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You have been acting as a tax agent for a married couple for many years. They are jointly involved in a business. They have recently been divorced and you are preparing their individual tax returns. They have continued to run the business.

In the past you have legitimately claimed certain deductions from the husband’s income. Now that they are divorced it is clear that claiming deductions for the ex-husband means that the ex-wife is unable to make similar claims to reduce her taxation liabilities.

What would you do to resolve this situation?
Operational staff are the people actually doing the job in each of the project centres. These people are in the best position to identify problems, constraints or issues relating to current job costing budgets and to advise financial personnel of requirements for future budgets—to help prioritise resource needs for the next project stage. They should be included in consultative processes for advising on cost information when formulating budgets.

Comment on this statement and the implications for expense in the organisation.
List five legislation or compliance requirements that can affect transaction recording.

A: The board is concerned about the internal control procedures currently in place. Why is it important that these be reviewed and, if necessary, modifications made?

B: Why is it necessary for boards to delegate financial responsibilities or accountabilities? Is there a difference between responsibility and accountability in this context


A: What information might be required in reports to managers and to the board?

B:The preparation, effort and care that goes into a report should reflect its usage. Comment on this statement
Is consultation always necessary before the timetables for the implementation of corporate governance requirements are developed?
You have been asked to provide the details of what might be required to satisfactorily record details of sales made at one of the organisation’s revenue centres.

A. What documents might you need to help you prepare accurate records? List and describe five source documents.
B. List five categories of information which you might need to record.
How does NFP sector organisations adhere to government financial policies where the preparation of statutory returns are required?
does economics resources always have a zero price
Why should transactions be entered promptly and correctly in accordance with organisation requirements?