1. 

accounting items are treated differently in tax laws than these items are treated under accounting standards.

Let us take few examples of it-

• Depreciation under accounting may be calculated under various method like SLM, WDV, Unit of production.But in direct tax depreciation can be calculated as per MACRS method of depreciation.
• In accounting,IAS 16 allows company to have revaluation of asset but in tax laws,no asset can be revalued or impaired.This mean only actual profit and loss incurred during the period shall be allowed.
• Like wise we can take a example of various provisions, in accoutning the corporations are free to create provision for various employess benefits within the forcorner of AS's.However the tax laws does not allows any such provision.

Main reasons of differential treatment under both the framework are-

The main reason for differential treatment is unethical business practices by corporates and lack of funds in the government treasure.

If tax laws are made inline with the accounting standards then government may have no fund or very less fund (i.e cash collection from the taxpayers will be less).

Here the Framer of accounting standards and the framer of tax laws are different.Since each Act is enacted to have some public and government benefits,however the AS's are prepared to made the simplification and understandable format and items of financial statements.

In an overall conclusion it can be said that there is difference in treatment of different items in tax and accounting standard,as both are build on different concept,where the foundation of As's are on accrual,consistency and matching concepts.

2. Please use this google drive link to download the answer file.       

https://drive.google.com/file/d/1WiD1ykzWg3UGGcitCK716Xo0cUeIRelk/view?usp=sharing

Note: If you have any trouble in viewing/downloading the answer from the given link, please use this below guide to understand the whole process. 

https://helpinhomework.org/blog/how-to-obtain-answer-through-google-drive-link.

3. We have audited the accompanying balance sheet of Rockstar Acquisitions, LLC (the “Company”) as of December 31, 2016 and the related statements of operations, changes in members’ deficit, and cash flows for the period November 18, 2016 (Inception) through December 31, 2016. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform an audit of the Company’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Rockstar Acquisition, LLC as of December 31, 2016, and the results of its statements of operations, changes in members’ deficit, and cash flows for the period November 18, 2016 (Inception) through December 31, 2016 in conformity with U.S. generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 4 to the financial statements, the Company has sustained operating losses and needs to obtain additional financing to continue the development of their product. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 4. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

4. The Famous Apple inc. is one of the US based multi national company whose share is being listed in NASDAQ, where the shares are being traded among public . Its a listed company

The Apple company has concentrated on the technological production of laptops, mobile phone,s and hence it has got a high inventory level. Mainly concentrated on selling electronic products.