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- Thursday, March 30, 2017

FINANCIAL MANAGEMENT 2 BBPW 3203

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TABLE OF CONTENT


1.0       INTRODUCTION OF THE SELECTED COMPANY       
            1.1       Background for company one                                                            2
            1.2       Background for company two                                                            4

2.0       IDENTIFICATION OF THE COMPANY’S FINANCING SOURCES FOR
            THE YEARS 2012 AND 2013 FOR FARM’S BEST FOOD                       7
            2.1       Sources of Short-Term Financing                                                       7
            2.2       Intermediate-Term Financing                                                             8
            2.3       Long-Term Debt Financing                                                                9
           
3.0       IDENTIFICATION OF THE COMPANY’S FINANCING SOURCES FOR
            THE YEARS 2012 AND 2013 FOR KLCCP                                                11
            3.1       Short Term Financing Sources                                                           11
            3.2       Long-Term Financing Sources                                                           12
           
4.0       COMPARISON OF FINANCING SOURCES BETWEEN THE TWO
        COMPANIES                                                                                                    13

5.0       CONCLUSIONS                                                                                           19

            REFERENCES                                                                                              21




1.0              INTRODUCTION OF THE SELECTED COMPANY

1.1       Background for company one.
Farm's Best Food Industries Sdn. Bhd. was incorporated on 25th November 1989. It is a fully owned subsidiary of Farm’s Best Berhad, one of the largest poultry integrators in Malaysia. Farm’s Best Food Industries is a key company in the group’s poultry integration business.The group comprises a feed mill, parent stock farms and hatcheries, broiler contract farming, and live broiler marketing company as well as a poultry processing factory.

The board is led by Chairman - Zainal Bin Hj. Shamsudin, Kok Yong Fong as a Managing Director, Director and Member of Remuneration Committee, Chief Executive Officer, Kiah Yeow Fong as Director of Corporate Affairs & Financial Matters, Executive Director and Member of Remuneration Committee, Chief Financial Officer, Choon Kai Fong as Director of Administrative Matters and Executive Director, Chief Administrative Officer and also have three Non-Independent Non-Executive Directors. They are Mohd Khasan Bin Ahmad, Baharom Bin Abd. Wahab, and Peng Hay Ng. The board comprises a balance of members with experience in business and finance required for an effective and independent decision making at the board level. The chairman is responsible for the orderly conduct and working while the Managing Director is responsible for the management of the group as well as to implement policies and strategies adopted by the board. Farm's Best Berhad vision is ‘To hold their word "together we will build a better tomorrow".

Farm's Best Food Industries Sdn. Bhd. commenced operations in January 1996 after completing its RM50 million poultry and further processing plant at its 8½ acre site at Lot 37 & 38, Masjid Tanah Industrial Estate, 78300 Masjid Tanah, Melaka, Malaysia.

The processing plant has a built-up area of over 8,000 sq. ft. with facilities for poultry processing, further processing and warehousing of frozen products. The processing layout is based on a linear flow concept which involves complete separation of clean and dirty areas to prevent cross contamination. The poultry processing line has a capacity of 4,500 birds per hour and is capable of processing 70,000 birds per day. The products are processed and stored in a temperature controlled environment to ensure product quality. They are transported to the distribution centres or customers in the Company's  own fleet of dedicated refrigerated trucks.

The plant is also designed for resource recovery. It is equipped with a rendering plant to convert poultry waste like feathers, inedible offal and blood to useful offal-meal and feather-meal. Wastewater from the plant is treated in a fully automated wastewater treatment plant before discharge.

Financial Highlight
The Company’s Board composition was further strengthened with the new appointment of a Non-Independent Non-Executive Director. Necessary skill and experience to bring independent judgments to bear on the issues relating to strategy, performance and resources. Financial highlight are show as below for the years 2012 and 2013.


2012 (RM'000)
2013 (RM'000)
Total Revenue
6,361
6,733
Profit Before Tax
2,929
3,043
Total Asset
4,014
3,752
Shareholder’s Equity
261
661
Basic Earning/Loss Per Share (sen)
15.5
21.9
Gross Dividend Per Share (sen)
26.3
21.3

In the year 2013 group revenue was better when compared to the year 2012. This can be seen when group revenue reached RM6,733 million for the current financial year, representing a growth of 5.4% over prior year’s RM6,361 million. The company registered a profit before tax of RM3,043 million, against 2012’s RM2,929 million. Total assets held in the year 2013 however decreased from RM4,014 for 2012 to RM3,752 for the year 2013, which decrease of 11.8%. Farm's Best Food are pleased to announce a record set of results for 2013, testament to the vision of their Board and management team whose strategy of restaurant expansion coupled with aggressive marketing promotions and cost control initiatives has proved to be a winning formula.


1.2       Background for company two

KLCC Property Holdings Berhad (KLCCP) was incorporated as a limited company on February 7th 2004. KLCCP has a largely diversified real estate portfolio in the KLCC development including office buildings, a major shopping center and luxury hotel. KLCCP subsidiaries include Arena Johan Sdn. Bhd., Kompleks Dayabumi Sdn. Bhd., Merdu Arena Sdn. Bhd., Impian Cemerlang Sdn. Bhd., KLCC Parking Management Sdn. Bhd., Urusharta KLCC Sdn. Bhd., Asas Klasik Sdn. Bhd., And Suria KLCC Sdn. Bhd. For the year under review, KLCC Property Holdings Berhad (KLCCP) continued to be supported by long-term leases of the office segment. Total assets increased by RM11.6 billion at the beginning of the year to RM12.6 billion. Quality, prestige and strategic location of commercial properties made them as the most sought after address in Malaysia and also among the best known in the region and the world.

For development, the group also realizes that long-term viability of the solid and profitable performance based not only on revenue growth, but also on the effective management of costs. Therefore, the group continues the pursuit of optimal environmental operating costs in its effort to expand the pie corresponding income in the future. In persuit of sustainable growth, it is imperative that KLCCP Group continues to introduce new assets and "sweating" existing ones at a level that would enhance the value to shareholder value. The start of operations of Lot C office tower that was renamed PETRONAS Tower 3 of the year is expected to improve the Group's profitability to some extent. Other more, besides the improvement in demand for the hotel is dependent on a sustained recovery in the global economy.

Financial Highlight
Financial highlight for the KLCCP Group of the year 2012 and 2013 are shown below:


2012 (RM'000)
2013 (RM'000)
Total Revenue
866,000
870,000
Operating Profit
628,000
629,000
Profix Before Taxation
1,032,000
1,400,000
Profix After Taxation
837,000
937,000
Total Asset
10,640,000
12,640,000
Total Liabilities
3,158,000
3,130,000
Total Equity
6,821,000
7,510,000

In the year 2013 total revenue increased by 14.2% which was recorded at RM870,000 million compared to last year's RM866,000 million. The total of operating profit it is increase 0.16% only for the year 2013 of the amount earned RM628,000 million in year 2012. For profit before taxation in 2013, the total increase was 14.16% to RM128 million and a high number compared to previous year's RM1032,000 million. Despite the economic downturn, profit after taxation increases by 17.39% from the year 2012 which it is RM837,000 million on the back of sustained revenue and cost containment success. For total assets, the KLCCP very proud of the high performance of the total assets of RM12,640 million or 6.62% in 2013 compared with previous years, only about RM10,640 million. Total liabilities are reduced by RM 28 million or 0.89% in 2013 compared to RM3, 158 million in 2012. This is because in year 2013, the company is capable of managing money by using resources more effectively. While the total equity increased to RM7,510 million in 2013 compared to RM6,821 million in the previous year. The total increase 10.1%.



2.0              IDENTIFICATION OF THE COMPANY’S FINANCING SOURCES FOR
THE YEARS 2012 AND 2013 FOR FARM’S BEST FOOD

To meet the requirements of the question, I must identify and analyze all sources of financing used by the company Farm's Best Food in business since 2012 and 2013. Companies use several types of funding sources to meet their requirements equity. For the company, it is to use the long-term funding sources of short, medium and long term financing. Therefore, the short-term funding is mainly used as a tool to finance accounts receivable and stockpiling.

Loans are borrowings that a corporation obtains from a bank. Most firms use bank loans as a major source of financing after trade credit. A short-term loan is a debt for which the repayments are scheduled. Short-term loans are often used to raise cash for cyclical inventory needs, accounts payable, and working capital. The loan can be divided into two basic categories. These are secured and unsecured loans. However for short-term financing are used by Farm's Best Food can be categories into two basic forms. It is known as spontaneous financing (accruals and accounts payable) and non-spontaneous (bank loans and commercial papers) and one more categories as an alternative sources of financing like factoring, accounts receivable financing, inventory financing and others.

2.1              Sources of Short-Term Financing
Spontaneous sources of funding come from the normal operations of the company, especially accruals and payables. Accruals are a form of short-term funding spontaneous. Accrued liabilities for services received for which payment has not been made yet. An account on the other is a form of financing generated credit purchases and represents the main source of unsecured short-term funding. For 2012 as a spontaneous regularization and accounts payable recorded RM275, 424 million compared to 2013, it increased to RM321, 187 million. Percentage increase is 16.6%. This type of financing is unsecured and does not require the pledge of specific assets as collateral. In addition, Farm's Best Food also has the financial resources of lending and borrowing from a bank.
Short term loans are used to raise funds for the needs of the cyclical inventory and working capital. Total loans and borrowings of the year 2012 decreased by RM43,064 million and unsecured loans of about 5.7% over 2012, totaling RM75,111 million amount. Bank loan is divided by two categories namely secured loans and unsecured loans. Secured loans for 2012 is RM32,000 million and RM43,111 unsecured loans million. 2013 Farm's Best Food consists only of unsecured loans. Example of the debt is in the form of loans where it is because Farm's Best Food still has the financial resources of the past and use the profits last year as working capital guaranteed. In addition, many needs were purchased in 2012. Thus, in the short-term debt framework in 2013 will be reduced. Employee benefits in 2013 decreased by 35.63% compared to 2012 was RM623,000. While tax liabilities in the year 2013 is RM12,159 million. Total short-term financial resources for 2012 and 2013 can be seen in the table below:

Short-term sources
2012 (RM'000)
2013 (RM'000)
Payables and accruals
275,424
321,187
Loans and borrowing
75,111
32,049
Employee benefits
623
401
Current tax liabilities

12,159
Total of short term sources
351,158
365,796


2.2       Intermediate-Term Financing
Intermediate-term financing is self-liquidating and is thus similar to short-term financing. However, the Intermediate-term financing can meet ongoing funding requirements. In addition, it can serve as a temporary substitute for long-term financing. The banks tend to grant long-term loans for the period of maturity 3-5 years, while insurance companies are willing to make longer-term loans. The most important use of medium-term financing to provide credit where expected cash flows for companies such as the debt may be to retreat steadily over a period of several years. For the company, the intermediate term loans are the use of facilities and equipment of the plant, especially when buying new machinery. This can be used to increase working capital when the cost of a public offering of bonds and stocks are high. However Farm's Best Food only use term loan sources. Term loans or known as a lending and borrowing for fiscal 2013 decreased by 40.7% that was recorded at RM11,590 million compared to 2012, which amounted to RM19,544 million. Net of loans and borrowings of the year 2013 is approximately RM7,954 million. Ready to medium term can be considered as below:

Intermediate-term sources
2012 (RM'000)
2013 (RM'000)
Loans and borrowing
19,544
11,590
Total of short term sources
19,544
11,590

Advantages of using term loans are the borrower can take a term loan in such a way that the economic life of the asset being financed generates enough cash flow surplus to service the loan without putting any additional financial burden on the borrower.

2.3       Long-Term Debt Financing
In addition, the company Farm's Best Food also use long-term debt funding. Long-term debt financing is the most popular form of external financing. Long term loans are debt instruments, which are arranged when the calendar loan repayments and estimated useful lives of such assets acquired building, land, machinery, equipment and shelves should exceed one year. Long term loans are normally secured, first by the new assets purchased and then by other unencumbered physical assets of the business. The lender will expect the borrower to have the appropriate insurance to protect assets. For Farm's Best Food, a list of funding sources that are under long-term loan in 2012 and 2013 can see as below:

Long-Term Loan
2012 (RM'000)
2013 (RM'000)
Loan and borrowing
46,400
72,797
Deferred tax liabilities
31,602
32,940
Employee Benefit
3,313
3,099
Total Long-Term Loan
81,315
108,836

The table can be seen on the total loan of 2012 and the loan is RM65,944 RM46,400 million, but only classified as long-term loan. This is due to RM19,544 million is based on the loan period and loan repayment is intermediate between 3 to 5 years. Similarly, for 2013, a loan only registered long term RM72,797 million of total RM84, 387 million. This is also due to RM11,590 million maturing in no more than 5 years. There was a long-term loan increase in 2013, about 56.89%.

Loan and mortgage loans are getting goods to the bank as the lender using a loan to buy a structure like to buy office building and finance home purchases. A mortgage is guaranteed, an asset that supports the loan. Mortgage loans have a maturity of 15 to 30 years and therefore considered long-term financing. Therefore, this type of loan usually carries a lower interest rate compared to a loan equivalent risk with no guarantees. For deferred tax liabilities, which include property and equipment, land and revolution in the construction of it was recorded at RM32,940 million in 2013 and RM31,602 million in 2012. The total liabilities of Deferred tax increased by 4.23% in 2013, where the total increase was RM1,338 million. A company also get the benefits of resources or pension funds. For 2013, total loans of pension funds is a decline of 6.46% to RM3,099 million compared to 2012, it registered a total of RM3,313 million, where it is reduced of about RM214 million. This reduction occurs because Farm's Best Food has received a large amount of loans by the bank to which a mortgage. However, there are also disadvantages when the mortgage if the borrower files needed to make the payments on the mortgage, lenders can take possession of the property.



3.0              IDENTIFICATION OF THE COMPANY’S FINANCING SOURCES FOR
THE YEARS 2012 AND 2013 FOR KLCCP

After detail analysis, all sources of financing KLCCP are in short and long-term sources only. Intermediate-term resources are not available in this company because construction in which the time and maturity a source is more than ten years.

3.1              Short Term Financing Sources

Sources of short-term
2012 (RM'000)
2013 (RM'000)
Trade and other payables
194,117
175,111
Borrowing
408,510
194,432
Taxation
5,468
8,281
Total of short term sources
608,095
377,824
           
The table can be analyzed as short-term funding sources available in this corporation is spontaneous trade finance and other payable with totally RM194,117 million in 2012 and RM175,111 million in the year 2013. Among the objects found in other payables are trade payables, rent deposits and interest margins to pay and the cost of profit sharing that commonly known as trade credit. In addition, the company also uses non-spontaneous funding sources that borrow from the bank. Total short-term borrowings for 2012 are RM408,510 million which is higher than 2013, which only committed a loan of RM194,432 million. Short-term financing or loan is used as a tool to finance accounts receivable and for the constitution of stocks in the company. However, for short-term borrowings of KLCCP it has only secured loans which means it is a form of debt to which specific assets were commitment to guarantee payment. Loan include private debt RM145,885 million in 2012 and RM166,432 million for 2013. For the other ready to run which he is registered RM262,625 for 2012 and RM28 million for 2013. Total long-term loans in 2013 was reduced to RM234.625 million drops 89.33% compared to the previous year. This is because the company had to add inventory and loans mature by the end of 2012. Thus, as part of this, it will minimize the short-term debt with banks. In addition, the tax charge increased in 2013 to a total 51.44% compared to 2012 where it is recorded RM5,468 million. Taxation: the total amount of tax that a group is legally obligated to pay an authority following the occurrence of a chargeable event.

3.2              Long-Term Financing Sources
In addition, for long-term financing companies also obtain advances from financial sources of total business loans as other loan liabilities for 2012 is RM49,338 and RM111,515 million for the year 2013. It decreased 58.76% in 2013 if compared with previous years. The progress of a corporate shareholder are unsecured with the repayment period of 15 years at a rate of 5.50% interest. Of unsecured means is promise to pay a debt. Loan is willing to negotiate and by the financial director of the company. The company also makes long-term loans to cover construction that takes a long time, more than ten years to complete a project. Normally long-term loans secured by first building the new assets or assets of the purchased company. The useful life of the asset is directly reflected in the depreciation schedules including equipment purchased will appear in the section on long-term assets. Total long-term debt in 2013 increased to RM1,874.632 million which was an increase of 11.65% over the previous year in which a difference of RM195,567 million occurs. Increase the amount of this loan is due to its high capital needs for the purchase of new machines for use in ongoing development projects. However, in the long run lead to higher long interest rates than short-term loans because the lender assumes a higher risk due to exposure to longer periods of security that may lead to loan default.

RM37,663 loan stocks for 2012 and for the loan is RM33,634 2013. stock shares issued by a company in exchange for a loan, but has no guarantee or warranty. Two types of loans are available unsecured loan stock and convertible debt. However, for the company are the use of unsecured loan stock that is similar to unsecured loans to individuals. Deferred tax liabilities for 2012 and for 2013 million RM721,529 RM794,815. Deferred tax liabilities now means an account on the balance sheet of a company that is a result of temporary differences between accounting and tax accounting for the values ​​of the company to pay for the current year. This responsibility can or cannot be achieved in a given year, which makes it appropriate deferred status. List and differentiate long-term sources for 2012 and 2013 may refer to as below:

Long-term sources
2012 (RM'000)
2013 (RM'000)
Other long-term liabilities
111,515
49,338
Long term borrowing
1,679,065
1,874,632
Loan stocks
37,663
33,634
Deferred tax liabilities
721,529
794,815
Total of long-term sources
2,549,772
2,752,419



4.0              COMPARISON OF FINANCING SOURCES BETWEEN THE TWO
COMPANIES

Comparison between the two companies in 2012 and 2013.
COMPANY /
TYPES SOURCES

FARM'S BEST FOOD
KLCC PROPERTY HOLDINGS BERHAD (KLCCP)


SHORT TERM SOURCES

Farm's Best Food obtain a source of debt and accruals. Accruals are a form of short-term funding spontaneous. For 2012, as a spontaneous and accounts payable accruals recorded RM275,424 million compared to 2013, it increased to RM321,187 million. Percentage increase was 16.6%. These spontaneous funding sources also have no explicit cost attached to them. Therefore, these types of financing are becoming more Farm's Best Food obtain a source of debt and accruals. Accruals are a form of short-term funding spontaneous. For 2012, as a spontaneous and accounts payable accruals recorded RM275,424 million compared to 2013, it increased to RM321,187 million. Percentage increase was 16.6%. These spontaneous funding sources also have no explicit cost attached to them. Therefore, these types of financing are becoming more attractive to businesses for the daily operations. This type of financing is unsecured and does not require the pledge of specific assets as collateral. In addition, Farm's Best Food also the financial resources of lending and borrowing from a bank.

Short term loans are used to raise funds for the needs of the cyclical inventory and working capital. Total loans and borrowings of 2013 decreased by RM43,064 million and unsecured loans of about 5.7% over 2012, totaling RM75,111 million amount. Bank loan is divided by two categories namely secured loans and unsecured loans. Secured loans for 2012 is RM32,000 million and RM43,111 unsecured loans million. 2013 Farm's Best Food only consists of unsecured loans. Employee benefits in 2013 decreased by 35.63% compared to 2012 is RM623,000. While tax liabilities in 2013 is RM12,159 million.
The short-term sources of funding available in this society is spontaneous trade finance and other payable with totally RM194,117 million in 2012 and RM175,111 million in the year 2013. Among the objects found in other payables are trade payables, rental deposits and interest margins to pay and the cost of profit sharing that commonly known as trade credit. A company also utilizes non-spontaneous funding sources that borrow from the bank. Total short-term borrowings for 2012 are RM408,510 million which is higher than 2013, which only committed a loan of RM194,432 million. Short-term financing or loan is used as a tool to finance accounts receivable and for the constitution of stocks in the company. However, for short-term borrowings of KLCCP it has only secured loans which means it is a form of debt to which specific assets were commitment to guarantee payment. Taxation: the total amount of tax that a group is legally obligated to pay an authority following the occurrence of a chargeable event. It can be calculated by applying the appropriate tax rate to the tax base of the taxable event.

INTERMEDIATE-TERM SOURCES

Medium-term financing is self-winding and is similar to the short-term financing. The banks tend to grant long-term loans for the period of maturity 3-5 years, while insurance companies are willing to make longer-term loans. For the company, the intermediate term loans are the use of facilities and equipment of the plant, especially when buying new machinery. This can be used to increase working capital when the cost of a public offering of bonds and stocks are high. However Farm's Best Food only use term loan sources. Term loans or known as a lending and borrowing for fiscal 2013 decreased by 40.7% that was recorded at RM11,590 million compared to 2012, which amounted to RM19,544 million . Net of loans and borrowings of the year 2013 is approximately RM7,954 million.

















                  None


LONG-TERM SOURCES

Long term loans are debt instruments, which are arranged when the calendar loan repayments and estimated useful lives of such assets acquired building, land, machinery, equipment and shelves should exceed one year. Long term loans are normally secured, first by the new assets purchased and then by other unencumbered physical assets of the business. For the total amount of lending and borrowing in 2012 is RM65,944 RM46,400 million, but only classified as long-term loan. This is due to RM19,544 million is based on the loan period and loan repayment is intermediate between 3 to 5 years. Similarly, for 2013, a loan only registered long term RM72,797 million of total RM84, 387 million. This is also due to RM11,590 million maturing in no more than 5 years. There was a long-term loan increase in 2013, about 56.89%.

Loan and mortgage loans are getting goods to the bank as the lender using a loan to buy a structure like to buy office building and finance home purchases. For deferred tax liabilities, which include property and equipment, land and revolution in the construction of it was recorded at RM32,940 million in 2013 and RM31,602 million in 2012. The total liabilities of Deferred tax increased by 4.23% in 2013, where the total increase was RM1,338 million.

A company also get the benefits of resources or pension funds. For 2013, total loans of pension funds is a decline of 6.46% to RM3,099 million compared to 2012, it registered a total of RM3,313 million, where it is reduced of about RM214 million.
For long-term financing companies also obtain advances from financial sources of the total loan of the company for 2012 is RM49,338 and RM111,515 million for 2013. It is down 55.76% for the 2013 if compared with previous years. The progress of a corporate shareholder are unsecured with the repayment period of 15 years at a rate of 5.50% interest.

The company also makes long-term loans to cover construction that takes a long time, more than ten years to complete a project. Normally long-term loans secured by first building the new assets or assets of the purchased company. Total long-term debt in 2013 increased to RM1,874.632 million which was an increase of 11.65% over the previous year in which a difference of RM195,567 million occurs. Increase the amount of this loan is due to its high capital needs for the purchase of new machines for use in ongoing development projects. RM37,663 loan stocks for 2012 and RM33,634 for the next year.

Stock loan is shares issued by a company in exchange for a loan, but has no guarantee or warranty. Deferred tax liabilities for 2012 and for 2013 million RM721,529 RM794,815. This responsibility can or cannot be achieved in a given year, which makes it appropriate deferred status.



5.0       CONCLUSIONS

Farm's Best Food though a newly established company but no doubt has a high potential in the field of food production. The board includes a balance of members with experience in business and finance necessary to support effective and independent decision at the board of directors. For the development of business, corporate social responsibility of Farm’s Best Food is an integral part of the business day to day. It is a constantly expanding evolution stage that covers a wide range of areas. For financial highlights, the Board considers that the number and composition of the current Board members are sufficient and well balanced for society to function effectively. KLCC Property Holdings Berhad (KLCCP) was incorporated as a limited company on February 7th 2004. KLCCP owns a property portfolio largely diversified in the KLCC in construction and development. For development, the group also realizes that long-term viability of the solid and profitable performance based. Financial Highlights for KLCCP group is better than 2012. All sources are used efficiently.           

Farm’s Best Food Company use several types of funding sources to meet their capital requirements for the years 2012 and 2013. For now, it is to use short-term funding sources, medium-term and long-financing term. Therefore, the loan can be divided into two basic categories. These loans are secured and unsecured. The short-term funding is mainly used as a tool to finance accounts receivable and stockpiling. Loans are loans that a company gets from a bank. Medium-term financing is self-winding and is similar to the short-term financing. However, the medium-term financing can meet ongoing funding requirements. The banks tend to grant long-term loans for the period of maturity 3-5 years. In addition, the company Farm’s Best Food  also use long-term debt funding. Long-term debt financing is the most popular form of external financing. Long term loans are debt instruments, which are arranged when the calendar loan repayments and estimated useful lives of the assets acquired.

In KLCC Property Holdings, sources are use is a short term loan and long-term loans. The table can be analyzed as short-term sources of funding available in this society is spontaneous trade financing and other liabilities, short-term borrowing or financing is used as a tool to finance accounts receivable and for the business inventory constitution. In addition, it also includes tax is the total amount of tax that the group is legally obligated to pay an authority following the occurrence of a chargeable event. In addition, for long-term financing companies also obtain advances from financial sources of loans for business loans with a total of in other liabilities. The company also makes long-term loans to cover construction that takes a long time, more than ten years to complete a project. Deferred tax liabilities now means an account on the balance sheet of a company that is a result of temporary differences between accounting and tax accounting for the values ​​of the company to pay for the current year. The difference in the source between the two companies is very important. This is because the shape or the types of resources available depends on the amount of capital required and the shape of the company. Company for loans to long-term consumption is less than the construction company. Construction company requires a large capital to cover the cost of the project therefore require a long period for the purchase of machinery and equipment as well as construction.


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REFERENCES
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