BSNS5001 Organisations in an Aotearoa New Zealand Context Assessment Answer Solution PDF | Open Polytechnic

BSNS5001 Assessment Summary

Accounting and taxation are fundamental pillars of modern business operations. This assessment critically examines the core principles of accounting and taxation. It explores the purpose and users of accounting information, the accounting equation and double-entry system, preparation and interpretation of financial statements, and the regulatory framework governing taxation. Through theoretical explanation and practical examples, this report demonstrates the essential role of accounting and taxation in ensuring transparency, accountability, and sustainable business management......View More

Table of Contents

Introduction...........................................................................................................................................4
1. The Nature and Purpose of Accounting....................................................................................................4
1.1 Definition of Accounting ....................................................................................................................4
1.2 Objectives of Accounting ...................................................................................................................5
1.3 Users of Accounting Information .......................................................................................................5
Internal Users........................................................................................................................................5
External Users.......................................................................................................................................5
2. Conceptual Framework of Accounting .....................................................................................................6
2.1 Qualitative Characteristics of Financial Information..........................................................................6
Fundamental Characteristics.................................................................................................................6
Enhancing Characteristics.....................................................................................................................6
2.2 Accounting Assumptions....................................................................................................................6
3. The Accounting Equation and Double-Entry System...............................................................................6
3.1 Accounting Equation ..........................................................................................................................6
3.2 Double-Entry Accounting System ......................................................................................................7
3.3 Journal Entries and Ledger Posting ....................................................................................................7
4. Financial Statements.................................................................................................................................7
4.1 Income Statement................................................................................................................................7
4.2 Statement of Financial Position ..........................................................................................................8
Assets....................................................................................................................................................8
Liabilities..............................................................................................................................................8
Equity....................................................................................................................................................8
4.3 Statement of Cash Flows ....................................................................................................................8
5. Depreciation and Asset Valuation.............................................................................................................8
6. Introduction to Taxation ...........................................................................................................................9
6.1 Purpose of Taxation ............................................................................................................................9
6.2 Types of Taxes....................................................................................................................................9
Income Tax ...........................................................................................................................................9
Company Tax........................................................................................................................................9
Goods and Services Tax (GST) ............................................................................................................9
PAYE....................................................................................................................................................9
6.3 Taxable Income Calculation ...............................................................................................................9
7. GST Accounting .....................................................................................................................................10
8. Ethical and Professional Responsibilities...............................................................................................10
9. Internal Controls and Fraud Prevention..................................................................................................10
10. The Role of Accounting in Business Decision-Making........................................................................11
11. Limitations of Accounting ....................................................................................................................11
Conclusion ..................................................................................................................................................11
References...................................................................................................................................................12

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