using data given for product A 12000 units.
Predicted: 12,000 of product A and 8,000 of product B.
Actual: 15,000 for product A and 7,000 for product B.
The wholesale margin on product A is calculated to be $450 and on product B it is $350.
The predicted sales mix is 12,000/20,000 = 60% of A to 40% of B.
The actual sales mix is 15,000/22,000 = 68.2% of A to 31.8% of B.
The sales mix variance for A is 15,000*(0.682% - 0.6%)*$450 = 553,500 or favorable variance.
For B, the sales mix variance is 7,000*(0.318 - 0.4)*350 = -200,900 or unfavorable variance
What is the impact of this error in cost assignment if sales were as predicted?
calculate increase/decrease of predicted sales using data given for product A 12000 units.
Predicted: 12,000 of product A and 8,000 of product B.
Actual: 15,000 for product A and 7,000 for product B.
The wholesale margin on product A is calculated to be $450 and on product B it is $350.
The predicted sales mix is 12,000/20,000 = 60% of A to 40% of B.
The actual sales mix is 15,000/22,000 = 68.2% of A to 31.8% of B.
The sales mix variance for A is 15,000*(0.682% - 0.6%)*$450 = 553,500 or favorable variance.
For B, the sales mix variance is 7,000*(0.318 - 0.4)*350 = -200,900 or unfavorable variance
