Accounting Essays

Alternative minimum tax (AMT) was created in 1969 by the Tax Reform Act to make certain that high-income individuals, corporations, trusts, and estates pay at least some small amount of tax, in spite of any deductions, credits, or exemptions. It’s basically an alternative method used by the IRS for calculating …

According to Inland Revenue Departmental Interpretation and Practice Note No. 10, the Commissioner accepts that an employment is located outside Hong Kong if all of the following three conditions are satisfied. a.The contract of employment is negotiated and entered into, and is enforceable outside Hong Kong. b.The employer is resident …

Audit Quality Defined Giving a precise definition of Audit Quality is difficult. Practitioners associates Audit Quality with the audit’s level of compliance with auditing standards (Watkins, Hillison, William, Morecroft citing Krishnan and Schaucer, Tie, McConnell and Banks, Aldhizer et al., Cook). On the other hand, accounting researchers define audit quality …

1) Which of the following organization forms accounts for the greatest number of firms? A) Limited PartnershipB) “S” Corporation C) “C” CorporationD) Sole Proprietorship Section: 1.1 The Four Types of Firms 2) The person charged with running the corporation by instituting the rules and policies set by the board of …

Adam smith, the father of modem political economy, has laid down four principles or cannons of taxation in his famous book “Wealth of Nations”. These principles are still considered to be the starting point of sound public finance. Adam Smith’s celebrated cannons of taxation are: (1) Cannon of equality or …

Capital property: depreciable property and any other property the disposal of which would result in a capital gain Capital gains = proceeds – ACB Taxable capital gain = capital loss and gain are taxed at a rate of ½ Capital losses are denied: depreciable property, personal use property, deemed dispositions …

There are three main parts to this case that requires you to prepare and submit a three to five page paper. Please make sure this paper is well organized and covers all of the items below. Part I. * Why is revenue recognition a significant issue? How do we determine …

Financial statement analysis is fundamental to a corporate acquirer’s assessment of an acquisition or merger candidate. As part of its due diligence investigation, a corporate acquirer typically analyzes the current and prospective financial statements of a target company. This analysis is used in estimating the ‘value’ of the shares or …

1. What is Procter&Gamble’s corporate strategy? Do the company’s businesses seem to be related or unrelated? Are Gillette’s businesses closely related to P&G’s businesses? How will a merger with Gillette result in a 1 + 1 = 3 effect for P&G? 2. How attractive are the industries/product categories in which …