ACC 622 Advanced Auditing Midterm Case 4.1 1. A close friendship between an auditor and the client can jeopardize the auditor’s appearance of independence. And I think when such close relationship begins influence the auditor’s thoughts when he or she makes very important decisions‚ the independence of an auditor has been compromised. The Rule 101 – Independence says: “A member in public practice shall be independent in the performance of professional services as required by standards promulgated
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COMPREHENSIVE VOLUME--CHAPTER 7--DEDUCTIONS AND LOSSES: CERTAIN BUSINESS EXPENSES AND LOSSES Student: ___________________________________________________________________________ 1. James is in the business of debt collection. He purchased a $20‚000 account receivable from Green Corporation for $15‚000. During the year‚ James collected $17‚000 in final settlement of the account. James can take a $2‚000 bad debt deduction in the current year. True False 2. If a business debt previously
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value * this Act cannot be interpreted as to leave them open to a court action for recovery of damages or for ejectment or for the possession or recovery of land‚ on the ground that vendor may have been registered through fraud or error | | Case law | * Immediate indefeasibility: prevails in NSW: Frazer v Walker [1967] * Affirmed in Breskvar v Wall (1971) * Torrens system is ‘not a system of registration of title but a system of title by registration’ * An indefeasible title
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Principles of Taxation Fundamental Principles in Taxation Taxation Taxation is the inherent power of the sovereign‚ exercised through the legislature‚ to impose burdens upon subjects and objects within its jurisdiction for the purpose of raising revenues to carry out the legitimate objects of government. It is also defined as the act of levying a tax‚ i.e. the process or means by which the sovereign‚ through its law-making body‚ raises
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LAW FOR ENGINEERS (UEEG 2113) Final Exam questions (2011) Time – 3 hours Students are required to answer any 4 questions Students are allowed to bring in original and unmarked copy of following statutes into exam hall: - 1. Federal Constitution Contracts Act 1950 Employment Act 1955 (a) The Federal Constitution is the supreme law of Malaysia and‚ inter alia‚ it guarantees fundamental liberties to every citizen. With reference to Article 8 and 10 of the Constitution‚ discuss
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Describe the law relating to communication of proposals‚ their acceptance and their revocation. Section 2(a) of Indian Contract Act 1972 says that when a person signifies his willingness to do or to abstain from doing something to another‚ with a view to obtaining the assent of that another‚ he is said to make a proposal. Further‚ section 2(b) says that when the person to whom the proposal is made signifies his assent‚ the proposal is said to be accepted. The important point to note here is that
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services designed to lift the economic status‚ to the physical redistribution of lands such as production. Taxation comes in; the act of levying a tax the process or means by which the sovereign‚ through its law – making body raises revenues to defray the necessary expenses of the government. These arguments vary tremendously over time and place. A colonial government may have changed the laws dictating land ownership to better consolidate political power or to support its colonial economy. The use
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English Exam Notes Semester 1 2013 Connotation – * personal context meaning * An idea or feeling that a word invokes for a person in addition to its literal or primary meaning * The implication of such ideas or feelings Denotation – * dictionary meaning * he literal or primary meaning of a word‚ in contrast to the feelings or ideas the word suggests Connotation can be set in 3 different groups; negative‚ neutral and positive‚ depending on the personal reference.
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China Taxation: Interpretation An Approach to Chapter 1An Overview of Taxation INTRODUCTION The People’s Republic of China has established what is perhaps the most sophisticated and complex taxation system in the world today. This system of taxation has an impact on almost every business and investment decision. Decisions a business enterprise must make‚ such as the form it will take (i.e.‚ sole proprietorship‚ partnership‚ or company)‚ the scope and nature of its operations‚ and the
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Lower Session Road‚ Baguio City Contact Numbers: SMART : 09294891758; GLOBE : 09272128204 E-mail: ncpar@yahoo.com ATTY. ANDRIX DOMINGO‚ CPA BUSINESS LAWS THE LAW ON CORPORATION Corporation an artificial being created by operation of law‚ having the right of succession and the powers‚ attributes and properties expressly authorized by law or incident to its existence. Attributes of a Corporation: 1. It is an artificial being •Doctrine of piercing the veil of corporate entity or corporate
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