Ms 04 Solved Assignment 2015 Tax


1. Take an organization of your choice & find out how the Accounting Reports are prepared by them and how these reports are useful for managers while making decisions relating to the activities of a Business.


 has been defined as "-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------, and other obligations to sales revenue and owners' equity. An understanding of the financial data contained in accounting documents, then, is regarded as essential to reaching an accurate  picture of a business's true financial well-being. Armed with such knowledge, businesses can make appropriate financial and strategic decisions about their future; conversely, ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- reflected in the words of the American Institute of Certified Public Accountants (AICPA), which defined accounting as a "service activity."

The organization I am referring here is MSA Safety Company. Which deals in providing safety products. I am here going to discuss followed by MSA Safety company for preparing Accounting reports.

Objective of an Accounts Preparation Engagement

The objective of -------------------------------------------------------------------------------------- expertise (as opposed to auditing expertise) to collect, classify and summarise financial information.

This ordinarily entails reducing -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. However, users of the compiled financial information derive some  benefit as a result of the chartered accountants' involvement because the service has been performed with professional competence and due care.

General Principles of an Accounts Preparation Engagement

1. The chartered ------------------------------------------------------------------------------ Code of Ethics. 2. Ethical principles governing ----------------------------------------------- of engagement are:

(a) Integrity-

 A professional accountant --------------------------------------------------------------------------- relationships.

(b) Objectivity-

 A professional --------------------------------------------------------------------------------------------------- to override  professional or business judgements.

(c) Professional Competence and Due Care-

 A -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------n and techniques. A professional accountant should act diligently and in accordance with applicable technical and professional standards when providing professional services.

(d) Confidentiality-

 A professional ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of the professional accountant or third  parties.

(e) Professional Behaviour-

 A ------------------------------------------------------------------------------------------------- and should avoid any action that discredits the profession. 3. Independence in the strict sense ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- (Scotland) Regulations 2006, they must be independent of the charity. In such circumstances, the chartered accountants must satisfy the independence requirements of sections 280 and 290 of the ICAS Code of Ethics. 4. There are certain factors which threaten objectivity in any professional role. These are: (a) Family, other ----------------------------------------------------------------------, owners or employees; (b) Loans or guarantees ---------------------------------------------------------------------------------- (including outstanding fees); (c) Beneficial ------------------------------------------------------------------------- of the client entity;




As on 31.3.14 As on 31.3.15


As on 31.3.14 As on 31.3.15

Share capital 3,00,000 4,50,000 Fixed Assets 3,50,000 5,50,000 Reserve and surplus 1,50,000 3,50,000 Investment 50,000 30,000 Long-terms Liabilities 1,25,000 Machinery 2,15,000 75,000 Sundry Creditors 2,25,000 - Stock 15,000 2,75,000 Provision for tax 50,000 2,75,000 Debtors 1,75,000 1,50,000 95,000 Prepaid Expenses 20,000 45,000 Miscellaneous Expendi. 25,000 45,000 8,50,000 11,70,000 8,50,000 11,70,000

Additional Information:

1. Depreciation written off during 2015 was


80,000/- 2. On 31


 March 2015, accumulated depreciation on fixed assets amounted to


1, 75,000/- and on 31


 March 2014,


1,25,000/-. 3. Machinery costing


50,000/-, accumulated depreciation there on being ` 3,000/- was discarded and written off during 2015. 4. During the current year investment costing


10,000/- were sold for


12,500/-. 5. Dividend paid during the year amounted to `32,500/-


1. Write on various marketing environment like economic, technological, socio cultural, demographic, political, legal and competitive. 2. Discuss the various steps involved in media planning. When and why media planning assumes relevance and significance for a marketer. 3. Discuss the challenges in designing marketing mix strategies for a small sized car priced more than Rs.1 Lakh and less than 2 Lakhs for the Indian market. 4. Discuss the importance of ‘Promotions’ for a hill resort during off-season. Also identify the possible sales promotion schemes it can offer.


1. Considering the large number of pending retirement in India. What should your organization do to prepare for this phenomenon? How will ensure that your organization has necessary human resources it needs for the next 15 years? 2. If you were the chairperson of your company. What consideration would guide  your judgment on the following employment issues? a) Hiring of relatives and friends of employees. b) Promotion from within VS. Choosing the best from outside. c) Hiring SC’s ST’s and candidates belonging to minority communities.

3. “Good raters are born, not made”. Do you agree or disagree? Discuss. “Performance appraisal should be a two way street. So, managers evaluate their subordinates and subordinates should evaluate their managers”. Critically evaluate this statement.

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