Basic Bookkeeping - Assessment 1 Will Oliver 1. An example of daily financial records that you would have to maintain is any transaction (in monetry terms) made by an organisation which encompasses the cash and cash equivalant you receive or spend on any day. It is essential to keep separate evidence of each transaction. This evidence is called a source document i.e invoices‚ reciepts‚ cheques etc. Also‚ maintaining and updating your accounts receivable and accounts payable daily is another
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hard times and cannot meet his or her financial obligations over time goes bankrupt. A court is appointed to assess the debtor’s situation and banks acknowledge that the debtor cannot fully pay his or her debts. But countries cannot file for bankruptcy. There is no such procedure‚ no arbitrator. At the international level‚ the creditors‚ not a court‚ decide whether and under what conditions to require a country to pay its debt. How Did the Debt Crisis Come About? The causes of the current debt crisis
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money only to or to the order of certain person or to the bearer of the instrument.” CHARACTERISTICS Bills of exchange has got the following features: 1. An Unconditional order It is an order by the drawer (creditor) to his drawee {debtor) without any condition. It becomes binding upon the acceptor of the bill to carry out the order. 2. Written document Bill of exchange must be in writing. It is a document‚ which can be produced in the court
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awareness of the true cost of credit by assuring full disclosure of such cost‚ with a view of preventing the uninformed use of credit to the detriment of the national economy. Who are covered under the Truth in Lending Act? The law covers any creditor‚ which is defined as any person engaged in the business of extending credit (including any person who as a regular business practice make loans or sells or rents property or services on a time‚ credit‚ or installment basis‚ either as principal or
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for bankruptcy it has almost become common practice to do so. Bankruptcy is a legal procedure that begins when an individual or business that can’t pay their debts to creditors. Sadly enough‚ there were as many bankruptcy cases filed in federal courts‚ as there were all other cases. The American bankruptcy law almost encourages debtors who are unable to pay their debts to file for bankruptcy. Is filing bankruptcy a good thing or a bad thing? Bankruptcy law allows for business to continue operating
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mean that if you start something you may as well finish it‚ even if you have to devote much more effort than you expected. The original meaning was that if the punishment is the same‚ people will commit the offence which brings the greatest profit Debtors are people who owe money to
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Assessment 1. Written Assessment 1. Give an example of daily financial records that you could have to maintain? Update your accounts receivable and accounts payable daily on your accounting computer using the software provided or modifies to suit the organisational particular needs. 2. What are the requirements regarding identifying and rectifying errors in documentation? - Using the right accounting method: cash and accrual - Using professional bookkeeping method: hiring specialist‚ qualified
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Q. What is a general offer? How is a contract created through general offer? Refer to leading cases. An offer may be made to the world at large. Such an offer is a general offer. However‚ a contract is not done with the whole world but only with the person who comes forward and accepts the offer. The acceptance might be express or implied. As per Anson‚ "An offer need not be made to an asertained person‚ but no contract can arise until it is accepted by an ascertained person". Case of Carllil
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Law Midterm Chapter 13- The Agency Relationship (Pg. 297) • Agency: a relationship that exists when one party represents another party in the formation of legal relations Pg. 298 • Agent: a person who is authorized to act on behalf of another • Principle: a person who has permitted another to act on her behalf • Agency is a common relationship as is shown in the following examples: o A sports agent negotiates a multimillion-dollar deal on behalf of a hockey player
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FINANCIAL SECTOR TALENT ENRICHMENT PROGRAMME FUNDAMENTALS OF SHARIAH presented by Ahmad Sanusi Husain 1 CONTENTS 1. Participating Contracts - Types of Participating Contracts - Essential Elements - Necessary Conditions 2. Supporting Contracts - Types of Supporting Contracts - Essential Elements - Necessary Conditions 2 TYPES OF PARTICIPATING CONTRACTS Shirkat (Partnership) Shirkat Milk (Holding Partnership) Inheritance (Faraid) Will (Wasiyyat) Mudharabah (Trustee Partnership)
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