BUS509: Introduction to Accounting and Taxation assignment sample NZ

Accounting and taxation are two essential aspects of any business. It is important to understand the basics of accounting in order to make informed financial decisions for your company. Taxation is also critical, as it affects how much money your business owes each year.

This assignment provides an overview of key management accounting and taxation issues that businesses can face. You will be introduced to the different types of financial statement analysis, including the advantages and disadvantages of each. The coming year’s tax situation is also outlined for you so you are aware of what your responsibilities will be as a business owner.

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Buy assessments answers of (BUS509) Introduction to Accounting and Taxation units

This course will help your students become better informed and more confident about the subject. The following are some activities that can be found within this educational program:

Assignment Activity 1: Process manually a wide range of transactions to the trial balance stage, including for a GST registered business

A trial balance is a listing of the financial accounts in a company and summarizes whether each account has a credit or debit balance. When all transactions on the books have been processed, it presents the position of these accounts at an instant in time.

An accounting entry process for sales and purchases might follow this sequence:

• Sales journal postings and adjustments to produce revenue and profit reported by customer segments -Adjustment ledger entries that readjust inventory balances for specific products
• Debit entries that affect amounts owed to suppliers assuming they accept trade terms -Debit entries that affect cash balances/accounts receivable predicting outstanding collections from customers during the period
• Credit entries that represent payments made by customers who offered payment terms adjusted with collectibility discount rates.

The GST registered business will also have to account for the input tax credits on their purchases. This is done by creating an account receivable for the GST amount, and then reducing it by the input tax credit that was claimed on the purchase invoices.

So in summary, here are the key steps involved in accounting for sales and purchases through the sales journal, adjusting journal, cash receipts journal, and cash payments journal.

GST registered businesses will have to account for input tax credits on their purchases. This is done by creating an account receivable for the GST amount, and then reducing it by the input tax credit that was claimed on the purchase invoices.

Assignment Activity 2: Prepare financial statements excluding balance day adjustments

A company’s financial statements show its financial position, performance, and cash flow at a specific point in time. The most common financial statements are the balance sheet, income statement, and statement of cash flows.

The balance sheet shows a company’s assets (what it owns), liabilities (what it owes), and owner’s equity (the difference between the two). Assets are things of value to the business, liabilities are obligations to pay money or provide services at some point in time, and owner’s equity is the total ownership interest in a business. The difference between assets and liabilities is referred to as net worth or owner’s equity.

The income statement shows revenues, expenses, gains, losses, and income (profit or loss) for an accounting period. The statement of cash flows summarizes the amount and timing of inflows and outflows of cash during a specific accounting period.

Assignment Activity 3: Apply tax rules for individuals to ensure compliance

Laws and regulations impose a tax obligation on individuals. There are many different types of taxes, in part because there is more than one level of government that collects taxes. Individuals also have a legal obligation to accurately report their income and pay the correct balance of tax owed.

There has been significant discussion about whether individuals should be required to have health insurance. The Patient Protection and Affordable Care Act requires that most individuals have health insurance or pay a penalty to the government for each month they are uninsured, with some exceptions. The penalty is known as the individual shared responsibility payment.

There are also tax implications for owning a home. Homeowners may be able to deduct the interest they pay on their mortgage, as well as property taxes. These deductions can reduce the amount of tax an individual owes.

There are many other tax laws that affect individuals. It is important for individuals to understand these laws and comply with them.

Assignment Activity 4: Apply tax rules for small businesses to ensure compliance

The tax rules that apply to small businesses are different than the rules that apply to individuals. Small businesses may be able to claim certain deductions that are not available to individuals.

For example, a small business may be able to deduct the cost of goods sold. This includes the cost of materials used in the production of goods and services, as well as the cost of labor that was necessary to produce or provide those goods and services. A small business may also be able to claim a deduction for some types of equipment.

In addition, a small business may be allowed to claim a tax credit for research and development activities. However, the rules relating to this tax credit are more restrictive than they were in the past.

It is important for small businesses to understand the tax rules that apply to them and to comply with them. Failure to comply with the tax laws can result in significant penalties.

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