Taxation Accounting Assignment Help

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Taxation refers to the collection of money by any legitimate authority to maintain the services, primarily by the state authorities. Taxations are a broad term that includes certain types of taxes and levies and consists of involuntary levies on capital gains and property holdings. The state authorities make rules for taxation, and strict adherence to them is mandatory for companies, organizations, and individuals. It is evident that taxation is not that easy, especially if you have to deal with taxation assignments. It includes topics like different types of taxes, understanding the tax calendar, various penalties to be levied after the due date, etc. Somehow, if students are good at the theories, they have to deal with many calculations involved in the subject. However, we can provide you with the best and cheap taxation accounting assignment writing service. Our homework writers in Canada provide sample questions to assist you in understanding the pattern of the questions asked in this discipline.

The question usually asked by the prominent universities includes some of the simplest ones, including the types of taxes. Such questions require detailed but strictly to-the-point answers. Students having a comprehensive knowledge of the fundamentals of taxation accounting can find it easy to answer. A well-written explanation must incorporate a detailed analysis of the types of taxes like Corporate taxes, Income taxes, Toll taxes, Levi, Cess, Inheritance taxes, and Capital gain tax. Students can also provide relevant details such as different types of capital gain tax like STCG and LTCG, i.e., short term capital gain and long term capital gain taxes. Complete detail of such terms, along with an example, is also significant to impress your examiner.

Most asked topics in taxation accounting assignments

Working capital: NWC, Net Working Capital, also known as working capital, is simply a difference between a firm’s current assets and current liabilities. Here, current assets include cash, overdue bills, stocks of raw material as well as finished goods. While current liabilities enclose debts and account payables. It represents a company’s short term financial health, efficiency (operational), and liquidity. However, there are various questions asked in the assignment related to working capital, like calculating working capital, examples of net working capital, the significance of net working capital, and many more.

Types of taxes 

Taxation is considered as a mandatory levy on any individual or on companies by an authorised government. Sometimes, taxation is referred to as the primary source of revenues, especially for raising revenue for government expenses. Although the nature and purpose of any specific tax must be studied in depth, but for now, we can adhere to the sorts of tariffs and their related policies to gain the most out of this.

  • Property Tax: Property tax is a tax paid by an individual on the real estate or property possessed by them. Usually, it is computed by the local authorities on the basis of the acquired property. Property tax is included in the list of regressive taxes and paid by the property owner. Students always get confused while using certain terms like property tax and real estate tax. The only significant difference between these two is that a real estate tax is considered as a property tax, but not all property taxes are not real estate taxes.
  • Capital Gains Tax: The tax that is implied on the revenue earned on the transaction of a non-inventory asset. The rate of taxation can be different in the country you live in. However, the non-inventory assets include precious metals, shares, antiques, also in case of long-term earnings or profits from investments held for more than a year. Understanding such concepts and terminologies associated with taxation can make a tremendous difference in your grades. However, for now, try to focus on the methodology adopted to compute Capital gains, Capital gains tax strategies, Capital losses, Depreciation deduction, Real estate investment, and many more.
  • VAT Tax: VAT stands for Value Added Taxation, which is a tax usually paid on the sale of goods and services within the domestic territory. The tax is named so due to its nature of counting a specific value at each level in the supply chain. The manufacturer, retailer, and wholesaler, each and every level of the supply chain, is deemed to be a VAT collector from the consumer terminal. However, Value Added Tax has now been replaced with a GST, i.e., Goods and Service Tax. Read more about such terminologies associated with taxation like GST, HST, etc.

Accumulated earnings: Also known as Retained capital/Retained earnings/ Earned surplus, it is the total profit of the firm after the payment of the dividend calculated since the commencement of the company is known as the accumulated earnings. The Net Retained Earnings can be calculated by the formula, Retained earning = Initial Retained Earning + Net Income Dividend. It is very important to comprehend that the net profit of a company is directly proportional to accumulated earnings.

Banking and insolvency: ‘Too big to fall’ financial institutions are vital for domestic as well as the global economy. However, considering the global financial crisis of 2008, managing such institutions has become a top priority for the various international community. The inability of the banks to timely fulfilling the lawful declarations of the creditors amounts to bank insolvency. There are various reasons that make a bank or any financial institution insolvent, like decreasing the size of the capital or absence of funds. The Insolvency laws, Insolvency procedures, and Insolvency acts are an essential part of the assignments and the modern educational curriculum. Do prefer reading such topics to gain an additional advantage in this segment.

Account payables and account receivables?

While writing a definitive answer in the assignment, it is mandatory to have a comprehensive knowledge of the fundamentals. The most important element for writing answers like a professional includes an in-depth understanding of the key terminologies. Many students get confused between account payables and account receivables. How to record account payables and account receivables can be a significant point of concern for various students studying in educational institutes.

  • Account payable: A current liability account that keeps a check on the capital the company owes to any third party. Here, banks, individuals, and even companies from which a firm has borrowed capital are considered the third party.
  • Account receivable: The current asset account that checks the capital that any third party owe to the firm. These third-party entities can be any individual, bank, or company that owes money to the firms.

Explain the double-entry bookkeeping?

The method that accounts for maintaining transactions where each and every transaction of the company gets accounted in at least two accounts. Such a method is known as double-entry bookkeeping. The amounts entered as debits must remain similar to the amount in credit. The most basic accounting principle behind double-entry bookkeeping is; Assets = Liabilities + Owner’s equity.

Here, Assets stands for the capital possessed by the company. Liabilities are what a company owes. Owner’s Equity denotes the investment made by the owner in the company, and Expense represents the capital spent by the company in running day-to-day business. The significant documents referred to by professionals include Journal, Ledger, Financial Statements, and a Trial balance. Students must get prepared for questions like how double-entry bookkeeping is better than a single entry and many more. We can provide you with the primary grounds for such questions, do read additional sources for in-depth coverage.

  • Recording methods
  • Error detection
  • Company size
  • Preparation of financial statements

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