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Please show the proper way step by step how to do the calculation.Please show the proper way step by step how to do WRITE if based on Australia
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- True or False 1. A debtor may authorize anybody to pay the creditor on his behalf. 2. The creditor has no right to refuse payment from person authorized by the debtor. 3. The debtor is obliged to pay the loan unconditionally. 4. Creditor has the right to demand payment of cash only. 5.Qestion 1 a) Many loan agreements have financial covenants that rely on: Multiple Choice A. floating GAAP. B. fixed GAAP. C. flexible GAAP. D. regulatory accounting procedures (RAP). b) With respect to executive compensation, the Dodd-Frank Act requires that shareholders: Multiple Choice A. vote on executive compensation at least once every three years. B. vote on executive compensation every fiscal period. C. determine the annual executive compensation package for key executives. D. not discuss any aspects of executive compensation with-non shareholders.Q: The management determined that the amount due from a customer, MYTOM Limited, $50,000 is uncollectible as the company has closed down. Is it allowance for doubtful debts or bad debts?
- 8. The amounts charged to income for bad debts on accounts receivable will generally be the same for both tax and accounting purposes True or False? 9 A self employed individual cannot deduct CCA on a home office in his principal residence unless it is used exclavely for income producing purposes. True or False?Statement 1: When a taxpayer receives a car from a corporation for furnishing the names of potential customers, the same is a taxable income. Statement 2: When a foreign corporation “donates” stocks to its resident manager in the Philippines in consideration of his services as such, the value of the shares shall be considered as taxable compensation. a. Both statements are true b. Both statements are false c. Only statement 1 is true d. Only statement 2 is trueDon’t answer if you not 100% sure , Do not provide AI generated answer It is wrong 36 In accordance with IAS 32 Financial Instruments: Presentation, which of the following describes an equity instrument? • A contractual obligation to deliver cash or another financial asset to another entity • A contract which is evidence of a residual interest in the assets of an entity after deducting all of its liabilities • A contractual right to exchange financial instruments with another entity under potentially favourable conditions • A contract which gives rise to both a financial asset of one entity and a financial liability of another
- QUESTION 28The general deduction formula requires taxpayers to carry on a trade to be able to deduct expenses. Which one of the following scenarios would not constitute the carrying-on of a trade?(1) The taxpayer is an agent and manages properties and sells properties on behalf of clients and earns fees and commission.(2) The taxpayer carries on a business as a share dealer speculating on the JSE.(3) The taxpayer has a trademark and earns royalties by granting the right to use the trademark.(4) The taxpayer owns several investments in the form of properties and earns rental income.(5) The taxpayer buys shares in a private company and earns dividends from shares.True or False. 1. The loan is considered fully paid and the debtor is released from the obligation, when the creditor considered the loan as donation. 2. Maturity date is the date in which the debtor has the legal and absolute right to collect payment. 3. Only the creditor has the right to collect from the debtor, and this right is non-transferrable. 4. In a single credit transaction, there can be more than one debtors. 5. The debtor is primarily liable to pay the loan. 6.Question: 1. Separate legal entity option: A. company is an artificial person which can be sue or be sued in its own name, holds its own property and is liable of the debt. B. assigning of an employee in a position or department for a predetermined period to perform the specific duties of another position. C. assigning different tasks of a process to more than one individual such that no one employee can solely initiate, record, authorize, and reconcile a transaction without the intervention of another. reqiured: please answer this question by matching or choosing the correct accounting concept.
- 4.4 Which of the following accounts will never be listed in the post-closing trial balance of a close corporation? A SARS (Income Tax) B Accrued expenses C Sales D Distributions paid to members 4.5 Examples of businesses that trade in the informal sector in South Africa include_______. A street vendors B car guards C flea markets. D All of the above. 4.6 Which of the following equations is true? A Owner’s equity = current assets – current liabilities B Gross profit = total income – total expenses C Capital + Net profit – drawings = total assets – total liabilities D Sales – cost of sales = net profitD3) Finance 11. Deferred income taxes arise because a. corporations often make errors in their tax estimations. b. companies can use accounting methods that minimize net income for tax purposes and other methods that maximize net income for reporting to shareholders. c. the IRS owes a company a refund from last year. d. large corporations generally have operations in foreign countries whose tax law is quite different from U.S. tax law.1. When a business ceases to operate and its inventories are disposed of a gain on the inventories will be treated as a capital gain unless an election is made by the selling taxpayer True or False 2. When a business ceases to operate and its accounts receivable are disposed of with the other business assets any loss on the receivables will be treated as a capital loss unless a joint election is made by the purchaser and seller. True or False