Accounting Essay: Work-related Deduction, Allowance, General Interest Charge, and Forecasting Techniques

This essay discusses work-related deduction, allowance, general interest charge, and forecasting techniques in accounting. It also covers government regulations, financial products, financial services, financial reports, and company policies. The essay is suitable for students studying accounting, finance, and business courses.

Running Head: Accounting Essay 1
Accounting Essay
Name
Institution
Date

Accounting Essay 2
Task 1
Question 1
Work-related deduction under the Income Assessment Act is defined as a loss that is incurred by
a business whilst producing salaries or wages of its employees. A number of companies claim
the work related deduction for their client provided that they were not reimburse after spending
the money by themselves, they have evidence to assert the claim and as well the deductions must
be in relation to the income earned. Therefore, work-related deductions can only be claimed
when a client incurred them during the process of gaining assessable incomes. Most importantly,
the assessable incomes gained by the clients should not be domestic, private or capital in nature.
Salaries and wages, rent on business property and utilities are the three examples of deductions
that can be claimed by a business. Also, laundry (less than or equal to $150), travel expenses that
are catered for by travel allowance and small expenses (less than $10 each and with a total less
than $200) are examples of deductions that cannot be claimed by a business (ato.gov.au, 2019).
Question 2
Work-related allowance under the Income Assessment Act refers to an expense that is deducted
from gross income so as to minimize the amount of income that is subjected to income taxes.
They are paid by an individual so as to earn income. However, a certain criteria can be met by an
individual so as to reduce the taxable income by the magnitude of his expenses. As a result, work
related allowance under Income Assessment Act leaves an individual with an income obtained
after an income tax. Expenses that an individual incurs whilst earning a taxable income,
depreciation on equipment being used and superannuation deductions that are paid to a
compliant superannuation funds are examples of work related allowances (cpdlive.com, 2012).

Accounting Essay 3
Question 3
General interest charge was introduced by the Australian government in 1999 as a successor to a
multiple of interest penalties and charges and is always considered as a tax deductible.
Arrangement under GIC is that payments for penalties are advanced when they are overdue. For
example, it is always calculated on a daily basis and divided on the 365 days in a year whereby
the figure attained is applied to every day outstanding balance of taxpayer. As a result, it is used
as a tool for encouraging taxpayers to make timely repayments of their tax debts to Australian
tax authority. Property taxes and inheritance tax are two types of taxes for which the General
Interest Charge can be levied (ato.gov.au, 2019).
Question 4
A large number of tax deductions and not consulting tax professionals are the two examples of
areas that can cause significant tax issues for business. A large number of tax deductions
increases prospects of tax avoidance among businesses especially on finances that are utilized to
meet operational expenses like capital expenditures, client gifts and business travels. As a result,
owners of businesses should be sensitive to overstating deductions. On the contrary, incidences
of not consulting tax professionals have been attributed to paramount use of tax preparation
softwares among business owners whilst preparing their tax returns. Although the above
software makes the process is time saving, tax professionals would help the business owners to
comprehend to all details in the prevailing tax laws so as to avoid unexpected legal penalties
(Henderson, 2019).
Question 5

Accounting Essay 4
Percentages of sales and cash budgets are two examples of forecasting techniques that can be
used in finance. Both percentages of sales and cash budgets are focused on determining the
current financial position of an entity so as to predict its future financial strength and position.
However, percentage of sales is used to express a number of items from the balance sheet such as
current assets, net fixed assets and current liabilities as percentage of an entity's sales. While cash
budgets is used to indicate the capital cash inflows, revenue sources and any speculated surplus
or deficit in cash during the forecasted period of an entity (Businesswritingservices.org, 2011).
Question 6
In regards to government regulations, Australian Securities and Investments plays a role of
enforcing and regulating financial service and company laws so as to safeguard Australian
creditors, investors and consumers. In this case, the body acts in the best interests of all users of
financial information in Australian as far as consistence and compliance to government
regulations like policies on accounting standards are concerned (Malhotra and Ray, 2016).
Question 7
The following are the key areas in which the Australian Consumer Law offers protection to
consumers
i. Redress alternatives for consumers, enforcement powers and penalties
ii. Simplified nationwide laws for lay-by mutual understandings
iii. Provision of nationwide product safety laws
iv. Implementation of a nationwide law that guarantees rights of consumers when purchasing
services

Accounting Essay 5
v. Implementation of nationwide unfair contract term regulations that takes into
consideration the small entity and consumer contracts
Question 8
Australian Competition and Consumer Commission have a primary responsibility of enforcing
the 2010 Competition and Consumer Act amongst Australian business entities. In this case, it
offers a range of more legislation promotes fair trading, competition and regulates the business
environment for the wellbeing of Australians (Malhotra and Ray, 2016).
Question 9
A financial product is defined under the Corporations Act 2001 as a facility that is utilized by an
individual to make non cash payments, manage financial risks and make financial investments.
The above roles are executed without any prior consideration given to the initial motives of
attaining the financial product. In this case, a particular facility is still considered to be a
financial product even when the individual who acquired it did not have intentions of managing
financial risks. Financial product is listed under section 763A of the Corporations Act 2001
(Wipo.int, 2017).
Question 10
Financial service as set out in the Corporations Act 2001 are defined as tools through which
uniform disclosure regime and licensing have been implemented to shape financial practices of
entities. In this case, an individual operating a financial services venture is required to have an
Australian financial services license unless exempted by Australian Securities and Investments

Accounting Essay 6
Commission. Financial service is listed under section 761C of the Corporations Act 2001
(Wipo.int, 2017).
Question 11
Balance sheet and income statement are part of financial information that is included in the
General Purpose Financial Reports. A balance sheet is a statement of capital, liabilities and assets
that are held by an entity at a given point of time. It gives details about balance of income carried
forward by an entity as well as expenditures that are to be incurred over the forthcoming periods.
On the other hand, an income statement is a tool used to show an entity's expenses and revenues
during a specific period of time. In other words, income statement shows how revenues can be
changed into either net profit or net income. As a result, balance sheets and income statements
are used in general purpose reports that are availed to lenders and investors so as to aid their
decision making processes as far as devotion of resources to an entity are concerned. The above
information differs from that offered in special purpose reports in a way that information in
special purpose reports like tax reporting is only limited to a group of financial information users
like small and medium enterprises (Quinns.com.au, 2018).
Question 12
A balance sheet, income statement, statement of changes in equity and cash flow statement are
the key components of a financial report. A balance sheet is a statement of capital, liabilities and
assets that are held by an entity at a given point of time. It gives details about balance of income
carried forward by an entity as well as expenditures that are to be incurred over the forthcoming
periods. Additionally, an income statement is a tool used to show an entity's expenses and
revenues during a specific period of time. In other words, income statement shows how revenues

Accounting Essay 7
can be changed into either net profit or net income. Also, statement of changes in equity gives a
detailed explanation of changes in accumulated reserves and share capital over the reporting
periods of an entity. Furthermore, cash flow statement shows how shifts in income and balance
sheet accounts impacts cash and as well analysis is broken down to financing, operating and
investment activities (Malhotra and Ray, 2016).
Question 13
Fair presentation is described as depicting financial statements in a manner that is free from
misstatements in the financial position and performance of an organization is faithfully
represented. Fair presentation is a prerequisite for financial reporting in Australia whereby
financial statements should fairly indicate the financial performance, position as well as cash
flows of an organization. Additionally, compliance requirements with AAS are rules that entities
should follow whilst preparing financial statements. They include; organization should engage in
internal auditing and recording keeping so as to present reliable and accurate financial statements
(Pete, 2019).
Question 14
Monthly billings and operating expenses are the vital company data that is needed to complete a
Cash Flow Statement. In addition, net incomes for a given periods, non cash expenses, changes
in all current assets as well as changes in liabilities are the vital information that a cash flow
statement provides. The above mentioned information is essential in delivering detailed analysis
of financial, operating and investment activities of an entity (Peavler, 2018).
Question 15

Accounting Essay 8
Budgetary control is an instrument that depicts the degree of effectiveness that manage make use
of budgets to control and monitor operations plus costs in a specified period of accounting. In the
due course, managers are in position to make actual comparisons of results and performance
adjustments so as to meet the performance and financial objectives with an entity's budget.
Formulation of a plan that coordinates all undertakings of an entity, recording actual
performances, comparisons between actual and planned performance, calculating disparities in
performance and analyzing the causes and feasible actions undertake to address the disparities
are the five key principles of budgetary control (Pal, 2019).
Question 16
Banks, Building societies, Credit Unions and Reserve Bank of Australia are the four main types
of institutions that operate within the Australian financial services industry. Banks are regulated
by Australian Prudential Regulation Authority (APRA) consists of 86 subsidiaries that offer a
variety of financial services in form of insurance and financial management services to all
sectors of Australian economy. In addition, Building societies are also regulated by APRA
consists of 3 subsidiaries that offer deposit, payment and housing loan services to their members.
Also, Credit Unions are also regulated by APRA consist of 47 subsidiaries that offer deposit,
payment and housing loan services to their members. Furthermore, Reserve Bank of Australia is
a government institution that plays a role of regulating banking and non banking financial
institutions and provides necessary information about the financial institutions (Rba.gov.au,
2018).
Question 17

Accounting Essay 9
Liquidity risk is categorized as a financial risk that emerges when an entity that had urgent cash
needs possesses a valuable asset that cannot be sold off due to absence of potential buyers in the
market. The above risk is facilitated by dependence of an entity on a market that is exposed to
losses in liquidity. However, liquidity risks can be managed by making timely payments of
account receivables by an entity (Amihud and Pedersen, 2013).
Question 18
Interest rate risk refers to the possibility of a deduction in the value of assets arising from
unanticipated decrements or increments in interest rates. Bonds are the most fixed assets that are
associated with interest rate risks. Interest rate risks are managed through swaps whereby a
mutual understanding is made between counterparts during exchange of sets of long term cash
flows (Norris, 2018).
Question 19
Zero tolerance to discrimination, protection of privacy of individual clients, responsibilities and
rights should be executed together and equality in rights for all clients are four examples of
company policies that could be used to protect rights of clients. Zero tolerance to discrimination
could involve setting rules and actions that safeguard every client from any kind of
discrimination at workplace may be due to gender, race or ethnicity. Also, a company could
stipulate legal actions like fines as a way of protecting privacy of individual clients at workplace.
I order to protect rights of clients; a company should ensure that responsibilities and rights
whereby all assigned responsibilities are completed to meet the interests of clients. Furthermore,
a company could as well create an environment that facilitates equal access and sharing of
thoughts as a way of promoting equality in rights among the clients (Sielearning.tafensw.edu.au,

Accounting Essay 10
2018). The above policies could help to protect rights of clients as well as making them to
understand their responsibilities.
Task 2
Question 1
Basing on the email, I confirm that the proposed business venture by Mary has the following
objectives;
i. To reap significant returns on their investments in manufacturing and selling high quality
educational children toys within Australia. Just like any other business, Mary would be
willing to earn significant returns from her investments in manufacturing and selling the
children toys wholesale to retailers (Johan and Gabriel, 2013).
ii. To enhance the degree of educations quality in Australia through using their educational
toys for demonstration purposes by educators. Mary could be having a view that the
current level of education is education could be enhanced through manufacturing and
selling children toys to facilitate the demonstration purposes of educators (Natalie, 2013).
iii. To outcompete the existing rivals in the industry through producing and selling their high
quality toys. In this case, Mary is focused on better quality of children toys as a way of
sustaining the survival and competitive advantage capability of her venture. Such an
approach will help her business to attract and retain all potential clients with the proposed
high quality of children toys and thus enhanced survival and competitiveness (Katila and
Piezunka, 2012).
As part of the legal requirements, Mary will need to attain a license from the Australia's
manufacturing authority to fully register her company as OZ Quality Toys. This will ensure that

Accounting Essay 11
the business is legally recognized by the authority which could as well help to attract potential
investors. In regards to financial requirements, Mary should ensure that her finances are
significant to set up and maintain the business operations for long periods of time to prevent
incidences of collapse. In this case, socio-economic status of the potential clients will need to be
evaluated to help find out whether clients will be able to meet the proposed prices for the
children toys (Katila and Piezunka, 2012). Also, the above assessment will help to determine the
most appropriate price for her children toys so that clients can be attracted and maintain.
Question 2
In regards to business structure, her venture will involve manufacturing, distributing and
selling of the children toys. Manufacturing will basically involve identifying feasible factor
inputs like raw materials, equipment and manpower. The above structure will ensure that
strategic plans are made to kick start the venture. However, ineffective execution of the strategic
plans may lead to wastage of resources (Matt, 2015). Additionally, distribution structure will
involve identifying outlets like wholesalers or retailers through which produced children toys
will be delivered to potential clients. The above structure holds a merit of easing delivery of
children toys to potential clients. However, a shortage in the supply of the products may affect
the whole distribution chain especially in times of high demand. Furthermore, selling structure
will involve considering points that the products will be sold off to clients (Griffith, 2014). The
above structure holds a merit of enhancing product sales as selling points may be diversified to
client locations.
In regards to sources of funding, small mortgage on their house, personal saving and
acquisition of a loan from a financial institution are the feasible alternatives to meet the required

Accounting Essay 12
startup capital of $50,000. Small mortgage on their house, personal savings and loan acquisition
hold a merit of raising more funds to meet the financial needs of the entity because it holds a
significant financial value. However, the above sources of funding could have financial
constraints on the venture in form of loan repayments and reductions on their quantity of the
fixed costs that are held by the client in the short run (David, 2010). In order to achieve the
proposed business structure, the client will need strategic planning approach so that the available
resources can be assessed and evaluated to determine if they can be able to sustain the business
for longer periods of time. In case of shortages in resources, then sources of funding should be
diversified through borrowing from friends.
Question 3
Executive summary
Manufacturing and selling children toys is a great business idea that can result into desirable
returns on investment in the short and long run. The above is attributed to the fact that the
available low quality children toys have not been effective in enhancing children education. As
such, focusing on quality children toys will help the proposed business to realize significant sales
and profits due to wide market base. However, there is need to strategically plan for all the
process of starting the business so as to sustain its survival and competitiveness.
Introduction
The purpose of this business report is to describe the feasibility of Mary's proposed business idea
by assessing the findings, making conclusions as well as recommendations on what steps should
be undertaken to start up the business. Mary's business idea to manufacture children toys is a
feasible venture that can be flourishing provided an effective strategic plan can be utilized by the

Accounting Essay 13
client to start up the venture. As such, the report considers the viability of children toys in
enhancing education in Australia as Educators may opt to use them for demonstration purposes.
Given that quality is the main priority of this venture, sales are likely to be enhanced as more
educators and schools may buy these products to facilitate better education practices.
Findings
Majority of the educators for infants in Australia have not been able to utilize children toys in
their teaching practices. Only a few educators have adopted the approach use of children toys in
their practices but have not yielded desirable outcomes to education due to poor quality. As a
result, Mary’s venture is likely to bridge the gap in the quality of children toys whereby
education quality of juveniles will be enhanced.
Conclusion
Manufacturing and selling of quality children toys is a feasible venture due to ready market
given that most of the educators have not been using them in their practices. As such, the
proposed business has high prospects of realizing desirable returns on investment due to a wide
customer base. As a business consultant, Mary will need to follow the feasible recommendations
that are highlighted in the next section so as to achieve her objectives from the venture.
Recommendations
i. Mary should formulate a strategic plan that will help to define appropriate procedures and
practices so as to effectively execute her business from the available resources.

Accounting Essay 14
ii. Mary should consider ways of sustaining the survival of her proposed business by
ensuring that there are huge volumes of financial resources to meeting operation expenses
in the short and long run.
Question 4
Question 5
Present value of gross profit = C1
(1 + r)^n
Where C1 is the cash flow from the first period
r is the discount rate
n is time period in years
Under the current credit policy, present value of gross profit = $4000
(1+0)^0.5
Dear Mary,
I have critically assessed the business ideas that you presented in the previous email.
Basing on the assessment, the proposed business is likely to flourish because of the
ready market as many educators could be willing to make use of better quality products
in their practices. As such, the customer base is quite assured. However, you will need to
have a strong financial position so as to sustain the quality productions of the toys both
in the short run and long run guided by a well formulated strategic plan.
Kind Regards
Accountant

Accounting Essay 15
Present value of gross profit is still $40,000 under the current credit policy.
With the introduction of 3% discount rate for clients who pay within the 30 days, present value
of gross profit will be as follows;
Present value of gross profit under the proposed credit policy = $40,000
(1+0.3)^0.5
= $35087
Under the proposed credit policy, present value of gross profit will be $35087 which is
significant lower than the present value gross profit under the current credit policy.
Question 6
Dear Mary,
I am glad that the recommendation I made worked out for you given that you have been able to realize
desirable profits, sales and kept the costs as low as possible. Basing on the current and proposed credit
policy, the present value of gross profit was determined by use of the following formula,
Present value of gross profit = C1
(1+r)^n
Where n was number of years, r is discount rate and C1- cash flow in the current period
n = 6 months = 0.5years, C1 = $40,000, r is 0 and 3% for current and proposed credit policy respectively.
Calculations revealed that the present value of gross profit under the current credit policy remained to be
$40,000 and the present value of gross profit under the proposed credit policy was $35,087. The difference
is attributed to the fact that the proposed credit policy is aimed at enhancing sales and not the gross profits
in the short run. As a result, you should proceed with the proposed changes to credit policy because of
high prospects of increasing sales in the short run and increasing the gross profit margin in the long run.
Therefore, desirable long term benefits of the venture are likely to be realized through widened gross
profit in the long run arising from maximum possible sales.
Kind Regards
Accountant

Accounting Essay 16
Question 7
Oz Quality Toys
Balance Sheet
For the financial year 2016/2017
Assets
Small mortgage on house -
Personal Savings -
Total Assets --
Liabilities
Accounts Receivable turnover -
Loans -
Total Liabilities --
Owners Equity
Capital $50,000
Current Earnings $40,000
Total Owner’s Equity $90,000

Accounting Essay 17
Oz Quality Toys
Income Statement
For the financial year 2016/2017
Revenues
Monthly Sales $40,000
Total Revenues $40,000
Expenses
Cost of Sales $20,000
Total Expenses $20,000
Net income $20,000

Accounting Essay 18
Question 8
Dear Mary,
I have critically analyzed the financial information that you provided in the previous
emails so that I could come up with a balance sheet and income statements to determine
the financial performance and position of your business. I found out that some figures
were missing particularly for the assets and liabilities. In this case, the balance sheet
could not be completed due to missing financial data. Therefore, I request you to send
additional information about specified elements so that I can complete both financial
statements.
Kind Regards
Accountant

Accounting Essay 19
Question 9
Oz Quality Toys
Balance Sheet
For the financial year 2016/2017
Assets
Small mortgage on house $5,000
Personal Savings $15,000
Total Assets $20,000
Liabilities
Accounts Receivable turnover $5,000
Loans $10,000
Total Liabilities $15,000
Owners Equity
Capital $50,000
Current Earnings $40,000
Total Owner’s Equity $90,000

Accounting Essay 20
Oz Quality Toys
Income Statement
For the financial year 2016/2017
Revenues
Monthly Sales $40,000
Total Revenues $40,000
Expenses
Cost of Sales $20,000
Total Expenses $20,000
Net income $20,000
Question 10
The performance report gives insights about the current performance of the client's business.
Given that quality has been the major driving force for the business' products, maximum sales
objective has been attained over the past periods. This is evidenced by $40,000 that has been
earned as sales revenues so far. In regards to the profit maximization objective, it can confirm
that the business has so far delivered profits worthy $20,000. As a result, objective of widening
sales and profit margin is likely to be achieved by the set 3% cash discount on clients who make
payment s for the products within a month. Profitability ratio was selected to assess the client’s
performance. The above ratio was selected because it is directly concerned with costs and

Accounting Essay 21
revenues that arise from day to day operations of a business which is an indicator of capability of
making profits. As a result, profits will simply be attained from income that will be left after all
the expenses and costs of operation have been deducted. In regards to financial performance,
financial stability is to be enhanced through the proposed advancement of 3% cash discount on
all client payments made within 30 days. Moreover, 50% of the clients will be paying within the
discount period which indicates that long term financial stability is guaranteed. Also, the venture
has so far been profitable given that revenues are overweighing expenses and will continue to
expand through the widening customer base and sales. In future, there will be need to devote
more finances towards supply chain management to reduce on incidences of supply shortage as
the customer base is likely to keep increasing both in the short and long run. Also, focus should
be on economic risk management in the future given that economic atmosphere is always
changing due to government policies whereby the purchasing power of client may be reduced.
As a result, Mary should effectively manage such risks in future by changing the pricing
strategies to maintain the high sales. In regards to statutory obligation, you will need to prepare
your financial statement according to specified accounting standards of Australia so as to
produce reliable and accurate financial reports.

Accounting Essay 22
Question 11
Dear Mary,
I can gladly assert that your business is on a right path and holds a bright future as far as
financial stability and profitability are concerned. Basing on the balance sheet below, it can be
seen that total assets of your venture overweigh the total liabilities. This implies that the venture
is capable of delivering consistent profits over a long period of time.
Oz Quality Toys
Balance Sheet
For the financial year 2016/2017
Assets
Small mortgage on house $5,000
Personal Savings $15,000
Total Assets $20,000
Liabilities
Accounts Receivable turnover $5,000
Loans $10,000
Total Liabilities $15,000
Owners Equity

Accounting Essay 23
Capital $50,000
Current Earnings $40,000
Total Owner’s Equity $90,000
Also, information depicted on the income statement below shows that the business is delivering
$20,000 as profits in the current period imply that profit maximization objective is being
realized.
Oz Quality Toys
Income Statement
For the financial year 2016/2017
Revenues
Monthly Sales $40,000
Total Revenues $40,000
Expenses
Cost of Sales $20,000
Total Expenses $20,000
Net income $20,000
Additionally, performance report indicates that indicates that the sales and profit maximization
objectives are being realized under current business performance. However, the proposal to

Accounting Essay 24
introduce a 3% cash discount for client payments with 30 days is likely to widen the current sales
and profit margins which will be indicated under the profitability ratio. However, you will need
to adjust your pricing strategy in the future as a way of managing economic risks as they directly
affect the purchasing power of clients and sales of a business. Most significantly, you will need
to follow statutory obligation by preparing your financial reports according to the set accounting
standards of Australia Accounting Standards Board. The above practice will help to attract
potential investors whose injection may help to widen supply of the products.
Kind Regards
Accountant

Accounting Essay 25
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Accounting Essay 26
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Accounting Essay 27
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