Hacienda returns 1,430 million in the first month of the campaign

The Tax Agency (AEAT) returned 1,430 million euros to 2.2 million taxpayers during the first months of 2015 personal income tax campaign telematics, which means that more than three out of four requests made to date have already been paid, according the agency has reported.

Thus, the number of returns has increased nearly 2% over the same day last year, while the amount has increased more than 9%.

More than 3.3 million taxpayers who, as of April 29, had already submitted his statement, 2.9% more than in the previous season. Of that total, more than 2.7 million taxpayers, 83% of the total, have used the new Web platform Renta, representing an increase of almost 5%.

For its part, the presentations by the PADRE program have fallen almost 6.8% due to the significant reduction in the group of taxpayers who still have to file your return with the traditional aid program offered by the AEAT this year.

Finance highlights the evolution of the statements to enter already submitted so far, more than 280,000, representing an increase of almost 32% compared to the figures of last season on the same dates.

It is expected that 19.7 million returns this season are presented, representing a further increase in the number of income tax filers.

Training on Financial analysis of consolidated financial statements and IFRS

Training on Financial analysis of consolidated financial statements and IFRS is essential. The development of corporate groups imposes a financial management accounts on comparable formats for different entities and publishing group accounts. The consolidation of accounts is in this context an essential tool for internal and external financial reporting.

The preparation of consolidated accounts is based on specific rules and requires special accounting skills. This cycle of training for the consolidation of accounts is for the beginner or recent consolidator in the function but also to all actors of the consolidation process.

It can acquire the skill set to treat the entire consolidation process. It caters to both consolidators under IFRS and French. Three steps are available to allow you a progressive appropriation of skills to prepare the consolidated accounts of a group.


More and more companies are part of groups. Analysis of the consolidated financial statements therefore becomes an inescapable responsibility for any financial, to assess economic performance and in particular the group solvency. 

 

IFRS accounting standards applicable to European groups, require the acquisition of the various pins. This training to financial analysis and the consolidated financial statements under IFRS can acquire these pins.

Application of the Reserve capitalization in the group companies.

Do not forget that the capitalization reserve under Article 25 of the new Corporate Tax Law is a reduction of the tax base. In this sense, we may ask, what is taxable amount in the case of existence of groups of companies?

First we have to refer to is the tax group of companies under the special regime of tax consolidation regime (arts. 55-75 of the LIS) as if no tax group and there accounting group, from the fiscally it is taxed in the general scheme, and in this case, the reference is the individual tax base of each company's accounting group, which will be taxed separately. In this sense, one can see our post titled: Welcome capitalization reserve for the year 2015.

Therefore, only in those cases where there is tax group, it seems that there may be a problem in determining the tax base on which the reduction should be performed by capitalization reserve.

Consequently, if there is tax group, it is possible two ways for the tax group tribute:

1. Taxation for the General Scheme. If the group is taxed by the general scheme, then the reduction in the reserve capitalization and all that it demands as increased equity, etc, should be performed at the individual level of society concerned.

2. Taxation by the Special Tax consolidation as arts. 55 to 75 of the LIS. We will deal with this case.

If the group is taxed by the special tax consolidation regime (arts. 55-75 of the LIS), we can verify that the consolidated tax base will be made by aggregation of individual tax bases of the group companies, and this aggregation is made the deletions and additions by those results between companies in the group (intragroup) that had not been done abroad.

We can see in Article 62 of the LIS, on determining the taxable income of the tax group

1. The taxable amount of the tax group is determined by adding:
a) The individual tax bases corresponding to each and every one of the members of the tax group entities, taking into account the specialties contained in Article 63 of this Law. However, the requirements or qualifications set both the accounting standards for determining the accounting result, as in this Act to the application of any adjustments to that, under the terms set out in paragraph 3 of Article 10 of this Law shall refer to the tax group.

b) The eliminations.
c) The additions of deletions made in previous tax periods where applicable in accordance with Article 65 of this Law.
d) corresponding to the capitalization reserve provided for in Article 25 of this Law, which will refer to the tax group amounts. However, the provision of reservation will be made by any of the entities of the group.


Therefore, the first conclusion we draw is that to determine the consolidated tax base, pre-aggregation of tax bases of the group companies, will take place without the reduction that affected society might correspond by the capitalization reserve .

Budgeting Marketing and Promotional Expenses

Minutes of the meeting: Marketing and Promotional Expenses (Held today – 15th Jan12)



1. Marketing and Promotional Expenses – Product, Product Manager, District Sales Manager and Regional Sales Manager will be captured in AP Invoice in Descriptive Flexfields. Business code will be captured in the Line of Business segment in the Expense Account Code.

2. The marketing and promotional expenses will be linked to Sales with the help of Product, District Sales Manager and Regional Sales Manager.

3. Finance has to provide format of the above report.

4. Promotional Expense Budget to be discussed with KPMG.

5. Sales and Distribution budget – KPMG to internally discuss and get back on capturing sales and distribution expenses for Pharma.

Minutes of the meeting: Responsibility Matrix (Held today – 15th Jan12)



1. Review of the responsibility matrix prepared by Sonata Finance for User Acceptance Testing.

2. Discussion on Responsibility matrix template for production (attaching the same)

3. The responsibility matrix template to be filled by Finance team (Sonata and Agro). This is to be reviewed and finalized next week.

Minutes of the meeting: Fixed Assets Register (Held on last Saturday 12th Jan12)


1. Review of the Fixed Assets data template collected so far.

2. Sonata team to update the register with Asset Clearing Account, Asset Cost Account, Location segment, COA (Chart of Accounts)  segment, cost center and Area codes.

3. The template to be reviewed next week.

Huawei Ascend P7: the update to Android Lollipop 5.1 beta is in public

Owners of Huawei Ascend P7 can rejoice because the update to Android Lollipop 5.1 is currently in beta test audience.
After Huawei Mate 7, which shows Android 5.1 and that the update should arrive in a few weeks, it is the turn of the Ascend P7 to the news. The flagship of the 2014 Chinese brand should benefit from the upgrade to Android 5.1 soon Lollipop. According GSMArena the update is now in public beta testing phase. Huawei 150 allows users to sign up to test the 5.1 update on their mobiles. For now this beta test is open only for Italy and Spain, and is obviously not intended for France. With this announcement, the upgrade should be distributed in the coming weeks to the greatest number.
Huawei took a while before proposing Lollipop on his mobile, and is directly passed to Android 5.1 KitKat without using Android 5.0. Version 5.1 will also include EmotionUI 3.1, which has already had the opportunity to test the Huawei P8, the new flagship of the range.

Proforma Balance Sheet and Income Statement of Atlantic Seaboard Company

 On December 31, 19A the Atlantic Seaboard Company with outstanding capital stock of $30,000 had the following assets and liabilities:
 

Cash                                      $ 5,000
Accounts Receivable               10,000
Materials                                   4,000
Work in Process                        2,000
Finished Goods                         6,000
Prepaid Expenses                         500
Fixed Assets (net)                    30,000
Current Liabilities                      17,500

During the year 19B the retained earnings account increased 50% as a result of the year's business. No dividends were paid during the year. Balances of accounts receivable, prepaid expenses, current liabilities, and capital stock were the same on December 31, 19B as they had been on December 31, 19A. Inventories were reduced by exactly 50%, except for the finished goods inventory which was reduced by 33i;^%. Fixed assets (net) were reduced by depreciation of $4,000, charged "^i to factory overhead and % to administrative expenses.    Sales of $60,000 were made on account of finished goods costing $38,000. Direct labor cost was $9,000. Factory overhead was applied at a rate of 100% of direct labor cost, leaving $2,000 unapplied that was closed into the cost of goods sold account. Total marketing and administrative expenses amounted to 10% and 15%, respectively, of the gross sales.

Required: (1) A balance sheet as of December 31, 19B.
(2) An income statement for the year 19B with details of the cost of goods manufactured and sold.

Factors that affect the ability of rewards to motivate individuals or teams

There are 6 total factors:

1.Availability. For rewards to reinforce desired performance, they must be available.

Too little of a desired reward is no reward at all. For example, pay increases are often highly desired but unavailable.

2. Timeliness. Like performance feedback, rewards should be given in a timely manner.

A reward’s motivating potential is reduced to the extent that it is separated in time from the performance it is intended to reinforce.

3. Performance contingency. Rewards should be closely linked with particular performances.

If a goal is met, the reward is given. The clearer the link between goal achievement and rewards, the better able rewards are to motivate desired behavior.

4. Durability. Some rewards last longer than others. Intrinsic rewards, such as increased autonomy, challenge, and accountability, tend to last longer than extrinsic rewards, such as a gift card to a restaurant.

5. Equity. Employees’ motivation to perform is improved when they believe that the reward policies of their organization are fair and equitable.

6. Visibility. To promote a reward program, leaders must ensure that rewards are visible throughout an organization. Visible rewards, such as assignments to important committees or promotion to a new job, send signals to employees that rewards are available, timely, and based on performance.

Propositions of Theory Y

____ is a composite of propositions and beliefs that take a leadership and empowering approach to management based on a positive view of human nature.

a.	Theory X
b.	Theory Y
c.	Theory Z
d.	Command Theory

ANS:  B                   

   54.   All of the following are propositions of Theory Y except:

a.	The average human does not inherently dislike work.
b.	The average person learns, under proper conditions, not only to accept but to seek responsibility.
c.	The average person prefers to be directed, wishes to avoid responsibility, and wants security above all.
d.	The capacity to exercise a relatively high degree of imagination, ingenuity, and creativity in the solution to organizational problems is widely, not narrowly, distributed in the population.

ANS:  C                   

   55.   Behavioral models have identified ____ and ____ as two main dimensions of leader behavior.

a.	empowerment; initiating structure
b.	consideration; envisioning
c.	initiating structure; consideration
d.	envisioning; initiating structure

ANS:  C                   

   56.   In the behavioral model of leadership, the behavior known as ____ refers to the extent to which leaders are likely to have job relationships characterized by mutual trust, two-way communication, respect for employees' ideas, and empathy for their feelings.

a.	telling style
b.	consideration
c.	selling style
d.	initiating structure

ANS:    B

The conditions under which decisions are made

5. _____ is a condition under which individuals are fully informed about a problem, alternative solutions are known, and the results of each solution are known. 

a.	Certainty
b.	Risk
c.	Uncertainty
d.	none of these

ANS:  A                

     6.   The conditions under which decisions are made can be classified as

a.	certainty, risk, and uncertainty.
b.	concentration of effect and magnitude of consequences.
c.	certainty, risk, and concentration of effect.
d.	risk and magnitude of consequences.

ANS:  A                        

     7.   Certainty:

a.	includes defining problems, gathering information, generating alternatives, and choosing a course of action.
b.	includes reaching a social consensus.
c.	is the condition under which individuals are fully informed about a problem, alternative solutions are known, and the results of each solution are known.
d.	is focused solely on benefits and costs analysis and determination of rights.

ANS:  C                  

     8.   Forces in major decision making situations are often

a.	events outside the direct control of the leader.
b.	events controlled primarily by the leader.
c.	influenced by proximity.
d.	influenced by concentration of effort.

ANS:    A

What are the strategies are commonly used for competitive advantage?

The three strategies used are 

• the focused strategy, 
• the cost leadership strategy, and 
• the differentiation strategy. 

 

The focused strategy is used by organizations targeting a niche market. This is unique from the other methods which target industry-wide markets. A focused strategy relies upon the ability to generate repeat business

The three primary factors that influence organization design decisions are environment, business strategy, and technology. Environment refers to the environmental forces and external stakeholders that directly affect the organization's survival. Major stakeholders include customers, suppliers, regulatory agencies, shareholders, and creditors. 

 

Business strategy refers to the strategic choices made by top management to enable an organization to capitalize on its unique capabilities in order to build and sustain a competitive advantage. Three underlying strategies appear to be essential in doing so: low-cost, differentiation, and focused. Finally, technology influences organization design in terms of the creation of teams and departments, the delegation of authority and responsibility, and the need for formal integrating mechanisms.

Various cost components in cost accounting

Historical, replacement, and budgeted costs are typically associated with time. Historical costs are used for external financial statements; replacement and budgeted costs are more often used by managers in conducting their planning, controlling, and decision-making functions.

Variable, fixed, mixed, and step costs describe cost behavior within the context of a relevant range. Total variable cost varies directly and proportionately with changes in activity; variable costs are constant on a per-unit basis. Costs that remain constant in total, regardless of changes in activity, are fixed. On a per-unit basis, fixed costs vary inversely with activity changes. Mixed costs contain both a variable and fixed component and are usually separated (using the high-low method or least squares regression analysis) into these components for product costing and management’s uses. Step costs can be variable or fixed, depending on the size of the “step” change (small or large, respectively) that occurs relative to the change in activity. Accountants select a relevant range that allows step variable costs to be treated as variable and step fixed costs to be treated as fixed.

For financial statements, costs are either considered unexpired and reported on the balance sheet as assets, or expired and reported on the income statement as expenses or losses. Costs may also be viewed as product or period costs. Product costs are inventoried and include direct material, direct labor, and manufacturing overhead. When the products are sold, these costs expire and become cost of goods sold expense. Period costs are incurred outside the production area and are usually associated with the functions of selling, administrating, and financing.

Company Law relating to the Appointment of directors by the central government

Appointment of directors by the central government (Sec. 408)

Sec 408 empowers the central government to appoint such number of directors on the Board as the Tribunal may, by order in writing, specify as necessary to effectively safeguard the interests of the company or its shareholders or the public interest. The appointment will be for a period not exceeding 3 years on any one occasion. The purpose of the appointment is to prevent the affairs of the company from being conducted either in the manner.

· Which is oppressive to any members of the company or

· Which is prejudicial to the interests of the company or to public interest.

The Tribunal may pass the above order on a reference made to it by the central government or on the application.

(i) of not less than 100 members of the company or (ii) of members of the company holding not less than 1/ 10th of the total voting power there in .

Any director appointed by the central government shall not be required to hold any qualification shares nor shall his period of office be liable to termination by retirement of directors by rotation .Any such director may be removed by the central government from his office and another person may be appointed in his place.

Consent of candidate for directorship to be filled with Registrar

A person shall not act as director of a company unless he has, by himself or by his agent authorized in writing, signed and filed with the Registrar, consent in writing to act as such director within 30 days of his appointment. This provision shall not apply to a private company unless it is a subsidiary of a public company.

What are the funds a Healthcare entity may employ?

Funds
With the many restrictions resulting from donations, endowments, insurance company contracts, and government regulations for reimbursement, the activities of a health care provider have traditionally been accounted for using fund accounting. Health care entities employ two classes of funds:

1. General funds, which account for resources available for general operations, with no restrictions placed upon those resources by an outsider, and other exchange transactions including resources from government grants and subsidies, tax support, and reimbursements from insurance contracts.
2. Donor-restricted funds, which account for temporarily and permanently restricted resources.

This class is subdivided into:
a. Specific purpose funds, which account for donor-restricted resources temporarily restricted for current but specified operations.

b. Plant replacement and expansion funds, which account for resources temporarily restricted by the donor for the acquisition, construction, or improvement of property, plant, and equipment.

c. Endowment funds, which account for resources that are received to create permanently restricted endowments (whose income only may be expended) and temporarily restricted term endowments (whose principal eventually will become available for expenditure).

d. Other donor-restricted funds such as annuities, life income funds, or loan funds. Each fund consists of a set of self-balancing accounts designed to reflect activities within its domain. Although the new FASB guidance on accounting and financial reporting represents a shift away from fund accounting to an organization-wide perspective, health care organizations are expected to continue some form of fund accounting for internal management and reporting. Some may even choose to continue to include information on funds in the external financial reports. 

To demonstrate the organization-wide emphasis on accounting and financial reporting and to simplify the presentation, the following discussion assumes no fund structure.