Elijah is a lawyer who works in Singapore. He is single and lives in Singapore with his
parents. Until April 2018 his work did not involve travel. At that time,he accepted an offer
from Legal Ease, his employer, to travel temporarily to Australia to provide legal advice to
large numbers of former residents of Singapore setting up businesses in Melbourne,
Adelaide and Hobart. Elijah enters Australia on 25 April 2018. He intends to spend three
months travelling between the three cities, staying in various motels. Legal Ease asks
him towards the end of the three months to take up a position in Hobart for a further nine
months. In early July, he leases a serviced executive apartment for nine months near his
workplace in Hobart. The apartment is his home base during his stay in Australia. He
freights more clothing and some personal effects to Australia. Elijah’s parents visit him on
two occasions. Although based in Hobart, his commitments require some limited travel.
On average, Elijah travels at least once a week to meet clients outside Hobart.
Required:
Advise Elijah whether he is a resident of Australia for tax purposes
In your response give reasons and refer to sections of legislation and cases, where
relevant.

International Trade

Think of the importance of trade in your life. Look simply at what you’re wearing today. When you shop, do you look for the “Made in the USA” label? Perhaps you believe we might be better off as a nation economically if we produced more goods in the attempt to become more self-supportive. Perhaps you believe we should increase the amount of goods traded internationally. Opinions and speculation vary as much as the number of economists that predict economic climate. Having said this, as a nation, simply put, we trade. And with that activity come many rules and regulations to try and ensure our best interests are protected. Based on this;

How is international trade regulated? Log on to www.wto.org and click the “Trade Topics” tab to learn about the scope of trade agreements and trade controversies. What is involved in “trade agreements”? Explain in detail.

Log on to www.bea.gov and view the “International” tab, then “Trade in Goods and Services.” What is the current balance of trade for the United States? Has this balance been increasing or decreasing? Based on the current economic conditions, how do you thing this balance will move in the near future, and why? Explain in detail.

**Provide a different answer than previous answers of this same question. Answer in minimum 250 words**

France stands as one of the world's leading economic powers, possessing large agricultural, industrial and service sectors. France operates a mixed economy that combines capitalist and socialist characteristics. Capitalism involves private ownership of capital and other means of production. Under socialism, the government directs economic activity and owns all or part of most industries. Despite extensive reforms over the years that have reduced government intervention in the economy, the French government still exercises great control over the economy, owning shares in many of the country's largest companies.

Quick Facts:

• French Republic
• Capital: Paris
• Population 63.5 million
• Area 543,965 sq km (210,026 sq miles)
• Major language French
• Major religion Christianity
• Life expectancy 78 years (men), 85 years (women)
• Currency Euro
• President: Emmanuel Mac

How does the French anti-globalization movement make sense given their culture and economic system? Why?

• How do these article relate other countries with anti-globalization sentiments like Great Britain, India, and the United States or do they?
• What current economic and cultural influences will effective globalization in the near future? Are these factors going to have a positive or negative effect? Why?
• In your opinion, is globalization beneficial?

This problem summarizes typical transactions engaged in by not-for-profit organizations.

The American Association for Freedom, a political think tank, was recently established. During its first year of operations it engaged in the following transactions and was affected by the following events (in summary form):

1. It received a $10,000,000 endowment contribution, all in stocks and bonds.

2. It received $3,000,000 in additional contributions, all restricted for its educational programs and $2,300,000 in unrestricted contributions.

3. It acquired $800,000 in furniture, fixtures, and equipment, all of which have an expected useful life of 10 years.

4. It recognized depreciation on the furniture, fixtures, and equipment, purchased earlier in the year.

5. It spent $2,400,000 on educational programs.

6. It earned $300,000 in interest and dividends on its endowment investments.

7. By year-end the value of its investments had appreciated by $600,000.

8. It incurred $1,300,000 in administrative expenses.

9. Near year-end it received a pledge of $4,500,000, to be fulfilled in three annual installments of $1,500,000 beginning in one year. The Association determined that a discount rate of 6 percent was appropriate.

a. Prepare journal entries to record these events and transactions. Be sure to indicate the fund-type in which the entry would be made. Use the terms without donor restrictions or donor restrictions in each journal entry.

1) Match the terms with their correct definitions.
___ Organization

___ Manager

___ Managing

___ Management process

___ Human resource management

a) Someone who is responsible for accomplishing the organization’s goals

b) Consists of people with assigned roles who work together to achieve goals

c) The five basic functions of planning, organizing, staffing, leading and controlling

d) To perform five basic functions: planning, organizing, staffing, leading and controlling

e) Acquiring, training, appraising, and compensating employees

2-Match the terms with their correct definitions.
___ Planning
___ Organizing
___ Staffing
___ Leading
___ Controlling
a) Getting others to get the job done, and motivating subordinates
b) Selecting employees, and setting performance standards
c) Giving each subordinate a specific task; establishing departments
d) Establishing goals and standards, and developing rules and procedures e) Setting standards, and taking corrective action as needed

3- Which is NOT what a manager should know about? a) Marital status and near-future vacation plans
b) Equal opportunity and affirmative action
c) Employee health and safety
d) Handling grievances and labor relations

4- Does Human Resource Management help improve profits and performance? why if yes ?

5- Should human resource management be involved in ethics? Why?

Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces that make economies work to search for their market equilibrium. The impact of COVID-19 is an unprecedented event that affects the global economy. In the article, the overall retail sales dramatically dropped by 34.8%, with jewellery and luxury goods drop of 67% but supermarkets increase of 12%, in the first five months of 2020. However, online-based consumption, like demand for food delivery, online education (Zoom), stay-at-home activities and online grocery shopping surged dramatically since the outbreak of pandemic.

1) Based on your learning in Microeconomics, explain how COVID-19 has a favourable and an adverse impact in today’s situation, with aids of diagram “Market Forces of Supply and Demand” and “Elasticity”.

2) Illustrate with TWO real examples (one favourable and one adverse impact) in the retail industry in Hong Kong or Mainland China or your country to show your understanding and application of supply and demand as well as elasticity.

3) Principle 6 of Economics states, “Markets are usually a good way to organize economic activity”. Hopefully COVID-19 will end some time in the near future. Predict how the retail industry would become in the economy with the aftermath of the pandemic.

You are the manager in charge of the audit of Burning Limited (“Burning”). Burning is a private company engaging in the production of furniture products. The management of Burning is considering the listing of the company to the Hong Kong Stock Exchange (“HKEX”) in the near future and has asked your accounting firm to submit a proposal for appointment as Burning’s reporting accountant.

The management has asked your accounting firm to include the following clauses in the proposal:

1. Your firm agrees to offer a flexible fee structure of HK$4,000,000, payable in four equal instalments with the last instalment only payable upon successfully listing the shares of Burning to the HKEX;

2. Your firm agrees not to charge for any additional work that might be found necessary during the listing exercise;

3. Your firm agrees to participate in the Burning road show with the sponsors, and assist the management to respond to questions from institutional investors on Burning’s financial matters; and

4. When conducting the exercise, your accounting firm will work on information to be provided by the management of Burning and will complete the work as quickly as possible with minimal questions / issues to be raised.

Required:

1. Discuss what “independence of mind” and “independent in appearance” are.

2. Comment on the potential issues regarding your firm’s proposal to Burning serving as the reporting accountant, and how you would explain to the management of Burning that the proposal has to be revised.

The consolidated financial statements of EFGH Ltd and OP Ltd were presented to the Board. The Board is alarmed that the economic entity’s balance sheet (consolidated balance sheet) shows a deferred tax balance when the accounts for EFGH Ltd had no deferred tax asset or deferred tax liability. EFGH management is also planning to acquire another entity XYZ Investments Ltd in the near future. Management pointed out to the Board that on the acquisition, the financial results of this new subsidiary (XYZ Investments Ltd) will also be consolidated in the economic entity financial statements. One of the Board members noted that the new business to be acquired by EFGH Ltd is an investment company. Its financial statements should not be consolidated because it is involved in the investments industry, whereas all of the other companies in the economic entity are involved in the retail industry.

Required: As the financial accountant you are requested to prepare a response to the following questions:

(a) Why does the economic entity have a deferred tax balance?

(b) Should the financial statements of proposed acquired business, XYZ Investments Ltd, be consolidated into the economic entity and why?

(Please note that in your response you must make reference to relevant paragraphs of the Accounting Standard and/or AASB Framework and to other sources of material(Australian), 600 words.)

Typically, if investors expect to stay in the house or will pay off the loan in the near future (say, in less than 5 years), should they pay the discount points in exchange for lower monthly payments? (Hint: see the real world application example that we went through in class)

A. Yes, they should pay the discount points

B. No, they should not pay the discount points

19. During the early years of an amortizing mortgage loan, the lender applies

A. Most of the monthly payment to the outstanding principal balance.

B. All of the monthly payment to the outstanding principal balance.

C. Most of the monthly payment to interest on the loan.

D. All of the monthly payment to interest on the loan.

E. The monthly payment equally to interest on the loan and the outstanding principal balance.

What is loan servicing?

A-Loan servicing is the process of the lender making a loan to a borrower. This term

is only used in regards to mortgages.

B-Loan servicers are the people in an investment bank who packaged together many

mortgages into an MBS for selling to investors.

C-Loan servicers did the pre-qualifying of potential borrowers as commercial banks

could not keep up with the demand.

D-Loan servicers collect monthly payments and manage the paper work associated

with a loan, usually keeping a portion of the payments received.