annual profits from trade or non-trade are taxed under different schedules. There is no single test for trade; in determining if trade has occurred there are six badges which must be considered‚ a brief description of each badge and an outline of how it affects Ali’s circumstances is outlined below. Subject Matter If the asset sold might be for personal enjoyment or investment e.g work of art or shares profit‚ May be capital gain. As Ali is buying the cars with the intention of selling them on
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pipes can be a major headache for homeowners‚ and it is necessary to winterize both your interior plumbing and your exterior plumbing to avoid costly repairs. It will be crucial to take action in the upcoming months to prevent frozen pipes and damages to your home in the future. How do Pipes Freeze? If household pipes haven’t been winterized‚ they can freeze. Frozen pipes can happen anytime temperatures fall to below freezing. Typically‚ the water that is within the pipes put pressure on the plumbing
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objectives of business -----‘Accounting is dubbed “language” of business activities conducted by firms as it is used to communicate business transactions per se to all stakeholders’ According to Weygand‚ Kieso and Kimmel (2012‚ p.4)‚ the main purpose of accounting is consists of three basic activities‚ identifying‚ recording and communicating the business events by users. These three activities help the firm to operate the business to make decision be meaningful. Business has
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Importance of Business Ethics in Managerial Accounting When companies don’t see the importance of business ethics in managerial accounting they usually end up down the same road as Enron: bankrupt. And while that isn’t always true‚ the importance of business ethics in managerial accounting cannot be understated if you want your company to be a success. Why Ethics Is Important in Managerial Accounting The Enron scandal is probably the most well-known example of improper accounting ethics on
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time of the exchange transaction and should include all costs necessary to get the asset in place and ready for use. Other Meanings of historical cost. Historical Cost Concept Accounting is concerned with past events and it requires consistency and comparability that is why it requires the accounting transactions to be recorded at their historical costs. This is called historical cost concept. Historical cost is the value of a resource given up or a liability incurred to acquire an asset/service
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Accounting Project SHAREHOLDER’S FUNDS Shareholders’ funds are the balance sheet value of the shareholders’ interest in a company. For company (as opposed to group) accounts it is simply all assets less all liabilities. For consolidated group accounts the value of minority interests should also be excluded. The addition of minority interests gives us “shareholders’ fund including minority interests”. A further adjustment gives us total equity. SHARE CAPITAL The capital collected by a joint
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parents can prevent their kids from texting and driving is by installing a drive cam in the car. This is a camera that allows the parent to monitor if they are using cell phones in the car while driving. Also‚ local schools should have a texting and driving information night every once in a while‚ to inform people on how dangerous and stupid texting while driving can be. Hopefully some people find new things that can help prevent further fatal accidents. Small things like these can help prevent texting
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the application of accounting principles learnt. 2) To get a “hands on” experience in recording‚ analyzing‚ interpreting and communication accounting information. 3) It is in partial fulfillment of CXC Principles of Accounts requirement. The aim of the study is to determine whether Debro’s Wholesale is operating at a profit or a loss. Data was gathered from source documents and posted to the journals‚ ledgers and final accounts. The performance of the business was determined by using
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Crime is not a good thing‚ but it exists and it cannot be ignored. Crime lurks in many places. In metropolises‚ cites towns‚ and even villages. In my essay‚ you will learn ways to prevent crime and I am going to tell you what leads these people up to committing these crimes. The main factor is that we have to start controlling is guns. Then we have to decide what we want to do with all our drug offenders. To live in a safe community we must start sometime and somewhere and there is no better time
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Business Law Learning Outcome 1 10/10/2011 HND Accounting Niki Bain There are two institutions in the UK that have the power to make statutory legislation in Scotland. The first of these institutions is Westminster (London) where elected individuals serve in the House of Commons. These members are known as MP’s (Members of Parliament). Parliament is responsible for passing new laws (legislation). In the late nineties the House of Commons allowed the passing of devolved powers to the
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