Thursday, 23rd May 2013

accounting, online accounting, online accounting systems, tools of online accounting systems

What are the Tools Used in Online Accounting Systems

Accounting and online information systems are the oldest and most widely used information systems in business. They record and report business transactions and other economic events. Accounting and online information systems are based on the double entry bookkeeping concept and more recent accounting concept such as responsibility accounting and activity based costing. Computer based accounting systems record …

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profitability ratios, ratio analysis, ratio, gross profit margin, net profit margin

Profitability Ratios

Every firm is most concerned with its profitability. One of the most frequently used tools of financial ratio analysis is profitability ratios which are used to determine the company’s bottom line and its return to its investors. Profitability refers to the expression of profits in relation to sales, investment and equity of a firm. Here, …

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forward rate agreement, currency option, derivative instrument, options and futures

What is Forward Rate Agreement

A forward rate agreement is an agreement between the bank and a customer to pay or receive the difference between an agreed fixed rate and the interest rate prevailing on stipulated future date based on a notional amount for an agreed period. It is a derivatives based financial instrument in which one party agrees to …

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financial risk, business risk, interest rate risk, liquidity risk, balance sheet risk

What is Balance Sheet Risk

Balance sheet risk can be categorized in to two major types of significant risk, which are liquidity and interest rate risks. Changes in market liquidity and or interest rates expose banks and financial institutions of business to the risk of loss. It is important that senior management as well as the directors must understand the …

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features of perfect capital market, capital market, stock market, primary market, secondary market

What are the Features of a Perfect Capital Market

An efficient capital market is perfect if the above mentioned conditions are fully satisfied. A capital market which is otherwise reasonably efficient will have imperfections to the extent it does not satisfy the conditions of the perfect capital market. There are three significant imperfections that may be found in most capital markets in different degrees. …

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What are the Tools Used in Online Accounting SystemsProfitability RatiosWhat is Forward Rate AgreementWhat is Balance Sheet RiskWhat are the Features of a Perfect Capital Market

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Taxation I

Key Concepts:: 

General principles of taxation: Government’s taxation objectives- range of taxation opportunities- current response of government- double taxation agreements- strategies proposed or adopted by governments or other authorities.

Ethical considerations: key ethical and professional issues for a professional accountant undertaking tax work- existence of ethical or professional rules relating to the undertaking of tax work.

Administration: scope of relevant national taxes- payments of tax- implications of late submission of returns- individuals and business entities must retain for taxation purposes.

The taxation of business entities: National taxes applicable to different forms of income- state who is liable for the resulting taxation.

Questions and Answer Section:

Permanent link to this article: http://icabtutorial.com/ca-under-icab/ca-knowledge-level/taxation-i/

Study Materials

What are the Cannons of Taxation? Various Terms Relating to Taxation? What is Pension Funds and Types of Pension Funds?

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