PRACTICE ASSESSMENT Spreadsheets software AAT Level 3 Diploma in Accounting Assessment book Candidate This practice assessment is for familiarisation purposes only and must not be used in place of a ‘live’ assessment. When you feel prepared to sit the live assessment please contact your Training Provider who can schedule a live assessment for you. Practice assessment This case study is in two parts. You have 2 hours and 30 minutes (plus 15 minutes reading time)
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Exceptions Children: When it comes to occupier’s liability there are some exceptions. The law on children says ‘ an occupier must be prepared for children to be less careful than adults’. For instance in the Pearson V Coleman Bros (1948) a 7 year old girl went to the circus with her family. She wandered of to go to the toilets instead she ended up in the animal enclosure and was attacked by a lion. We could argue the law of occupiers liability doesn’t cover the the child as went into a private
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Distinguish between a liability and a environmental liability. Is there any difference in the principle? A liability is a present obligation of the enterprise arising from the past events‚ the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits whereas An environmental liability is an obligation to pay future expenditures to remedy environmental damage that has occurred because of past events or transactions‚ or to compensate a
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Limited Liability Personal Definition: In the event a liability arises‚ limited liability prohibits the available assets to only the business entity itself. Essentially‚ the investor cannot lose more than he or she puts in. This protects the individuals working for the entity on a personal level. Nobody can attack his or her personal assets‚ unless the individual exhibits some form of activity that qualifies for piercing the corporate veil. Investopedia Definition: A type of liability that does
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Although I had consistently been driven to pursue a career in the medical field‚ I gained a stronger inclination to become a pharmacist after shadowing a community pharmacist‚ during my final year of high school. Instantly‚ it was especially inspiring and intriguing to witness the reassurance that Dr. Aminov instilled in his patients and subsequently the trust and credence the patients had towards him. Dr. Aminov’s primary concern was the overall wellbeing of his patients and thus established a comforting
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International Accounting Standards Board (IASB)‚ for reporting periods commencing on or after 1 January 2005. The introduction of IFRS in Australia replaced the existing accounting standards in relation to the recognition and measurement of assets‚ liabilities‚ equity‚ revenue and expenses (Haswell& Langfield-Smith 2008‚ pp46-47). IFRS are currently used in many parts of the world‚ however‚ Australia was the first country with a tradition of its own standard-setting to embrace international accounting
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THE LIMITED LIABILITY COMPANY A popular form of business‚ especially with small businesses‚ is the hybrid form of business‚ the limited liability company (LLC) or a limited liability partnership (LLP)‚ which combine the best features of a partnership and a corporation. In 1988‚ the Internal Revenue Service (IRS) ruled that the LLC may be treated as a partnership for tax purposes‚ while retaining its limited liability for its owners. Since this ruling‚ every state has passed legislation permitting
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Canyon University Professional Dynamics August 5‚ 2013 Impact of IOM Report On Future of Nursing In October of 2010‚ the Institute of Medicine released the report “The Future of Nursing: Leading Change‚ Advancing Health”. “The IOM is an independent‚ nongovernment organization that gives advice to people in decision-making positions… The opinions of the IOM are highly regarded and carry weight in legislative decision” (Grand Canyon University[GCU]‚ n.d.‚ para. 6). This paper will explore the
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further defines the elements of trespassing stating; the Actus Reus is entering or remaining on another’s property‚ and the Mens Rea is the knowledge or awareness that one does not have lawful access. In the case of Jorge Ramirez‚ New Hampshire’s criminal trespassing law uses broad language that makes it seem applicable to immigration‚ stating that a person is guilty "if‚ knowing he is not licensed or privileged to do so‚ he enters or remains in any place." Where this law uses the phrase “any place”
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1. Teddy’s Supplies’ CEO has asked you to advise him on the facts of the case and your opinion of their potential liability. Write a memo to him that states your view of whether the company is exposed to liability on all issues you feel are in play. Include in your memo any laws that apply and any precedent cases either for or against Teddy’s case that impact liability. Include your opinion of the "worst case" of damages the company may have to pay to Virginia. (Points : 30) Dear Sir‚ I believe
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