oyment incomeEMPLOYMENT INCOME Source of Employment Income The basis of taxation on employment income is that income from exercising an employment in Malaysia is regarded as Malaysian derived income. All income attributable to the employment exercised in Malaysia is subject to Malaysian tax irrespective of where the remuneration is paid. Where an employee is required to perform his duties outside Malaysia‚ the entire remuneration is still chargeable to Malaysian tax if the services rendered outside
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Accounting for Income Tax The standard prescribes the accounting treatment for income taxes is AASB 112 AASB 112 is based on a balance sheet approach to account for income taxes and it covers: • the accounting treatment of current and deferred tax expenses; • recognition and measurement of current tax assets and liabilities; • recognition and measurement of deferred tax assets and liabilities; • the accounting treatment of the tax consequences of various transactions and events‚ including
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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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Decision Sheet Situation Analysis Strengths of Nirmal Rayons 1.Duopoly in the market – only two major players 2.Unutilized capacity of 1200 tonnes - can be used in case of unexpectedly high demand 3. Capacity increase sanctioned by the government – can be used to service newer markets 4. Rising number of users for Cellulose film Weaknesses of Nirmal Rayons 1. Increased supply – 2 existing firms and 3 new ones have been given letters of intent for increasing capacity 2. Substitutes –
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The Balance Scorecard of Louis Vuitton (LV) In the early of 1980ies‚ a number of different performance measurement frameworks have been developed of which the balance scorecard by Kaplan and Norton is the most commonly accepted tool by scholars as well as by practitioners (Thakkar‚ 2007). The balance scorecard translates the mission and strategy of an organization into many goals. It uses financial and non-financial measurements within Financial‚ Customers-oriented‚ Process-oriented‚ Innovation
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(Economics Course Notes‚ 2006). As is common in most economies worldwide‚ it is used to gauge the performance of the economy. GDP is calculated with an assumption that all goods and services produced in the period specified have been sold‚ and all the income derived from the sale is spent within the same period. The expenditure method calculates GDP as follows: GDP = consumption + investment + government spending + (exports − imports). There are several methods of calculating GDP but they
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profit margin on sales for 2013. Net income/net sales. receivables turnover ratio net sales/average A/R inventory turnover ratio for 2013. COGs/average inventory asset turnover ratio for 2013.Net sales/average total sales average collection period for 2013.365/receive turnover ratio. average days in inventory for 2013.365 / inventory turnover ratio decimal place. return on assets for 2013. Profit margin*assets turnover. return on stockholders’ equity for 2013. Net income/ average stockholder’s On December
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H 1 Due on Feb 3 in class 1. Dello is a world-class PC company. Management believes that they understand their products and customers better than any outsourcing company; therefore Dello should provide customer service in-house. Ideally‚ Dello’s customer service department wants to handle all the customer phone calls. During peak hours‚ however‚ Dello receives so many customer calls that they ask an outsourcing company‚ Telemate‚ to help handle incoming calls. Dello’s switchboard system is programmed
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Entrance Examination (Time Allowed: 4 hours) Notes: i) All answers must be indicated on the multiple-choice answer sheet. Work done on the question paper and examination foolscap will NOT be marked. ii) Included in the examination envelope is a supplement consisting of formulae and tables. It is a standard supplement that may be useful for answering questions on this paper. iii) Examination materials must NOT BE REMOVED from the examination writing centre. All examination materials
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Retained | |IE Interest Expense|Earnings | |I.S. Income |S.H. ShareHolder | |Statement |S.E. ShareHolder | |FS Financial |Equity | |Statements |SYD Sum of the | |LCM Lower Cost & |Years’ Digits | |Market |TA Total Assets | |M.S. Marketable |TATR Total Asset | |Securities |Turnover Ratio | |N.I. Net Income |XA Uncollectable | | |Accounts |
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