When one place has better resources‚ opportunities‚ and living conditions than the current place‚ it makes sense for someone to migrate to the better land. That better land in today’s world is the land of opportunity-- America. This nation is one founded on immigrants. The founding fathers came from Europe with hope and ambition for a better life for them and their children. Today‚ people immigrate for the same reason. The difference is that immigration is now looked at with a negative eye
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Full Cost Pricing Selling price arrived at by adding overheads and profit margin to the direct cost per unit of a product. In a manufacturer’s overheads computation‚ less than full capacity utilization of the plant is factored in to allow for fluctuations in the output. The profit margin is computed as a fixed percentage of the average total cost of the product. Pricing - full cost-plus pricing Full cost plus pricing seeks to set a price that takes into account all relevant costs of production
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TOPIC 6: CAPITAL ALLOWANCES Learning outcomes: At the end of this topic‚ students should be able to: i. Understand and identify the qualifying plant expenditure for plant and machinery. ii. Compute initial allowance‚ annual allowance‚ notional allowance and accelerated capital allowance. iii. Determine the balancing charge or balancing allowance on disposal of assets. 1.0 Introduction * Capital expenditure is not tax deductible. So‚ depreciation or amortization is also not deductible
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----------------------- ITC PAY Basis SSI – entitled to receive‚ FSI – received in Sg Current a/c interest – accrues evenly over time Fixed Deposit interest – date of maturity 1. Net Acc profit (before dep & tax) Expense Deductible N.D Charge to P/L Nothing Add Not charged Minus Nothing Revenue Taxable N.T Credited to P/L Nothing Minus Not credited Add Nothing Add: 10(1)(a) income not credited to P/L Expense charged for Non 10(1)(a) Less: Non 10(1)(a) income credited
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PART A Joan and Darby (“the taxpayers”) have not filed tax returns in five years since 2005. The taxpayers sold their home in 2005 and their concerns are whether the sale has had any tax consequences for them. CGT Event The first issue is whether the sale of the taxpayers Hunter’s Hill home on 15th May 2005 has triggered a Capital Gains Tax (“CGT”) event. The applicable statute relevant to this issue is s104-10[1] of the ITAA97[2]. Since the taxpayers’ home was disposed of with a change of
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does not run the risk‚ the consideration for which the premium or money was put into his hand‚ fails‚ and therefore he ought to return it. Another rule is that if the risk of the contract of indemnity has once commenced‚ there shall be no apportionment or return of the premium afterwards. 2. Explain difference of insurance and wages ? (6/10) Answer : Insurance contract are : ❖ The insured is required to have a financial interest in the subject matter of contract ❖ The
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Oxford Cambridge and RSA Unit title: Managing financial resources in health and social care Unit number: 16 Level: 4 Credit value: 15 Guided learning hours: 60 Unit reference number: R/601/1615 UNIT AIM AND PURPOSE This unit will enable learners to evaluate current systems for managing financial resources in health and social care settings. Learners will evaluate how financial decisions are made and the need to monitor budgets. This will then enable them
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CHAPTER Accounting for Income Taxes OBJECTIVES After careful study of this chapter‚ you will be able to: 1. 2. 3. 4. 5. 6. 7. 8. 9. Understand permanent and temporary differences. Explain the conceptual issues regarding interperiod tax allocation. Record and report deferred tax liabilities. Record and report deferred tax assets. Explain an operating loss carryback and carryforward. Account for an operating loss carryback. Account for an operating loss carryforward. Apply intraperiod tax allocation
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Articles of partnership is a voluntary contract between two or among more than two persons to place their capital‚ labor‚ and skills‚ and corporation in business with the understanding that there will be a sharing of the profits and losses between/among partners. Outside of North America‚ it is normally referred to simply as a partnership agreement. Common components There are also multiple sections which are often included as well in articles of partnership‚ based on the circumstance.
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TAXATION * It is a means by which governments finance their expenditure by imposing charges on citizens and corporate entities. * Governments use taxation to encourage or discourage certain economic decisions. For example‚ reduction in taxable personal (or household) income by the amount paid as interest on home mortgage loans results in greater construction activity‚ and generates more jobs. See also taxation principles. * Taxation refers to the act of a taxing authority actually levying
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