Accounting Equation Materiality Concept Homework Help
- December 1, 2017
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- Category: Accounting
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1. You are the partner in charge of the audit of K. The following matter has been brought to your attention in the audit working papers. The entity has refused to write the closing inventory down to the lower of cost and net realizable value, despite the requirements to do so in IAS 2. The audit senior estimates that closing inventory has been overstated by $500,000 because of this.
The draft financial statements show turnover of $40 million and profit of $4.5 million.
(a) Explain what is meant by the term ‘materiality’. Explain whether the matter highlighted above is material, giving reasons.
(b) Assuming that the directors refuse to amend the financial statements, explain what type
of audit report would be appropriate to the above statements.
2. The following is a list of payments which an organization may incur during a year: Which two of the above items of expenditure will normally be disallowed for corporate income tax purposes? An imputation system of corporate income tax means: Country W has the following tax regulations:
LN started trading in 2002 and has the following profits/losses
|Trading profit/(loss) $000||Capital profit/(loss) $000|
Calculate the amount of tax due for 2004.
3. On 1 January 20X2 C had a credit balance brought forward on its deferred tax account of $1.5m. There was also an opening credit balance of $4,000 on its income taxation account, representing the remaining balance after settling the liability for the year ended 31 December 20X1. The entity has made profits in 20X2 of $3m that are subject to a tax rate of 30%. The deferred tax provision required is estimated at $1.7m at 31 December 20X2.
(a) Calculate the income tax charge that will appear in the income statement for 20X2 and prepare the accounting entries to record the current income tax charge and any movement on the deferred tax account.
(b) Prepare the extracts from the balance sheet for the year ended 31 December 20X2 in respect of income tax and deferred tax.
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4. AB acquired non-current assets on 1 April 2003 costing $250,000. The assets qualified for accelerated first year tax allowance at the rate of 50% for the first year. The second and subsequent years were at a tax depreciation rate of 25% per year on the reducing balance method. AB depreciates all non-current assets at 20% a year on the straight line basis. The rate of corporate income tax applying to AB for 2003/04 and 2004/05 was 30%. Assume AB has no other qualifying non-current assets.
Apply IAS 12 Income Taxes and calculate:
(a) the deferred tax balance required at 31 March 2004;
(b) the deferred tax balance required at 31 March 2005;
(c) the charge to the income statement for the year ended 31 March 2005.
5. What is the objective of an audit?
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