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ACCT 422 SEU Income Taxable Accounting & Finances Worksheet

 

Course Name: Tax and Zakat Accounting Student’s Name:
Course Code: ACCT 422 Student’s ID Number:
Semester: 2 ND CRN:
Academic Year: 1443 H

 

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For Instructor’s Use only

Instructor’s Name: Dr. Ashfaque Ahmed
Students’ Grade:           /10 Level of Marks: High / Middle  / Low

Instructions – PLEASE READ THEM CAREFULLY

  • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
  • Assignments submitted through email will not be accepted.
  • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
  • Students must mention question number clearly in their answer.
  • Late submission will NOT be accepted.
  • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO No exceptions.
  • All answers must be typed using Times New Roman (size 12, double-spaced) No pictures containing text will be accepted and will be considered plagiarism.
  • Submissions without this cover page will NOT be accepted.

 

 

Assignment 2

 

 

 

 

 

 

Question No. 2

 

James Charles lives alone. His support comes from the following sources: (2 Marks)

Grand Father support Nil
Grand Mother support Nil
A-(his son) $5,200
B-(his brother) 8,400
C-(his daughter) 4,600
D-(a friend)   2,000
Total support $20,200

 

Assuming a multiple support declaration exists.

Required:

Which of the individuals may claim James Charles as a dependent? Support your answer with explanation

Answer:

 

 

 

 

 

 

 

Question No. 3

 

As per the company rule, discuss the requirements for staff welfare (meals/ food) provided by employers to be excluded from their employees’ income.

Required: How is the rule distinguished from these requirements? (2 Marks)

Answer:

 

 

 

 

 

 

 

 

 

 

 

 

 

Question No. 5

In your words, discuss why some fixed assets require alms to be paid while others do not.

Give suitable example to support your answer                                          (2 Mark).