INTENTION We would first need to establish if there is a valid and legally binding contract formation between Iris (“the offeror”) before deciding on the likely outcomes for the parties. A proper contract constitutes an offer‚ an acceptance‚ the provision of a consideration of value and parties’ intention to legal relations. There was no depute as to the presence of a valid offer because Iris did indeed make an offer to sell the piano for a specific price and its terms i.e. keeping the offer open
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Exam 1 Highlights * The leading cause of death in children younger than 19 is unintentional injuries. * 6 elements included in the process of developing cultural competence are: * Working on changing one’s own world view through examining one’s own values and behaviors and striving to reject racism and institutions that support it * Becoming familiar with core cultural issues by recognizing these issues and exploring them with patients * Becoming knowledgeable about
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BMAN10621(B) Two Hours Answer Sheet to be provided UNIVERSITY OF MANCHESTER FUNDAMENTALS OF FINANCIAL REPORTING 25 January 2011 09:45 – 11:45 Attempt ALL questions in SECTION A (WITHHELD) (Enter your answers for this section on the multiple choice sheet provided) And attempt the COMPULSORY question in SECTION B And attempt the COMPULSORY question in SECTION C Electronic calculators may be used‚ provided they cannot store text PTO Page 1 of 5 BMAN10621(B) Section A (25
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Section A Under Case Study (Newspaper) HB Global 1. Types of audit opinion Qualified opinion * A qualified opinion report can result from a limitation on the scope of the audit or failure to follow generally accepted accounting principles Adverse opinion * It is used only when the auditor believes that the overall financial statements are so materiality misstated or misleading that they do not present fairly the financial position or results of operations and cash flows in conforming
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CHAPTER 2 21. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings. c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have been specified in detail in the FASB conceptual framework. 22. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users’
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of the times‚ people find it difficult to understand the various accounting Concepts. In this coursework‚ I shall analyze these concepts and explain them. First of all I shall discuss the materiality concept. WHAT IS MATERIALITY? Authoritative accounting bodies in the USA such as Financial Accounting Standard Board (FASB)‚ Securities and Exchange Commission (SEC)‚ General Accounting Office (GAO)‚ American Institute of Certified Public Accountants
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Introduction 2 Fundamental 2 Background 3 Prepayment 3 Accrual 3 Income Statement 6 Balance Sheet 8 Trend Profit 9 QUOTES THEORY‚ INTRO‚ TABLE OF CONTENTS Introduction The purpose of this report is to identify the items that may result in adjusting entries for both prepayments and accrual by looking at the trial balance and income statement. Furthermore‚ analyzing the historical summary of financial is to know the trend for profit or loss of the company assets. Fundamental First
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will I am sure be of interest not only to our student audience but as a refresher to those of you in practice that may be required to deal with this concept. In most businesses debtor balances represent an important element of working capital. Accounting principles dictate that the supply of goods or services is accounted for as sales‚ at the point at which the buyer has a legal obligation to pay for them. Total debtors represent the value of credit sales for which payment has yet to be received
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What is a theory? In this book we consider various theories of financial accounting. Perhaps‚ there¬fore‚ we should start by considering what we mean by a ’theory’. There are various perspectives of what constitutes a theory. The Oxford English Dictionary provides various definitions‚ including: A scheme or system of ideas or statements held as an explanation or account (description) of a group of facts or phenomena. Explanation or Account (description) of a group
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Module: Fundamentals of Project Management Module Code: FPM12/1 Assignment number: 1 © Milpark Fundamentals of Project Management FPM12/1 Assignment 1 Year 12A / Page 1 Assignment Guidelines Guidelines for the successful submission of assignments Students are sometimes unsure as to what constitutes work of an acceptable standard when submitting an assignment. Naturally‚ programmes offered at different NQF Levels demand different types of responses. An NQF Level 4 or 5 qualification probably
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