|Francis Marion University | |Exposure of the Accounting Profession To Increasing Liability | |Response of the Profession | |
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to bring an action. The advice will be with the aid of decided cases where necessary. Area of Law and the Potential Defendant. In view of the facts given in this case‚ the name of the area of law under which Changwa can bring an action is in the tort of negligence. Accordingly‚ he must bring this action firstly against the pub manager for the cockroach found in the food. Secondly‚ the action must be brought against the manufacturers of the red wine. This is so because the pub manager is merely
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Limited Liability Partnership organization and to advise Mr. Tan on the business organization that is more likely to fit his needs for setting up a new consulting business. For this particular project‚ our group assumed that Mr. Tan used to be an accountant working for a big accounting firm and is now looking to set up a small accounting consultancy business. 1 Process Required to Setup Business Organization Below are the processes to setting up a partnership and a limited liability partnership
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an asset in return for periodical rental payments. While leasing of land‚ buildings‚ and animals has been known for a long time‚ the leasing of industrial equipment is a relatively recent phenomenon‚ particularly on the Indian scene. What are the Types of Leases Finance Lease v/s Operating Lease Finance Lease: The lease transfers ownership to the lessee before the lease expires The lessee can purchase the asset for a bargain price when the lease expires The lease lasts for at least 75 percent
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TRESPASS TO LAND BUKIT LENANG DEVELOPMENT SDN BHD v. TELEKOM MALAYSIA BHD & ORS [2012] 1 CLJ FACTS The plaintiff purchased a land from Oakfield Enterprises Sdn Bhd through a sale and purchase agreement dated 15 May 1996. The plaintiff was aware at that time of the presence of squatters on the land. Following the said purchase‚ the plaintiff commenced eviction proceedings against the squatters and succeeded in obtaining judgment where the court ordered that the squatters surrender vacant possession
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to Sinking or looting of ship businessman has to incur financial loss. It means the whole life atmosphere is full of uncertainties and risks. The need for gaining security from these losses brought insurance into existence. TYPES OF INSURANCE There are three types of insurance -: a) Life Insurance b) Fire Insurance c) Marine Insurance Life Insurance Life insurance originated for the first time in England on 18th June‚ 1583. On this day life insurance of Sh. William
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The limited liability partnership; A hybrid of two different forms of business organizations – the partnership and the company. The Limited Liability Partnership (LLP) was introduced as a new business entity in Singapore in 2005. Its definition under S14 of the Limited Liability Partnership Act (LLPA) shares a resemblance to S1 of the Partnership Act (PA): it comprises of two or more persons carrying on a lawful business in view of profit upon registration with the Accounting and Corporate Regulatory
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ETHNO RELIGIOUS CRISIS IN NIGERIA: CAUSES AND REMEDY. BY MUHAMMAD GAMBO ISGOGO HASSAN ADAMU MAKUKU UMAR HAMIDU ALIYU ABSTRACT Introduction Nigeria is no doubt a populous nation of over 88 million (1991 population census) but as at now Nigeria’s population is estimated to be above 120 million people of diverse ethnic groups and many religions. Its people are differently distributed in the 36 states that made up the nation. In addition to this‚ the nation is blessed with many economic potentialities
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CHAPTER 13 Current Liabilities and Contingencies ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Concept of liabilities; definition and classification of current liabilities. 2. Accounts and notes payable; dividends payable. 3. Short-term obligations expected to be refinanced. 4. Deposits and advance payments. 5. Compensated absences. 6. Collections for third parties. 7. Contingent liabilities (General). 8. Guaranties and warranties. 9. Premiums and awards offered to customers. Questions
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Classification of Assets and Liabilities in a Balance Sheet We all know that Balance sheet tells us the financial position of a business at a particular point of time. The accounting equation i.e. Assets = Liabilities + Capital forms lays the foundation for the preparation of Balance Sheet. Everything that the business owns are its assets. Alternatively‚ whatever amounts a business owes to outsiders become its liabilities. First let us see how these assets are to be classified. Current
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