...Paper 1: Accounting (100 marks) Paper 2: Law, Ethics and Communication Part I: Law (60 marks) Business Laws (30 marks) Company Law (30 marks) Part II: Business Ethics (20 marks) Part III: Business Communication (20 marks) Paper 3: Cost Accounting and Financial Management Part I: Cost Accounting (50 marks) Part II: Financial Management (50 marks) Paper 4: Taxation Part I: Income-tax (50 marks) Part II: Service Tax (25 marks) and VAT (25 marks) Group II Paper 5: Advanced Accounting (100 marks) Paper 6: Auditing and Assurance (100 marks) Paper 7: Information Technology and Strategic Management Section A: Information Technology (50 marks) Section B: Strategic Management (50 marks) The level of knowledge expected of students in the above subjects is ‘working knowledge’. INTEGRATED PROFESSIONAL COMPETENCE COURSE (IPCC) Syllabus GROUP I OF IPCC/ ACCOUNTING TECHNICIAN COURSE (ATC) Paper 1: Accounting (One paper – three hours – 100 marks) Level of Knowledge: Working Knowledge Objectives: (a) (b) (c) (d) To lay a foundation for the preparation and presentation of financial statements; To gain working knowledge of the principles and procedures of accounting and their application to different practical situations; To gain the ability to solve simple problems and cases relating to sole proprietorship, partnership and companies; and To familiarize students with the fundamentals of computerized system of accounting. Contents 1. 2. A General Knowledge of the framing of the accounting standards...
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...Distinguish Highlight the differences between. Explain Make clear or intangible/state the meaning or purpose of. Identify Recognise, establish or select after consideration. Illustrate What you are expected to know Definition Describe KNOWLEDGE Verbs used Use an example to describe or explain something. The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 2 FOUNDATION COURSE - Syllabus 2012 Study Weightage : With a syllabus subject, a percentage weightage is shown against each section topic. This is provided as a guide to the proportion of study time each topic requires. The study weightage also indicate the approximate proportional distribution of marks that may be allocated to topics in any single examination. Summary of...
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...facilities, resulting in a loss of $20 million. Unfortunately, only $10 million of the amount could be claimed back from insurance company due to selective coverage of policy. Discuss, in accordance with AASB 110 Events after the Reporting Date, the following independent scenarios: a) The loss has a material effect on the financial statements of the entity but the business continues to operate. b) The loss is so significant as to threaten the entities continued operations. Part C Describe the two basic and two additional indicators used to determine an entity’s functional currency as stated in AASB 121 The Effects of Changes in Foreign Exchange Rates. (2+3+3=8 marks) QUESTION ONE Part A Two major differences • Expenses are grouped by nature such as depreciation , salaries across departments as opposed to function grouped under tasks such as administrative , distribution and marketing • Cost of sales is separately disclosed under function but not under nature Part B a) In that case, the event is just an indicative of conditions that arose after the reporting date. No adjustment to individual amounts in the financial statements of the entity is required. That is, it would be considered to be a non-adjusting event. The reason for this...
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...TAX COMPLIANCE: AN ANALYSIS ON TAX KNOWLEDGE AND DEMOGRAPHIC FACTORS Noor Suhaila Shaharuddin (2012) & Mohd Rizal Palil (PhD). Tax Compliance: An Analysis On Tax Knowledge And Demographic Factors. ABSTRACT Empirical research on tax compliance has shown that knowledge of taxation is essential as determinants of tax behavior. In other words, to be tax compliant individual taxpayers need to possess some basic knowledge on personal taxation such as chargeability of income, exemptions, reliefs, rebates in order to compute tax liability correctly. Taxpayers are less compliant if they do not understand the basic concept of taxation. Thus, the purpose of this study is to examine the effect of tax knowledge in understanding the tax compliance behaviors. In addition, this study also examined three common demographic variables that may be relevant in explaining tax compliance behavior. A total of 50 questionnaires were distributed to all academicians at Faculty of Management and Muamalah, KUIS. Out of the 50 questionnaires distributed, a total of 39 usable responses were received, which represents response rate of 78 per cent. The results show about 35.8 per cent of the respondents had high level of tax knowledge, 41 per cent had medium tax knowledge and the remaining of 23.2 per cent had low level of basic tax knowledge. Findings also revealed that marital status had significantly affecting on tax compliance. However, the other two variables namely gender and age were insignificant...
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...Common Accounting Unit FNSACC403B Make decisions in a legal context Assessment Task 2 – Written Report 31470/02 By Kim-hung PUN Student number E0574958 All terms mentioned in this text that are known to be trademarks or service marks have been appropriately capitalised. Use of a term in this text should not be regarded as affecting the validity of any trademark or service mark. © Open Colleges Pty Ltd, 2014 All rights reserved. No part of the material protected by this copyright may be reproduced or utilised in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the copyright owner. Printed in Australia Instructions Once you feel confident that you have covered the learning materials for this unit, you are ready to attempt this assessment. To complete the assessment, please create a new Microsoft Word document and type your answers to each question or task in this document, noting the question number from the assessment. Alternatively, you can download a Microsoft Word copy of this assessment from the relevant Study Period of your course in OpenSpace. To help Open Colleges manage your assessment, please use the following file naming convention when you save your Microsoft Word document. Your file should be named and saved to your computer’s hard drive using your [student number]_[assessment number].doc. For example 12345678_21850a_01.doc Assessment...
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...Volume 6 INTEGRATED PROFESSIONAL COMPETENCE EXAMINATION GROUP I & ACCOUNTING TECHNICIAN EXAMINATION 11 SUGGESTED ANSWERS May, 2012 The Institute of Chartered Accountants of India (Set up by an Act of Parliament) New Delhi SUGGESTED ANSWERS TO QUESTIONS SET AT THE COMMON FOR INTEGRATED PROFESSIONAL COMPETENCE EXAMINATION GROUP I & ACCOUNTING TECHNICIAN EXAMINATION MAY, 2012 BOARD OF STUDIES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) The suggested Answers published in this volume do not constitute the basis for evaluation of the students’ answers in the examination. The answers are prepared by the Faculty of the Board of Studies with a view to assist the students in their education. While due care is taken in preparation of the answers, if any errors or omissions are noticed, the same may be brought to the attention of the Director of Studies. The Council of the Institute is not in anyway responsible for the correctness or otherwise of the answers published herein. ©THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior permission, in writing, form the publisher. Website Committee/ Department E-mail Price ISBN No. Published by : : www.icai.org Board of Studies : : : : bos@icai...
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...Qualification structure and syllabus CIMA Chartered Management Accounting Qualification 2010 December 2008 Contents CIMA now designs its qualifications in what we believe to be a unique way. Based on rigorous international primary research with all of our key stakeholders and involving the participation of over 6,000 individuals and organisations – members, students, employers (both existing and potential), CIMA tuition partners, universities and our examiner and marker team – we have designed a professional finance training and development solution that is second to none. I commend this revised CIMA Professional Qualification to you. It will be examined for the first time in 2010, so there is plenty of time to absorb the exciting changes contained in the pages that follow. A qualification focused on the future – fit for purpose, relevant and unique I am honoured to introduce the new 2010 Chartered Management Accounting Qualification to all of our stakeholders. With seismic shifts occurring in the world’s economy, coupled with accelerating concerns about the sustainability of our planet, never before has there been a greater need for organisations to train and develop their people to manage the impact of these changes. With this revised qualification CIMA remains true to its long and proud history of providing finance professionals with a difference – Chartered Management Accountants – who combine management and finance skills in a unique way and who fully understand...
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...Chapter 1 The Fundamentals of Accounting MULTIPLE CHOICE QUESTIONS B2C01T1Q001eng In financial accounting, the information reported is expected to have which of the following attributes? | |Presented in |Financial statements are | | |a standard format |prepared on a regular basis | |A. |No |Yes | |B. |Yes |Yes | |C. |No |No | |D. |Yes |No | Answer: B B2C01T1Q002eng Financial statements A. are a process of recording daily transactions. B. are one of the two major branches in accounting. C. report past results. D. do not involve personal judgements. Answer: C B2C01T1Q003eng Which of the following is/are not (a) financial statement(s)? i) Bookkeeping ii) An income statement iii) A tax return iv) A balance sheet A. (i) B. (i) and (iii) C. (i) and (iv) D. (ii) and (iii) Answer: B B2C01T1Q004eng A person who studies the financial statements of a business and decides whether the business should continue to operate is A. the owner of the business. B. a potential investor. C. the auditor of the business. D. a teacher or student. Answer: A ...
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...ASSIGNMENTS Semester 1, 2014 ACF 5903 Accounting for Business Chief Examiner: Dr Wei Lu Teaching Staff: Ms Anna Stamatelatos and Ms Susan O'Leary 1 Assessment Details • • • This major assignment accounts for 45% of the total marks for the subject and comprises two parts; assessment tasks 1 and 2. Assessment task 1 carries 20 marks. Assessment task 2 carries 25 marks. To pass the subject, students must complete all assessment tasks, and must achieve a minimum of 50% in the final examination. Due Dates Assessment Task 1 Assessment Task 2 5 p.m. Monday 14 April 2014 5 p.m. Monday 5 May 2014 Assignments can be submitted to your tutor or dropped into the assignment box on level 3, H building. Late assignments will not be accepted and extensions will not be granted. Assignment guidelines • • Assessment task 1 is to be completed individually without any collaboration with other students. Assessment task 2 is to be completed as a group. Groups will be formed in the second week and confirmed in the third week. Group sizes are to be a minimum of 3 students with no more than 5 students. It is preferred group members are selected from the same tutorial. You are advised to commence organising your group no later than week 2. You can start early on some aspects of assignments such as downloading of data and other relevant information. This will allow time for you to familiarise yourself with downloaded information so that you can apply knowledge gained in lectures...
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... Please check to make sure that this examination pack consists of: i) ii) the Question Paper an Answer Booklet - provided by the Faculty DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO This examination paper consists of 8 printed pages © Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL 2 AC/JUN 2012/FAR430 QUESTION 1 Harmoni Bhd, a public listed company, has the following capital structure on 31 December 2009: Ordinary shares of RM1 each Authorized Capital RM'000 100,000 Issued & fully paid RM'000 20,000 Given below is an extract of the Statement of Comprehensive Income of Harmoni Bhd for the years ended 31 December 2010 and 31 December 2011. Profit before tax Tax expenses (25%) Profit after tax 31 December 2011 RM'000 19,600 (4,900) 14,700 31 December 2010 RM'000 31,000 (7,750) 23,250 The following information is also provided: 1) On 1 October 2010, the company issued RM1.2 million 10% convertible debentures. These debentures are convertible to 200 ordinary shares for every RM100 debentures. As at 31 December 2010, none of the convertible debentures were converted. 2) On 30 June 2011, the company split the existing ordinary shares on the basis of 2 for every 1 share held. The par value of the share...
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...of changes in equity, together with the notes forming part thereof, for the year then ended and we state that we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit. It is the responsibility of the company»s management to establish and maintain a system of internal control, and prepare and present the above said statements in conformity with the approved accounting standards and the requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on these statements based on our audit. We conducted our audit in accordance with auditing standards as applicable in Pakistan. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the above said statements are free of any material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the above said statements. An audit also includes assessing the accounting policies and significant estimates made by management, as well as, evaluating the overall presentation of the above said statements. We believe that our audit provides a reasonable basis for our opinion and, after due verification, we report that: a) in our opinion, proper books of account have been kept by the Company as...
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...Surysekar Discussion Essay “TWO WORLDS ACCOUNTING IS OKAY FOR NOW” By: Ramon Ramirez George Bush Sr. once said“…We are facing with the opportunity to forge, for ourselves and for future generations, a New World Order. A World where the rule of law, not the law of the Jungle, governs the conduct of Nations…A World…in which a credible United Nations can use its peace keeping role to fulfill the promise and visions of the UN founders. ” The world was listening and since then, globalization started to lurk around the hemisphere. Business has gone as usual, yet people ignored the reality that with so many treaties, so many agreements, so many compromises, the Big Wide World as we knew it once, was becoming so small that anyone would hold it in the palm of one hand. Business Globalization, once seemed to be impossible, now a reality of life. Companies throughout the world conduct business and interrelate with each other, regardless of race or culture. The obvious next step is accounting globalization. The Convergence is not a new concept; according to Mark Conmy (2011) “convergence has been discussed for almost a decade...is a done deal.” These words might bring hope to those who expect the changes as a positive solution to a new world order. But, Floyd Norris, in his article “Accounting that comes in flavors, differs from Mr. Conmy. Norris says “The world was supposed to be moving to a single set of high quality accounting standards…That is not going to happen.” ...
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...FAC3703/101/3/2015 Tutorial letter 101/3/2015 Specific Financial Reporting FAC3703 Semesters 1 and 2 Department of Financial Accounting IMPORTANT INFORMATION: Please activate your myUnisa profile and myLife email address and ensure you have regular access to the myUnisa module site FAC3703 as well as to your group site. Note: This is an online module, and therefore your module is available on myUnisa. CONTENTS Page 1 INTRODUCTION ..........................................................................................................................4 2 FORMAT OF FAC3703 ................................................................................................................4 2.1 Fully online ...................................................................................................................................4 2.2 Printed materials...........................................................................................................................5 3 PURPOSE OF AND OUTCOMES FOR FAC3703........................................................................5 3.1 Purpose ........................................................................................................................................5 3.2 Outcomes .....................................................................................................................................6 4 LECTURERS AND CONTACT DETAILS .......
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...correct answer is worth 2 marks) Write the LETTER of the best answer for each of the questions in the box provided in the answer column. Question 1 The statement “That for every debit entry, there shall be a corresponding credit entry” refers to A. Double - entry Concept B. Disclosure Concept. C. Objectivity Concept D. Entity Principle Question 2 Which of the following equations cannot be derived from the basic accounting equation? A. Assets = Liabilities + Capital B. Assets – Liabilities = Capital C. Capital = Liabilities – Assets D. Assets – Capital = Liabilities Question 3 An entity formed under law, having perpetual succession and limited liability, and appears as a legal person is a (an) A. company. B. sole trader. C. partnership. D. unregistered club. Question 4 The total of “Discount Allowed” column in the Cash Receipts Journal is posted to the A. debit of discount allowed account. B. debit of discount received account. C. credit of discount allowed account. D. credit of discount received account. Question 5 The purpose of the Sales Journal in a service enterprise is to record A. cash sales of goods and services of a company. B. credit sales of services provided by the business...
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...TRANSFER PRICING Overview The essential feature of decentralization in large firms is the creation of responsibility centers (e.g. cost, profit, or investment centers). The performance of these responsibility centers is evaluated on the basis of various accounting numbers, such as standard and actual cost, divisional profit or return on investment. A central role of the management accounting system therefore is to evaluate (i.e. attach a dollar figure to) the transactions between the different responsibility centers. Under the subject cost allocation we studied alternative methods to charge user departments for the services rendered by service departments (frequently cost centers). Transfer prices are used to evaluate the goods and services exchanged between profit centers (divisions) of a decentralized firm. Hence, the transfer price is the price that one division of a company charges another division of the same company for a product transferred between the two divisions. 1. There are no cash flows between the divisions. The transfer price is used only for accounting purposes. 2. The transfer price becomes an expense for the receiving manager and a revenue for the supplying manager. 3. If intra-company transfers are accounted for at prices in excess of cost, appropriate elimination entries have to be made for external reporting purposes. Examples of items to be eliminated for consolidated financial statements include: 4. Intra-company...
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