Accounting Ordinary Income And Accounts Payable Homework Help
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1.Case study 1: Residence and source
Kit is a permanent resident of Australia. He was born in Chile and retains his Chilean citizenship. Kit spends most of the year working off the coast of Indonesia on an oil rig for a United States company. He was recruited for this job in Australia and signed a contract with the company here. For the last four years, Kit’s wife has lived in Australia with their two children. They purchased a home in Australia three years ago. Kit and his wife have a joint bank account with Westpac Bank. Kit’s salary is paid directly into his account. All of the family’s other investments, including a share portfolio that generates dividend income, remain in Chile. Kit gets one month off from work every third month and, on these occasions, he meets with his family either in Australia or on holidays around South America (usually in Chile where his parents reside).
Discuss whether Kit is a resident of Australia and how his salary and investment income would be taxed (max. 1000 words).
2.Case study 2: ordinary income
In 1979, a doctor who lived and worked in Sydney purchased a 20 acre parcel of rural land on the outskirts of the city for $100,000. Over the years, he used the property as a “hobby farm” for growing fruit trees and as a “weekend retreat” for relaxation. Recently, the surrounding area has become more developed and the property has increased in value. The doctor has also recently run into financial difficulties as a result of a malpractice suit and he is considering selling his property.
Advise him as to whether he would be required to include any amount in his assessable income as a result of the sale (max. 1000 words).
3.Read the following quotation from Miller and Reading (1986, p. 64). If constituency support is necessary before particular accounting approaches become embodied in accounting standards, does this have implications for the ‘neutrality’ and ‘representational faithfulness’ (qualitative characteristics that exist in various conceptual framework projects around the world) of reports generated in accordance with accounting standards?
“The mere discovery of a problem is not sufficient to assure that the Financial Accounting Standards Board will undertake its solution … There must be a suitably high likelihood that the Board can resolve the issues in a manner that will be acceptable to the constituency—without some prior sense of the likelihood that the Board members will be able to reach a consensus, it is generally not advisable to undertake a formal project”.
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4.As Watts and Zimmerman (1986, p. 7) state, Positive Accounting Theory ‘is concerned with explaining [accounting] practice. It is designed to explain and predict which firms will and which firms will not use a particular accounting method … but it says nothing as to which method a firm should use’. Do you think that this represents an ‘abrogation’ of the academics’ duty to serve the community that supports them?
General Instructions for both assignment questions
You should then respond to the statement by arguing a position. Do you agree or disagree, explaining why. You should give consideration to events in recent years that may have had an influence.
5.You have been hired by a toy retailer, Santa’s Helper, to review their Accounts Payable Department.
The organisation is looking to improve efficiencies in this area. To make any recommendations, you must first understand the current process being undertaken. A transcript of your interview with the Accounts Payable supervisor is posted in Resources in Interact. Using that transcript and an applicable system tool, create a Level 0 logical data flow diagram to document the existing system for the accounts payable process. A system tool includes software such as Word, Excel, Smartdraw or Edraw. There are many tools that are available to trial for free on the internet.
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