This Is Solution to Chapter Problems and Key Concept...

Buckwold and Kitunen, Canadian Income Taxation, 2010-2011 Ed. CHAPTER 10 INDIVIDUALS: DETERMINATION OF TAXABLE INCOME AND TAXES PAYABLE Review Questions 1. Briefly explain the difference, for individuals, between net income for tax purposes and taxable income. 2. Explain the difference between an allowable capital loss and a net capital loss. 3. Describe the tax treatment of net capital losses. 4. Explain how a non-capital loss is created and how it is treated for tax purposes. 5. Is it always worthwhile to utilize a net capital loss or a non-capital loss as soon as the opportunity arises? Explain. 6. Is it possible for taxpayers to pay tax on more income than they actually earned over a period of†¦show more content†¦Net capital losses, therefore, may consist of the unused allowable capital losses of a number of years, and may be available for deduction in other years in arriving at the taxable income of those other years (see 3 below) [ITA 111(1)(b)]. R10-3. Net capital losses can be carried back three years and forward indefinitely from the year in which they were incurred. During the carry-over period, the net capital losses can be deducted in arriving at taxable income only to the extent that the taxpayer has realized net taxable capital gains (gains minus losses) for that year [ITA 111(1)(b), 111(1.1)].There is an exception to this rule for the year of death and the preceding year. In those two years, an individual may deduct net capital losses against all sources of income [ITA 111(2)]. R10-4. If, in a particular year, the aggregating formula for determining a taxpayers net income for tax purposes does not permit the full deduction of employment losses, business losses, property losses, and allowable business investment losses because there is insufficient income in that year, the unused portion is classified as a non- capital loss. 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Self Harm Depression And Alcohol Abuse Essay - 1316 Words

Self-harm, or parasuicide, is a deliberate injury inflicted upon oneself. Unfortunately, it is an issue primarily found in the younger population. Since it is difficult to clinically follow-up these cohorts due to their chaotic nature and constant geographic mobility (Sinclair, Hawton Gray, p. 247), the long-term consequences of an episode of self-harm are not well-known. In this paper, I will summarize the findings of researchers Sinclair, Hawton and Gray who found that the patients admitted in the hospital due to self-harm, after six years, have significantly higher mortality, higher morbidity and lower quality of life compared to the general population (p. 250). Moreover, I will elaborate my own one-year therapy plan that will be focused on tackling the main issues that contribute to the comorbidity of self-harm: depression and alcohol abuse. Lastly, I will look at another possible treatment involving community reinforcement. To start, Sinclair et al. conducted a study that follo wed an original cohort composed of a â€Å"representative sample of [150] self-harm patients presenting to one hospital in the UK.† The researchers gathered data on three occasions: first, at the entry to the study, then, after twelve to eighteen months, and finally, six years later. In order to track the participants, Sinclair et al. used the National Health Registers. Then, they contacted all living patients, inviting them to their follow-up study, and used primary and secondary case notes for theShow MoreRelatedAn Article On Self Harm Patients1301 Words   |  6 Pagessome feel that the best way to cope with these difficulties is by self-injury. It is a way that they believe makes them escape or feel better and it may seem wrong, but it’s important to understand what leads them to such extent and how we can solve it. 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Management Accounting Accounting Management Approach

Question: Discuss about the Management Accounting for Accounting Management Approach. Answer: Recommended technique: Total Quality Management (TQM): TQM is one of the most valuable, dynamic and comprehensive accounting approach that is used by the business firms for the overall success. In addition to this, it should also be noted down that, TQM is also employed as a strategic accounting technique that offers opportunities to the management accountants to bring continuous quality improvement practices and activities in a new innovative traditional manner. For instance, TQM is plays a key role in developing and creating new abilities and skills of management accountants (McWatters, and Zimmerman, 2015). Moreover, with the help of TQM, the accountants are able to take qualitative accounting/financial decisions for the overall success of their company by measuring non monetary and other aspects of their business such as: satisfaction of customers. For example, through TQM as an accounting approach, the accountants of Australian Pharmaceutical Industries (API) can satisfy the needs of key stakeholders by meeting the needs of customers. On the other hand, it is found that, TQM is also play a major role in bringing the development within the various functions and activities associated with the finance and accounting. For instance, by using TQM as accounting strategy, the management accountants can improve the financial situation of the company and improve their work performance on the regular basis (Drury, 2008). Reasons for Recommendation of Technique: The TQM approach/technique is recommend as one of the most effective and valuable method because by adopting this approach, the accountants of Australian Pharmaceutical Industries (API) can assume their role as leaders and satisfy organizational stakeholders. For example, the accountants would also be able to assume their roles and responsibilities of leaders in the process of implementation incessant improvements initiatives. For instance, the accountants would play supportive roles in enhancing the financial performance of the company. On the other hand, through TQM, the accountants of Australian Pharmaceutical Industries (API) can also convert cost accounting language to the customer language (Garrison, 2012). Moreover, TQM is also motivates and encourage the accountants to play key roles in the organizational strategic decision process effectively. It also develops skills, improve abilities of the accountants to enhance their knowledge in companys business operations and others important aspects of business. Furthermore, TQM would allow accountants to adopt innovative and dynamic tools in performing their key functions and roles. For example, with the help of TQM, the accountants can be able to produce customized financial and accounting reports on the basis of cost allocation formulas. At the same time, TQM would also provide strategic directions to the accountants about how to conduct accounting and financial functions more accurately by mainlining quality on the continuous basis. Hence, all these are the major regions that TQM approach is selected and recommended as accounting technique (Maher, Stickney and Weil, 2012). How the Technique will assist Management: The TQM as accounting technique would help the management of the Australian Pharmaceutical Industries (API) in different manner. For example, it would provide strategic directions to the management of the company about how to take specific decisions to improve organizational financial performance. In the same way, it would improve decision making abilities of the management. On the other hand, it would also suggest the management that how to bring continuous improvements and development within the current accounting/financial strategies, standards, principles and rules (Garrison, 2012). Furthermore, by using TQM, the management of the company can also identify and eliminate problems in the accounting processes and systems and take corrective actions to overcome upcoming issues or challenges in an effective and proper manner. For example, TQM would allow the management of the company to predict accounting and financial mistakes in advance. In the same way, through TQM, management can overcome the issues associated with the fraud and miss-presentation of financial information. Overall, it can be said that, the management of the organization would be able to improve economic strengths of the company through TQM (Shah, 2009). Potential Issues with Implementation and Integration into the MAS: A lot of issues or challenges can be faced by the Australian Pharmaceutical Industries (API) in the implementation and integration of TQM into the MAS. For example, the integration of TQM into the MAS would increase the operational costs of the company and may reduce the level of profit. Moreover, resistance of the workforce is another key issue that may also be faced by the company in the implementation of TQM into MAS. At the same time, it is also found that, this implementation may affect the current business strategies, processes, methods of doing business and create the situation of dissatisfaction within the organization. Moreover, the company may also face several security, and privacy issues. For case, there may be more chances that the hacker can use important information through MAS. So, it can be said that, there are several issues can be encountered by the organization (Adler, 2013). References Adler, R. (2013). Management Accounting. UK: Routledge. Drury, C. (2008). Management and Cost Accounting. USA: Cengage Learning EMEA. Garrison, (2012). Managerial Accounting 11E W/Dvd. USA: Tata McGraw-Hill Education. Maher, M.W., Stickney, C.P. and Weil, R.L. (2012). Managerial Accounting: An Introduction to Concepts, Methods and Uses. USA: Cengage Learning. McWatters, C.S and Zimmerman, J.L. (2015). Management Accounting in a Dynamic Environment. UK: Routledge. Shah, M. (2009). Management Accounting. USA: Ane Books Pvt Ltd.