ACCOUNTING BUSINESS


QUESTION 1


ANSWER: The total income or the total earnings of a company that is calculated on the authority of Generally Accepted Accounting Principle (GAAP) is known as accounting profit (Sedki, Posada and Pruske, 2018). Explicit costs like taxes, depreciation, operating expenses are calculated to evaluate the accounting profit of a business.
Taxes that are charged and collected from the profits of the business that is added with the actual income tax or the tax that is charged and collected from other incomes are known as tax profit (Okenwa, Francis and Abiahu, 2017). Various types of taxes that are charged on business profits other than income tax are capital gain tax, corporate tax, service tax, sales tax, perquisite tax, etc. and taxes charged on other incomes are wealth tax, professional tax, municipal tax, etc.
The temporary difference can be justified or defined as the difference between the rules that guide the financial account and tax account two vary in both protect accounting taxable income (Abdallah, 2017). The temporary difference can be of two types, they are- taxable temporary difference and deductible temporary difference.
The time gap between the pretax accounting and the taxable income of the current period, at that time it is not required to pay the actual estimated income tax and it also lowers the income tax payable it is defined as the taxable temporary difference (Trofimova et al. 2020). The deferred tax liability mainly arises from the difference in when the tax is accrued and when the tax is paid. It is generally defined as the difference between income tax payable and the accrual income tax.
The deductible temporary difference is just the opposite of taxable temporary difference as it compares between the income tax payable and actual estimated income tax of the current year. It is observed that in deductible temporary difference the income tax payable is higher than the actual estimated income tax of the current year.
Deferred tax asset is equivalent to the difference between income tax payable and actual estimated income tax (Farezin, Menegotto and Camargo, 2018). It is used for the purpose in future periods where it will bring the difference between the income tax payable and lower taxable income.
Deferred tax liability is the discrepancy between the rules of financial account and taxable account where the income tax payable is lower than the income that is evaluated on an accrual basis in the current period (Țînță, 2016).


QUESTION 2


ANSWER: Deferred tax assets are created but not perceived by the financial accounting statements, especially by income statements. It is created and recognized by the company to evaluate the income and expenditure of the company and to recognize and understand their tax rules on every period. Deferred tax asset is essential because it reduces the risk of the company’s tax liability to get increased in future (Prather-Kinsey, Boyar and Hood, 2018. It helps to keep a counterbalance between the depreciation on the asset and its future profit. There is always a contingency to create deferred tax assets because of the differentiation between the tax rules and financial accounting rules of assets and liabilities of the company (Florou, Kosi and Pope, 2017). It displays the income taxes that are overdue, which is completely unlike deferred tax liability.
Deferred tax liability on the other hand, always predicts to create adequate tax rules on the basis of the company’s tax payment for the future period. It is appraised on the support of the company’s forecasted tax rates which creates a difference between the financial accounting incomes before the taxes are calculated and taxable income of the company. Tax liability is perceived by the income statement as if it calculates the tax liability on the income and expenses of the current period and as it is not calculated on an accrual basis it will not be paid on the same period or year. The tax will be paid on the next period or year. It is perceived by the company by creating a difference in the financial accounting incomes which is calculated before taxes and the taxable income of the current period. It is deliberately extracting the amount by a sequence of balancing accounting adjustments because of the depreciation of the assets. The depreciation of these assets is creating a precise differentiation in accelerated depreciation method and straight-line depreciation method.

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Business Strategy A Case Study Of Primark

Business Strategy A Case Study Of Primark

Introduction
In this research, the researcher has incorporated with the various discussions related to the strategic management of an organization. Here, this can be stated that an organization has to face several challenges that are prevailing within the market. The market is highly competitive in nature and hence every company are focusing much on developing the marketing strategies that would enable them to cope up with the competition.
In this assignment, the researcher has considered the marketing strategy of the Primark. It is an organization, which deals with the trending fashion of both men and women. It is an Irish company having it’s headquarter in Dublin, Ireland. The company successfully operates in Belgium, France, UK, US, Austria, Ireland, etc. the company is now developing plans to introduce its products in India. As they are the new entrants in the market, they have to develop a well-defined marketing strategy.

About the Book

This is a solution of Business Strategy A Case Study Of Primark in which we discuss Business Strategy.

Introduction

In this research, the researcher has incorporated with the various discussions related to the strategic management of an organization. Here, this can be stated that an organization has to face several challenges that are prevailing within the market. The market is highly competitive in nature and hence every company are focusing much on developing the marketing strategies that would enable them to cope up with the competition.

In this assignment, the researcher has considered the marketing strategy of the Primark. It is an organization, which deals with the trending fashion of both men and women. It is an Irish company having it’s headquarter in Dublin, Ireland. More Know About:- Computer Software Assignment Help

The company successfully operates in Belgium, France, UK, US, Austria, Ireland, etc. the company is now developing plans to introduce its products in India. As they are the new entrants in the market, they have to develop a well-defined marketing strategy. 

Mission, vision, goals, objectives and core competencies of the company

In this section, the Mission, vision, goals, objectives and core competencies of Primark will be briefly discussed:

Mission of Primark

To serve their ordinary folks with the opportunity to purchase the products as rich people but at low prices.

Vision

  • To be the first choice of the customers
  • Grab the opportunity to be the market leader
  • Proper training to the employees
  • To operate being customer centric

Goals and objectives

  • Offer customers with low price products
  • New innovated products
  • To be the first choice of the customers
  • Make strong marketing strategies to be the market leader
  • Operate sustainably

Core competencies

Develop strategies that would help them to be the market leader and to pose high competition in the market. The competitors are mainly Pantaloons, Zara and H&M (Alexis, 2012, p.67).

Factors contributing strategic planning

There are certain factors that contribute to the strategic planning of the organization named, Primark. According to Sadler (2003), it can be stated that strategic planning is considered to be the stepwise and systematic process to develop the strategy for an organization (Bravo, 2010, p.65). It was further mentioned, that there are three issues that contributes to the strategic planning which are mainly the detachment from reality, lack of ownership and dampening of innovations. 

Figure 1: Issues in strategic planning

(Source: Created by Author)

It is very essential to overcome the issues and to make suitable plans that would develop brand image of the organization.  Five major factors contribute to the development of strategic planning are mainly the Engagement, Innovation, Culture, Communication and Project Management. The development in these factors would help in better strategic planning for Primark.

Figure 2: Factors contributing to strategic planning

(Source: Created by Author) 

Effectiveness of techniques used for strategic planning

There are certain techniques that would help the management to develop a well- defined marketing strategies. For instance, the command planning is only applicable for small business, which has a stable environment (Cohen, 2011, p.61).Read More About:- Computer Systems Development Assignment Help

On the other hand, another technique that would help in strategic planning is the directive planning is only applicable for the large organizations having stable environment. In addition, the top- level management is highly involved in this planning.

The third techniques are the emergent strategy planning. The Primark mainly makes the use of the emergent strategy planning, as it is only applicable for complex organizational environment and mostly performed by expert teams or corporate strategic department.

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