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    Corporate Accounting

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    In the file “Find Your Company” you will find the listed company you have been given for this course. Complete this assignment for the company you have been given. Please be careful to use the listed company you have been given. Your assignment will not be marked if you use a different company to the one you have been given; and you will be asked to resubmit your assignment using the right company.Go to the website of your company, by clicking on the URL next to your company in the list of companies in the file “Your Company”. Then go to the Investor Relations section o...

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    The present assignment is based upon the identification, evaluation and decision making possibility so as to ascertain the listed items for each equity section and to understand any such forms of changes in each of its item of equity. For this what are the implications of tax expenses that are being faced by Bank of Queensland Australia when compared to company’s tax rate will help to evaluate the probability of current deferred taxation on assets or liabilities in their present balance sheet. 

    i)  Listings of each item of equity Bank of Queensland in Australia has certain listed items of equity as they help to value the assets that are lesser than the liabilities. Mainly equity is formulated with respect to Assets - Liabilities. This can somewhat have different implication in the following manner. Issued CapitalThese are referred to as those types of shares which are issued by the institution to its shareholders, in general sense, these are those shares that are allowed or are potentially held by the shareholders. For the year 2016 $3,243 Million was allocated as compared to $3,122 Million in the year 2015.ReservesThese are meant for provision, generally for a specific purpose as there are a lot of unknown expenditures that occur in the present year or in near future. As stated by Warren & Jones (2018), for meeting with such expenses Banks of Queensland has to make necessary reserves and surplus. As per their financial accounting statement for 2016, it depicted $33 Million as compared to $90 Million in the previous year. Retained ProfitThese are referred to as a certain percentage of net retained earnings which are not paid out in the form of a dividend. This is recorded in the head shareholder’s equity in the balance sheet and for the year 2016 Retained earnings were $311 Million as compared to $257 Million in the year 2015.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

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