MAA 363 - Corporate Accounting - TLSs are the Minimum Accounting Discipline National Standards - Accounting and Finance Assignment Help

Assignment Task

Threshold Learning Standards (TSL)

TLSs are the minimum accounting discipline national standards graduates are expected to meet or exceed upon graduation. This assessment item provides students with the opportunity to develop and evidence the following TLSs that are aligned to the Deakin graduate learning outcomes (DGLO) and more importantly the Unit learning outcomes (ULO):

Assignment Instructions:

This assignment relates to Topic 4 on Income Tax and requires the following to be submitted: An excel workbook with the following four (4) sheets:

• Sheet 1: Background Information
• Sheet 2: Calculating Taxable Income
• Sheet 3: Calculating DTA/DTL 2020
• Sheet 4: Change in tax rate

Required:

a) Calculate the taxable income/tax loss and the current tax liability (if any) for the financial year ended 30th June 2020. Prepare a journal entry to recognise the current tax liability/tax loss (In Sheet 2: Calculating Taxable Income).

b) Calculate deferred tax asset and deferred tax liability balances as at 30th June 2020. Prepare the deferred tax journal entries for the year ended 30th June 2020. Note that you are NOT required to prepare journals to offset the deferred tax asset and deferred tax liability balances (In Sheet 3: Calculating DTA/DTL 2020).

c) Assume that by 1 December 2020 there was a change in tax rate. With reference to AASB112 Income Taxes, discuss the accounting treatment of the deferred tax asset and deferred tax liability balances as at 1 December 2020 following a lower tax threshold for the 2020-2021 financial year. Prepare the journal entries to record the effect of change in tax rate. (In Sheet 4: Change in Tax Rate).

IMPORTANT:

• Before you start the assignment, you must enter your student ID on the background information sheet (Sheet 1; Cell B2) as each student will be given a different set of values depending on their unique student ID as the following:

• Please ensure your student ID is entered in correctly otherwise all data, and thus answers, will not correspond to your set of allocated transactions/questions.

• You must use the excel workbook provided in answering and submitting your answers. Other formats will not be accepted.

• Not following in any of the instructions in this document may result in a delay in the release of your results and a penalty of marks deducted.

Assessment Feedback:

Students who submit their work by the due date will receive their marks and feedback on CloudDeakin on Friday 25 September, 2020 after 5.00 pm

Assignment Requirements:

1. Please monitor CloudDeakin for any instructions/announcements.

2. This is an Individual assignment (there is no group option).

3. Each question must be completed on the individual excel workbook provided. The excel workbook is located in the ‘Assessment Resources’ module, with this assignment.

4. You will need to have completed Topic 4 Income Tax to complete this assignment.

5. If you choose not to submit this question you will score zero – the marks cannot be added to the final examination result.

6. NOTE: The submission Due Date is Monday 7 September, 2020 before 8pm (AEST) The Dropbox will remain open for late submissions. A penalty of 5% of total marks per day will be applied. Late submissions after 5 days will not be marked as per Faculty’s Policy.

7. Submit/upload your assignment to the relevant Assignment Dropbox under the Assessments tab.

Submission Instructions

Download the Microsoft Excel file of the assignment and change the file name to: student id and the unit name, for example 123456789_MAA363_Corporate Accounting Click the name of the Assignment folder that you want to submit an assignment to. Carefully read the instructions relating to the assignment criteria and submission. Click Add a File. Note: You can upload a maximum of 250 MB file. Submit items from your computer / local disk.

Add a comment if required.

Click Submit.

You will receive confirmation that your file submission was successful.

You must keep a backup copy of every assignment you submit, until the marked assignment has been returned to you. In the unlikely event that one of your assignments is misplaced, you will need to submit your backup copy.

Any work you submit may be checked by electronic or other means for the purposes of detecting collusion and/or plagiarism.

When you are required to submit an assignment through your CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has been submitted. You should check that you can see your assignment in the Submissions view of the Assignment dropbox folder after upload, and check for, and keep, the email receipt for the submission.

Notes

• For more information about academic misconduct, special consideration, extensions, and assessment feedback, please refer to the document Your rights and responsibilities as a student in this Unit in the first folder next to the Unit Guide of the Resources area in the CloudDeakin unit site.

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