Entity – Knowsia

IA – JULY 2020 – L1 – Q2 – Accounting Concepts Violations and Working Capital

Identify violated accounting concepts in scenarios and explain; define working capital and explain four factors determining its requirements.

Question

Answer at least ONE question from this section

a. A number of accounting reporting situations are described below.

In preparing its financial statements, GROUP NDOMIE omitted information about an ongoing lawsuit which its lawyers advised that the company could very well lose when it gets to court.
RECEIVERSHIP COMPANY believes its people are its most significant asset. It estimates and records their value on its Balance Sheet.
SME LIMITED is carrying stock at its current market value of GHS100,000. The stock had an original cost of GHS75,000.
BREW CORPORATION is in its fifth year of operations and has yet to issue financial statements.
Nana Appah, President of A1-GOLD COMPANY LIMITED bought a computer for his personal use. He paid for the computer with company funds and recorded it in the Computers’ account.

You are required: For each of the above situations, indicate the concept or convention that has been violated, and explain why the situation described violates this assumption or principle.

Define the term “working capital”.
State and explain any four (4) factors which determine the Working Capital requirements of a business enterprise.

Total Marks – 20

Answer

Find Related Questions by Tags, levels, etc.

Tags: Concept Violations, Entity, Factors, Prudence, Working Capital Definition
Level: Level 1

Topic: Importance of working capital/liquidity
Series: JULY 2020

MI – Nov 2023 – L1 – SA – Q13 – Information Systems

Identifying the term that describes a collection of attributes for an entity in a database.

Question

A collection of attributes that describes an entity is called:
A. File
B. Data item
C. Record
D. Database
E. Character

Answer

Find Related Questions by Tags, levels, etc.

Tags: Data Management, Database, Entity, Record
Level: Level 1

Topic: Information Systems
Series: NOV 2023

AT – May 2021 – L3 – Q5a – Tax planning

Write a report on tax planning maxims for Baby Heights Ltd's Board of Directors.

Question

You are a final level student of ICAG engaged by Baby Heights Ltd, a manufacturing company. The company is having issues with the Ghana Revenue Authority on tax evasion and avoidance. Your first assignment is to meet the Board of Directors to brief them on various issues governing tax planning and how to take advantage of the provisions in the taxation laws to avoid the payment of certain taxes and possibly defer certain tax liabilities.

Required:
Write a brief report in relation to the case above, explaining to the Board of Directors about tax planning maxims or variables with appropriate examples.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Character, Corporate Tax, Entity, Jurisdiction, Tax Maximization, Tax Planning, Time
Level: Level 3

Topic: Tax planning
Series: MAY 2021

IA – JULY 2020 – L1 – Q2 – Accounting Concepts Violations and Working Capital

Identify violated accounting concepts in scenarios and explain; define working capital and explain four factors determining its requirements.

Question

Answer at least ONE question from this section

a. A number of accounting reporting situations are described below.

In preparing its financial statements, GROUP NDOMIE omitted information about an ongoing lawsuit which its lawyers advised that the company could very well lose when it gets to court.
RECEIVERSHIP COMPANY believes its people are its most significant asset. It estimates and records their value on its Balance Sheet.
SME LIMITED is carrying stock at its current market value of GHS100,000. The stock had an original cost of GHS75,000.
BREW CORPORATION is in its fifth year of operations and has yet to issue financial statements.
Nana Appah, President of A1-GOLD COMPANY LIMITED bought a computer for his personal use. He paid for the computer with company funds and recorded it in the Computers’ account.

You are required: For each of the above situations, indicate the concept or convention that has been violated, and explain why the situation described violates this assumption or principle.

Define the term “working capital”.
State and explain any four (4) factors which determine the Working Capital requirements of a business enterprise.

Total Marks – 20

Answer

Find Related Questions by Tags, levels, etc.

Tags: Concept Violations, Entity, Factors, Prudence, Working Capital Definition
Level: Level 1

Topic: Importance of working capital/liquidity
Series: JULY 2020

MI – Nov 2023 – L1 – SA – Q13 – Information Systems

Identifying the term that describes a collection of attributes for an entity in a database.

Question

A collection of attributes that describes an entity is called:
A. File
B. Data item
C. Record
D. Database
E. Character

Answer

Find Related Questions by Tags, levels, etc.

Tags: Data Management, Database, Entity, Record
Level: Level 1

Topic: Information Systems
Series: NOV 2023

AT – May 2021 – L3 – Q5a – Tax planning

Write a report on tax planning maxims for Baby Heights Ltd's Board of Directors.

Question

Required:
Write a brief report in relation to the case above, explaining to the Board of Directors about tax planning maxims or variables with appropriate examples.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Character, Corporate Tax, Entity, Jurisdiction, Tax Maximization, Tax Planning, Time
Level: Level 3

Topic: Tax planning
Series: MAY 2021

Question Tag: Entity

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IA – JULY 2020 – L1 – Q2 – Accounting Concepts Violations and Working Capital

Identify violated accounting concepts in scenarios and explain; define working capital and explain four factors determining its requirements.

MI – Nov 2023 – L1 – SA – Q13 – Information Systems

Identifying the term that describes a collection of attributes for an entity in a database.

AT – May 2021 – L3 – Q5a – Tax planning

Write a report on tax planning maxims for Baby Heights Ltd's Board of Directors.

IA – JULY 2020 – L1 – Q2 – Accounting Concepts Violations and Working Capital

Identify violated accounting concepts in scenarios and explain; define working capital and explain four factors determining its requirements.

MI – Nov 2023 – L1 – SA – Q13 – Information Systems

Identifying the term that describes a collection of attributes for an entity in a database.

AT – May 2021 – L3 – Q5a – Tax planning

Write a report on tax planning maxims for Baby Heights Ltd's Board of Directors.

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IA – JULY 2020 – L1 – Q2 – Accounting Concepts Violations and Working Capital

Identify violated accounting concepts in scenarios and explain; define working capital and explain four factors determining its requirements.

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MI – Nov 2023 – L1 – SA – Q13 – Information Systems

Identifying the term that describes a collection of attributes for an entity in a database.

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AT – May 2021 – L3 – Q5a – Tax planning

Write a report on tax planning maxims for Baby Heights Ltd's Board of Directors.

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IA – JULY 2020 – L1 – Q2 – Accounting Concepts Violations and Working Capital

Identify violated accounting concepts in scenarios and explain; define working capital and explain four factors determining its requirements.

You're reporting an error for "IA – JULY 2020 – L1 – Q2 – Accounting Concepts Violations and Working Capital"

MI – Nov 2023 – L1 – SA – Q13 – Information Systems

Identifying the term that describes a collection of attributes for an entity in a database.

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AT – May 2021 – L3 – Q5a – Tax planning

Write a report on tax planning maxims for Baby Heights Ltd's Board of Directors.

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