assignments attached of Master of professional accounting 3. LAW 505 Taxation and law from page 11 Assessment item 2 For now I need below to be done LAW 505 Taxation and law from page 11 Assessment item 2 Please read the page number 15 and 16 which i send you the question as they are asking to use the I LAC format for case studies I am delighted to find the solution as per the requirement and the solution is perfectly done..

Physical presentation of assignments: It is essential that presentation of assignments adheres to accepted standards in relation to neatness and layout, as you are practicing to present material in a work situation. You should submit a bibliography (using APA referencing style) with your assignment. For practical questions: • All journal entries must include narrations unless otherwise specified; • Any ledger accounts should preferably be shown in 'T' account format and dates and descriptions are included; • Journal entries and ledger accounts must reflect the strict order of sequence of events; financial statements (including extracts) should include proper headings and accord with presentation standards. Penalties will be imposed if material is not correctly referenced and if presentation is not of an acceptable standard.

Demonstrates a satisfactory understanding of the requirements in AASB 136 to account for impairment of assets in a reporting entity's general purpose financial reports, and the ability to apply these requirements to a range of practical situations, with a limited number of errors. Where required, calculations and journal entries made contain a limited number of errors.

Demonstrates a thorough understanding of the requirements in AASB 136 to account for impairment of assets in a reporting entity's general purpose financial reports, and the ability to apply these requirements to a range of practical situations, with minor flaws. Where required, all calculations and journal entries are made, with minor flaws. Where required, explanations Demonstrates a good understanding of the requirements in AASB 136 to account for impairment of assets in a reporting entity's general purpose financial reports, and the ability to apply these requirements to a range of practical situations, with a limited number of minor errors. Where required, all calculations and journal entries are made but contain

Question 5: Apply generally accepted accounting principles and specific financial reporting standards for impairment of assets in a reporting entity's general purpose financial reports. [16 marks] Demonstrates a comprehensive understanding of the requirements in AASB 136 to account for impairment of assets in a reporting entity's general purpose financial reports, and the ability to apply these requirements to a range of practical situations, without flaw. Where required, all calculations and journal entries made are accurate. Where required, explanations provided are

Applies the requirements in AASB 116 to account for property, plant and equipment in a reporting entity’s general purpose financial reports, with a limited number of errors made and/or missing entries. Where required, dates, narrations, workings and references are provided some of the time, and are satisfactory.

Applies the requirements in AASB 116 to account for property, plant and equipment in a reporting entity’s general purpose financial reports, with minor flaws. Where required, dates, narrations, workings and references are provided, and are mostly accurate and complete. Applies the requirements in AASB 116 to account for property, plant and equipment in a reporting entity’s general purpose financial reports, with a limited number of minor errors. Where required, dates, narrations, workings and references are mostly provided, and/or are mostly accurate.

Question 4: Apply generally accepted accounting principles and specific financial reporting standards in recognising, measuring and revaluing property, plant and equipment in a reporting entity's general purpose financial reports. [16 marks] Applies the requirements in AASB 116 to account for property, plant and equipment in a reporting entity’s general purpose financial reports, without flaw. Where required, dates, narrations, workings and references are provided, and are accurate and complete.

Demonstrates a satisfactory understanding of the requirements in AASB 112 to account for income tax in a reporting entity's general purpose financial reports, and the ability to apply these requirements to a range of practical situations, with a limited number of errors. Determines current and deferred tax balances with a limited number of errors made. Calculations and workings are shown to a satisfactory level, with some errors or lacking in some detail. Journal entries made contain a limited number errors.

Demonstrates a thorough understanding of the requirements in AASB 112 to account for income tax in a reporting entity's general purpose financial reports, and the ability to apply these requirements to a range of practical situations, with minor flaws. Determines current and deferred tax balances with minor flaws. Calculations and workings shown are appropriate, with minor flaws. All journal entries are made, with minor flaws. Demonstrates a good understanding of the requirements in AASB 112 to account for income tax in a reporting entity's general purpose financial reports, and the ability to apply these requirements to a range of practical situations, with a limited number of minor errors. Determines current and deferred tax balances with a limited number of minor errors. Calculations and workings shown are appropriate, with some minor errors. All journal entries are made, but contain some minor errors.

Question 3: Apply generally accepted accounting principles and specific financial reporting standards in recognising and measuring income tax in a reporting entity's general purpose financial reports. [15 marks] Demonstrates a comprehensive understanding of the requirements in AASB 112 to account for income tax in a reporting entity's general purpose financial reports, and the ability to apply these requirements to a range of practical situations, without flaw. Determines current and deferred tax balances without flaw. All appropriate calculations and workings are shown, and are logical and well presented. All journal entries are made and are accurate.

Applies generally accepted accounting principles and specific financial reporting standards to account for share issues in a company’s financial reports, with minor flaws. Where required, dates, narrations and workings are provided, and are mostly accurate and complete. Applies generally accepted accounting principles and specific financial reporting standards to account for share issues in a company’s financial reports, with a limited number of minor errors. Where required, dates, narrations and workings are mostly provided, and/or are mostly accurate. Applies generally accepted accounting principles and specific financial reporting standards to account for share issues in a company’s financial reports, with a limited number of errors and/or missing entries. Where required, dates, narrations and workings are shown provided some of the time, and are satisfactory.

Question 2: Apply generally accepted accounting principles and specific financial reporting standards to account for share capital in a reporting entity’s general purpose financial reports. [14 marks] Applies generally accepted accounting principles and specific financial reporting standards to account for share issues in a company’s financial reports, without flaw. Where required, dates, narrations and workings are provided, and are accurate and complete.

show an in-depth understanding of the topic. The answer is presented in the appropriate format and is structured exceptionally well. The writing style is succinct, cohesive, easy to read and it is grammatically correct with accurate use of syntax, spelling and punctuation. understanding of the topic. The answer is presented in the appropriate format and is structured very well. The writing style is clear and succinct, easy to read and it is grammatically correct with accurate use of syntax, spelling and punctuation. show a good understanding of the topic. The answer is presented in the appropriate format and is structured well. The writing style is appropriate and easy to read most of the time, with mostly accurate use of syntax, spelling and punctuation. the topic. The answer is presented in the appropriate format and is structured satisfactorily. The writing style is appropriate and easy to read most of the time, with mostly accurate syntax, spelling and punctuation.

Credit Pass Demonstrates a good understanding of the current note disclosure requirements in the accounting standards, and is able to apply this knowledge to a range of practical situations in order to consider and critically evaluate current issues and improvements to financial reporting obligations at a very good standard. Discussions and explanations presented are clear and adequate, and Demonstrates a satisfactory understanding of the current note disclosure requirements in the accounting standards, and is able to apply this knowledge to a range of practical situations in order to consider and critically evaluate current issues and improvements to financial reporting obligations at a satisfactory standard. Discussions and explanations presented are basic, and show a satisfactory understanding of

Criteria High Distinction Distinction Question 1: Demonstrate an understanding of the form and content of a reporting entity’s general purpose financial reports, including note disclosures. [14 marks] Demonstrates a comprehensive understanding of the current note disclosure requirements in the accounting standards, and is able to apply this knowledge to a range of practical situations in order to consider and critically evaluate current issues and improvements to financial reporting obligations at an exceptional standard. Discussions and explanations presented are exemplary and clear, well justified, and Demonstrates a thorough understanding of the current note disclosure requirements in the accounting standards, and is able to apply this knowledge to a range of practical situations in order to consider and critically evaluate current issues and improvements to financial reporting obligations at a very high standard. Discussions and explanations presented are clear and succinct, and show a thorough

Marking Guide - Question 2 Max. marks awarded Journal entries with narrations 9 Dates 2 Explanation of amount returned to former shareholders 3 Marking Guide – Question 3 Max. marks awarded Determination of taxable income and current tax liability 6 Determination of deferred tax assets and liabilities in deferred tax worksheet 7 Journal entries 2

Marking Guide - Question 1 Max. marks awarded Classification of each item 4 Discussion to support classification decision, including references 6 Note disclosures and journal entries where necessary 4 This assessment task consists of five (5) questions. A total of 75 marks are allocated to the questions below, which will then be converted to a mark out of 15%. All workings, when appropriate, must be shown to substantiate your answers.