The Relevance of Law to an Accounting Student

Only available on StudyMode
  • Topic: Estate, Will, Probate
  • Pages : 1 (304 words )
  • Download(s) : 6243
  • Published : January 15, 2011
Open Document
Text Preview
THE RELEVANCE OF LAW TO AN ACOUNTING STUDEN?

Law is relevant to an accounting student because it helps the student to understand the laws that governs Trusteeship, Executorship and Bankruptcy. In the area of Trusteeship it helps the student to understand the roles of the settler, trustee and the beneficiary. To understand who can appoint a trustee and what is required to make a Trust valid. It also helps the student to understand the difference between Trusteeship and other concepts. It helps the student understand the different classification of Trust and how Trust can be constituted and under which condition Trust can be set aside. It helps him/her to know the remedies for breach of Trust. It also helps the student to familiarize him/herself with cases for future references. But most importantly it helps the student to know the Laws that governs Trusteeship (Trust Act and Trust Law).

In the area of Executorships, the course helps the student to understand who executors are and who appoints them(Testator) and when this can be done(after the death of the testator). It also helps the student to understand how the executor can be appointed and what to be done should he/she die before he/she can perform his responsibilities or refuse the office of the executor. It helps the student to know how and who can apply for a probate whether there is a will or not. But most importantly it helps the student to familiarize him/herself with the Laws governing Executorship.

In the area of Bankruptcy, the course helps the student to familiarize he/herself with the Laws that governs Bankruptcy (Bankruptcy Act of 1979) and under which condition Bankruptcy is confirmed. It helps the student to be able to give good and sound advice to creditor and debtors.
tracking img