organisational plan and all the related measures that an entity adopts to: * safeguard assets * encourage adherence to company policies * promote operational efficiency * ensure accurate and reliable accounting records. It is either an administrative control or an accounting control Characteristics of an effective internal control system include: * Competent‚ reliable‚ and ethical personnel * Assignment of responsibilities * Proper authorisation * Separation of duties
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Question 1 The ethical guidelines which accountants are obliged to follow in the conduct of their work are made to combat criticism and gain credibility by preventing fraudulent accounting. Accountants ought to be able to maintain impartiality and independence to create a clear‚ credible and unbiased audit. Hence‚ the ethical principles are considered important. This is because the work of accountants requires a high level of ethics since the financial statements prepared and verified by auditors
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profitable‚ although not spectacular. Most of the development property is pledged as collateral for bank loans; there is a reasonable stockholders’ equity of about $10‚000‚000. Shangri‑La has a substantial investment in a large parcel of land in Key Biscayne‚ Florida. The company originally paid $25‚000‚000 for the property two years ago and has since capitalized an additional $5‚000‚000 in taxes and other carrying costs. The property is zoned for single‑family homes‚ but Shangri‑La has been
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Independent University‚ Bangladesh (IUB) In Partial Fulfilment of the Requirements of EMBA Course-513E Management Accounting By Mohammed Shamsuddin Student ID: 1110805 Summer Semester‚ 2012‚ Management Accounting‚ EMBA INDEPENDENT UNIVERSITY‚BANGLADESH July 26‚ 2012 Dr.Dilip kumar Sen Professor School of
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purchase the fake Rolexes. He contacts Randy explain the situation wanting to return the watches and reimburse Randy for shipping costs. Randy in turn sues to enforce the original contract. Issue: The issue is whether the Illinois UCC Statute of Frauds deems contract unenforceable because it was never reduced to writing. Law: Under UCC §2-201 (3a)‚ “A contract that does not satisfy the requirements of subsection 1‚ but which is valid in other respects is enforceable: if the goods are to be specially
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Renowned Jamaican scientist Dr. Manley West Dr West was a scientist. He taught pharmaco-logy at the University of the West Indies‚ Mona. Significantly‚ with Dr Albert Lockhart‚ he developed Canasol‚ a drug for the treatment of the eye disease‚ glaucoma‚ from cannabis‚ or ganja. Born in Portland‚ West attended the Titchfield High School. He graduated from the University of London‚ England‚ in 1967 with a Doctor of Philosophy in pharmacology. His career at the UWI began as assistant lecturer
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Water is a chemical compound with the chemical formula H 2O. A water molecule contains one oxygen and two hydrogen atoms that are connected by covalent bonds. Water is a liquid at standard ambient temperature and pressure‚ but it often co-exists on Earth with its solid state‚ ice‚ and gaseous state‚ steam (water vapor). Water covers 71% of the Earth’s surface.[1] It is vital for all known forms of life. On Earth‚ 96.5% of the planet’s water is found in seas and oceans‚ 1.7% in groundwater‚ 1
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ACCOUNTING NOTES FOR MY PERSONAL USE 4/12/2013 ELISHA VERIWA | Introduction to Accounting Accountancy is the process of communicating financial information about a business entity to users (stakeholders) such as shareholders and managers (Elliot‚ Barry & Elliot‚ Jamie: Financial accounting and reporting). Accounting has been defined as: * the art of recording‚ classifying‚ and summarizing in a significant manner and in terms of money‚ transactions and events which are‚ in part at least
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------------------------------------------------- ------------------------------------------------- LAWS2017 Real Property ------------------------------------------------- Comprehensive Study Notes 1. Common Law and Equitable Approached to Competing Interests The basic rules of priority: 1. Priority disputes occur when two or more people claim independent property rights that cannot co-exist. When one property right takes priority over another‚ the latter is extinguished or diminished to the extent of
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D E C I S I O N LEONARDO-DE CASTRO‚ J.: Before the Court are consolidated Petitions for Review on Certiorari under Rule 45 of the Rules of Court‚ which arose out of two civil cases that were filed in different courts but whose factual background and issues are closely intertwined. The petitions in G.R. Nos. 1250781 and 1255982 both assail the Order3 dated May 20‚ 1996 of the Regional Trial Court (RTC) of General Santos City‚ Branch 37‚ in Civil Case No. 5617. The said Order decreed the dismissal
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