OP720303 Graduate Diploma in Professional Accounting Assignment Sample
This is the assignment sample of OP720303 Graduate Diploma in Professional Accounting Assignment.
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Assignment Activity 1. Advanced management accounting techniques are used to plan, direct and control organizational activities
There are various advanced management accounting techniques that can be used to plan, direct, and control organizational activities.
For example, direct costing looks at the cost of the inventory you bought plus the costs for producing or converting it after you bought it. This technique is called traditional costing.
It is more realistic because it considers all investments made in order to do business, not just what has been sold.
One thing that is important to accounting, which has a big role in these types of analyses, is that all costs are indirect when they serve two masters.
For example, labor expense usually records only the money spent on making something.
But people also have to spend time working in the sales department and collecting accounts receivables.
Workers spend most of their day outside the production department so it counts as an indirect cost.
You need to weigh the cost of each activity. For example, one type of activity might happen twice as often as another.
You would weigh that activity two times more than the other one.
This will give you a better understanding of how much each type of activity costs, so you can allocate resources accordingly.
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Assignment Activity 2. The nature and purpose of audit and assurance and the regulatory and professional environment in which it operates
Audit and assurance, while developed for a different era, were designed to help business owners make better decisions. They are designed to do this in three ways.
Audit and assurance are meant as a shield not only for the client but also for the firm performing the audit or providing an opinion because they provide assurances about external disclosures-or in other words what is being said outside of your organization
What audit and assurance do not presently address well is internal disclosure – which includes discussing company risks with employees and organizing corporate officers so that they can speak out on any topic without fear of retaliation.
When clients ask questions about what is going on inside your company, it would be better if you talked about these things in private or internally.
It would be best to talk with the people who are involved so they have a chance to say what they think and correct any mistakes.
The regulatory environment makes sure that standards are met. This is done by incorporating professional experts in fields that have a bearing on these areas of concern.
Both professional expertise and establishing good standards of practice contribute to meeting the regulatory objectives.
This process ensures compliance with all applicable regulations to protect people’s rights and interests while having minimum adverse effects on development, production, or innovation in industry (especially development).
Industrial safety professionals identify and assess hazards so that businesses can be safe.
They analyze risks and then do things to keep them from happening. They are trying to make sure there are no more accidents-related deaths in workplaces.
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Assignment Activity 3. The theory of taxation and the main components of the New Zealand tax system.
The theory of taxation is a branch of economics. There are fiscal measures that can tell you how much money is being made and who will get it.
Taxes are put in place to make sure that everyone gets what they need.
Taxes may help regulate the economy by giving incentives for people to do more productive or desirable things.
They also provide income that is taken from those who are rich and given to those who are not as rich.
In New Zealand, there are three main taxes that everyone pays. These taxes form the backbone of the New Zealand tax system and help pay for social programs such as universal healthcare and education.
They are personal income tax, goods and services tax (GST), and corporate profits tax.
Personal income tax makes up about 40% of our total government revenue so it is an important part of the New Zealand taxation system.
The way personal income tax works are that all wage earners from certain incomes pay a percentage depending on their level of earnings to the Inland Revenue Department after they file their year-end return in April each year.
If you earn more than a threshold amount each year, then this percentage will also be higher as your income increases.
The thresholds for the tax brackets remain constant from year to year so it changes based on the general inflation of prices over time.
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