ACCT6016 Fin Acc 4 Assignment Sample MTU Ireland

ACCT6016 Financial Accounting 4 is a subject that covers the financial reporting requirements of business entities. It includes an examination of the financial statements of companies and the use of accounting information in business decision-making.

This subject is recommended for students who are planning to pursue a career in accounting or finance, or who wish to gain a better understanding of financial reporting and business analysis. It is also useful for students who plan to start their businesses.

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In this section, we are describing some assigned tasks. These are:

Assignment Task 1: Explain the role of Accounting standards with specific reference to IAS1, IAS7, IAS10, and IAS38.

There are several important accounting standards that businesses need to adhere to, including IAS1, IAS7, IAS10, and IAS38.

IAS1 is the standard that sets out the overall framework for financial reporting. It requires businesses to prepare financial statements that give a true and fair view of the company’s financial position, performance, and cash flows.

IAS7 is the standard that deals with cash flow statements. It sets out how businesses should report their cash inflows and outflows, and guides reconciling profit with net cash flow.

IAS10 is the standard that deals with presenting financial statements. It sets out rules for what should be included in financial statements and how they should be presented.

IAS38 is the standard that deals with accounting for intangible assets. It sets out how businesses should account for intangible assets such as goodwill, patents, and copyrights.

Assignment Task 2: Prepare and present the Final Accounts of Companies.

The final accounts of a company are its audited annual financial statements, which are generally prepared by Generally Accepted Accounting Principles (GAAP). The auditor’s report accompanies the financial statements and gives an opinion on whether the financial statements fairly represent the company’s financial position, results of operations, and cash flows.

The main purpose of preparing final accounts is to show the financial performance of a company over a certain period, usually one year. They are also used to identify any trends or changes in the company’s finances. Final accounts can be used by shareholders, creditors, and other interested parties to make decisions about investing in or lending money to a company.

The key elements of any set of final accounts are the balance sheet, income statement, and cash flow statement.

• The balance sheet shows a company’s assets, liabilities, and equity at a specific point in time.
• The income statement shows a company’s revenue, expenses, and profit or loss over some time.
• The cash flow statement shows a company’s cash inflows and outflows over some time.

Assignment Task 3: Prepare company cash flow.

A company’s cash flow is the sum of all the money it takes in and all the money it pays out over a specific period. This includes cash coming in from sales, investments, loans, and other sources; as well as cash going out to pay for expenses such as employee salaries, facility costs, and inventory.

Generally speaking, a healthy company will have a positive cash flow – meaning its income exceeds its expenses. This allows the company to grow and expand its operations over time. However, if a company experiences negative cash flow for an extended period, it may eventually run into financial trouble and be forced to declare bankruptcy.

There are a few different ways to calculate cash flow, but the most common method is to use the accrual basis of accounting. This means that cash inflows and outflows are recorded when they occur, regardless of when the actual money is received or paid.

To calculate cash flow using the accrual basis, businesses need to keep track of three things: revenue, expenses, and investments.

• Revenue is the money a company takes in from sales and other sources.
• Expenses are the costs a company incurs to run its operations.
• Investments are the funds a company puts into long-term assets, such as property or equipment.

To calculate cash flow, businesses simply subtract their total expenses from their total revenue and investments. If the resulting number is positive, then the company has a positive cash flow; if it’s negative, then the company has a negative cash flow.

For example, let’s say Company XYZ earned $100,000 in sales last month and had $50,000 in expenses. This means that its cash flow for the month would be $50,000.

Now let’s say that Company XYZ also invested $20,000 in a new piece of equipment last month. This would reduce its cash flow for the month to $30,000.

As you can see, cash flow can be affected by a variety of factors – not just sales. That’s why businesses need to keep track of all their revenue, expenses, and investments regularly.

Assignment Task 4: Differentiate the different types of Taxation.

There are various types of taxation, which can broadly be classified into direct and indirect taxes. Direct taxes are levied on the income of individuals and businesses, whereas indirect taxes are levied on the sale of goods and services. Let’s take a look at the different types of taxation in detail:

1. Income Tax: Income tax is a direct tax levied on the incomes of individuals, companies, trusts, and mutual funds. The tax rate depends on the taxpayer’s income bracket.
2. Corporate Tax: Corporate tax is a direct tax levied on the profits earned by companies. The tax rate varies depending on the country in which the company is headquartered. 
3. Capital Gains Tax: Capital gains tax is a direct tax levied on the profits earned from the sale of capital assets, such as shares, property, and jewelry. The tax rate depends on the type of asset sold and the taxpayer’s income bracket.
4. Value-Added Tax: Value-added tax (VAT) is an indirect tax levied on the sale of goods and services. The tax rate varies depending on the country but is typically around 20%.
5. Customs Duty: Customs duty is an indirect tax levied on the import and export of goods. The tax rate depends on the type of goods being traded and the country of origin/destination.
6. Excise Duty: Excise duty is an indirect tax levied on the sale of certain goods and services, such as alcohol, tobacco, and fuel. The tax rate varies depending on the type of product being sold.
7. Property Tax: Property tax is a direct tax levied on the ownership of land and buildings. The tax rate varies depending on the country and the value of the property.
8. Inheritance Tax: Inheritance tax is a direct tax levied on the transfer of property upon the death of the owner. The tax rate varies depending on the country and the value of the property.
9. GST: GST is an indirect tax levied on the sale of goods and services in India. The tax rate is currently 18%.
10. Service Tax: Service tax is an indirect tax levied on the provision of services in India. The tax rate is currently 15%.
11. Professional Tax: Professional tax is a direct tax levied on certain professionals, such as doctors, lawyers, and chartered accountants. The tax rate varies from state to state.
12. Stamp Duty: Stamp duty is a direct tax levied on the transfer of property, such as shares, land, and buildings. The tax rate varies from state to state.
13. Road Tax: Road tax is a direct tax levied on the ownership of vehicles in India. The tax rate varies from state to state.
14. TDS: TDS is a direct tax levied on the income of individuals and companies. The tax rate depends on the taxpayer’s income bracket.
15. Wealth Tax: Wealth tax is a direct tax levied on the net worth of individuals and companies. The tax rate varies from country to country.
16. Fringe Benefits Tax: Fringe benefits tax (FBT) is a direct tax levied on the value of certain benefits, such as company cars and private health insurance, provided by employers to employees. The tax rate is currently 30%.
17. Carbon Tax: A carbon tax is a direct tax levied on the emission of greenhouse gases. The tax rate varies from country to country.
18. Sin Tax: Sin tax is a direct tax levied on products and services that are considered harmful to society, such as alcohol, tobacco, and gambling. The tax rate varies depending on the product or service being taxed.
19. Tourism Tax: Tourism tax is an indirect tax levied on the purchase of certain tourism-related services, such as hotel accommodations and tour packages. The tax rate varies from country to country.
20. Entertainment Tax: Entertainment tax is an indirect tax levied on the purchase of certain entertainment-related services, such as movie tickets and concert tickets. The tax rate varies from state to state.

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