1. Explain the various financial statements like balance sheet‚ income statement‚ and statement of cash flow and owner’s equity with its advantages and disadvantages of preparing this statement with an example. INTRODUCTION Financial statements provide information of value to company officers and various external parties‚ such as investors and lenders of funds. Publicly owned companies are required to publish general-purpose financial statements that include a balance sheet‚ income statement
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this choice available. Most of the types of investment and finance available has strict conditions‚ this is why these entities choose what is available to them. These funds may flow through primary and secondary markets. The finance may be debt or equity. Who really knows the best decision for the flow of funds? These days there are so many options‚ but most have one common denominator. The bank. The financial system consists of funds flowing from surplus entities to deficit entities. These funds
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Equity Definition of Equity The term ‘Equity’ is used in various senses‚ out of many the main four senses in which the term is used are: - 1. Literal senses 2. general senses 3. roman senses 4. English senses. 1. Literal senses:- Its sole aim may be to do justice to the parties in a case characterized by a configuration of facts unlikely ever to be repeated in reality in the same or similar way. The literal meaning given to equity is “right” as founded on the laws
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October 7‚ 2012 “Equity does not destroy the Common law but assist it”. Explain the statement with reference to decided cases. Equity is a body of law that is found upon the principles of fairness and conscience. It piecemeal development took place over many years as a direct result of the injustices often caused by a strict application of the common law. However‚ equity does not destroy the common law but help
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FOUNDATION IN LAW – 2013 English Legal System Assignment Yong Suan Kai Question 1 (a) Briefly explain the history of the English common law prior to the Norman Conquest in 1066. (5 marks) (b) State the developments of the common law after Norman Conquest in 1066. (6 marks) (c) Explain the drawbacks of the common law system in England and Wales. (7 marks) (d) What are the effective developments that have taken place to overcome the problems faced by the common law
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provide the candidate with a broad understanding of the Sources of Laws of Kenya: The Constitution Legislation Delegated Legislation. Statutes of General Application in force in England on 12th August 1897. Substance of Common Law and doctrines of equity. African Customary Law. Islamic Law. Hindu Law. Judicial Precedent (Case Law). INTRODUCTION The term sources of law literally means where rues of law are found. This chapter describes the origins of the rules and principles which constitute
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commercial lawe.g : Codex‚Digesta and Pandectae‚institutiones | -Have statutes‚sometimes collected into codes.they have been derived more from an ad hoc process over many years .-rules developed through the judicial decision-making process | Existence of equity |
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account for the historical development of equity and consider (think about) the contemporary (existing) significance (implication) of equitable principles. In Roman mythology‚ Aequitas‚ also known as Aecetia‚ was the goddess of fair trade and honest merchants. Like Abundantia‚ she is depicted with a cornucopia‚ representing wealth from commerce. She is also shown holding a balance‚ representing equity and fairness. Aequitas is the source of the word equity‚ and also means "equality" or "justice"
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1. Outline the sources of Irish Law * History sources of law * Common Law * Equity Example of the many maxims: i. Those who seek equity must do equity. ii. Equity looks the intent rather than the form. iii. Those who come to equity must come with clean hands. iv. Equality is equity. * Legal sources of Law: There are five legal sources: a. Legislation (Statute Law) b. Subordinate Legislation c. The Irish Constitution 1937 (Bunreacht na hÉireann)
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Elizabeth Covington‚ who was sixty-five years old when her husband died‚ needed as much money as she could muster‚ decided to have a garage sale. Her husband had a baseball card collection but Elizabeth knew nothing about baseball or baseball cards. She displayed the cards along with many other items. Michael Ferrell‚ and eighteen year old‚ who lived in the neighborhood‚ attended the sale. What caught his eye was the baseball card collection and‚ specifically what appeared to be a 1952 Topps Mickey
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