Q1 - Internal Controls (lecture 3): 15 Marks. ------------------------------------------------- He said he will ask either a petty cash question or a bank reconciliation one but not both. The question will also probably test us on e-controls or cash control for cash receipts and cash payments. What is internal control? It is the organisational plan and all the related measures that an entity adopts to: * safeguard assets * encourage adherence to company policies * promote operational
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LIT 1 Task 1 Sole Proprietorship A sole proprietorship is the most common type of business in the United States. It is formed when a person starts a business‚ but does not register it as a corporation‚ or a limited liability company. Most contractors‚ consultants‚ and home businesses operate under this form of business. Sole proprietorships are easy to form‚ and provide the owner with total control over the business. All of the profits belong to the owner‚ because the business and the owner
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written agreement‚ or mere conduct‚ express or implied agreement\unlimited personal liabilities for all partnership obligations\1owners manage directly or can agree to appoint managing partner. 2. inflexible: important action such as Admission of new members or amendment to partnership requires unanimous consent. ordinary matters of business require majority vote.3. equal rights to control partnership and share profit and loss equally if they did not provide how they would share profit and loss\partners
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Analysis for Lone Pine Café The Lone Pine Café case involves a partnership of three people who initially invested $16‚000 cash each in the venture. The first transaction resulted in a one year lease being signed for $1‚500 per month or $18‚000 per annum. The owners occupied quarters above the Café. No rental amount was assigned to this apace. The owners then borrowed $21‚000 from a local bank and then utilized $35‚000 of the initial capital invested in the firm to purchase $53‚200 of
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Nearly a quarter century ago‚ Denmark broke down barriers to become the first nation to legally recognize same-sex couples through registered partnerships. Same-sex marriage is currently legally recognized nationwide in eleven nations – Argentina‚ Belgium‚ Canada‚ Denmark‚ Iceland‚ the Netherlands‚ Norway‚ Portugal‚ South Africa‚ Spain and Sweden (The Economist‚ 2012). In the United States‚ the decision is made at the state level. After the 2012 elections‚ there are now nine states (Connecticut‚
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2013-14 Reference: Accounting 2nd edition. Waren‚C.‚ Reeve‚ J.‚and Duchac‚ J. ( with slight modifications) Case 1. Partnership agreement Jose Reyes‚ M.D. and Joseph Luke‚ M.D. are sole owners of two medical practices that operate in the same medical building. The two doctors agree to combine assets and liabilities of the two businesses to form a partnership. The partnership agreement calls for dividing income equally between the two doctors. After several months‚ the following conversation
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The partnership act 1890 governs the relationship of the persons and the outside world. And in respect of dissolution; if there is no partnership agreement‚ the partnership act set out the rights and duties of the partners. Such rights and duties (by act or agreement) may be varies by the consent of all partners. (S 19). ‘The relation which subsists between persons carrying on a business in common with a view to profit.’ Under S24 (5) ‘in common’ means every partner has a say in the firm. The members
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Foreign companies iv. Trade organizations v. Societies‚ and vi. Partnership firms RJSC accords registration and ensures lawful administration of the entities under the provisions of applicable act as under: i. Companies and Trade Organizations: Companies Act‚ 1994 (Amendment of Companies Act 1913) ii. Societies: Societies Registration Act‚ 1860 iii. Partnership Firms: Partnership Act‚ 1932 The major functions and activities of RJSC are
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Chapter X : Overview of Business Finance • In the olden days knowledge is acquired through apprenticeship. • Today‚ business ability is acquired through classroom instructions and study of textbooks. What is business? • Business’ purpose – production and marketing of every possible article and service that will help human wants at the most convenient and reasonable manner at a profit. • Main purpose of businessman – make profit out of which to support himself and his dependants. Categories
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before the marriage 2. by provisions of this Code 3. by the local custom the couple before marriage may enter into a marriage settlement that they want: a) Absolute Separation of Property b) Absolute Community of Property c) Conjugal Partnership of Gains or Relative Community of Property d) Dowry system and others... If the parties entered into marriage without executing any marriage settlement as in the common practice among Filipino couples‚ then the SYSTEM OF ABSOLUTE COMMUNITY
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