$800‚000 will not be fully exempted from IRD’s perspective but be portioned depends on the actual situation. The specific audit procedures to obtain evidence regarding the opening balances include: Current assets and liabilities. Audit evidence about opening balances for current assets and liabilities may be obtained as part of the current period’s audit procedures. For example‚ the collection (payment) of opening account receivable (account payable) during the current period will provide some
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and Equipment: Depreciation and Depletion True / False Questions 1. The auditors’ approach to the audit of property‚ plant‚ and equipment largely results from the fact that relatively few transactions occur. True False 2. A major control procedure related to plant and equipment is a budget for depreciation. True False 3. Evidence of continued ownership of property is obtained by vouching payments to a mortgage trustee. True False 4. The auditors typically observe all major items of property
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Contractual and Non-contractual Liability I. Contract A contract is an agreement having a lawful object entered into voluntarily by two or more parties‚ each of whom intends to create one or more legal obligations between them. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange "consideration" to create "mutuality of obligation." Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the
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1. Importance of Donoghue v Stevenson Case The case established 3 things The case established negligence as a wrongful act for which there was a legal liability. The notion of duty of care was formed which if infringed would result in damage. The neighbour principle was established by Lord Akins namely that your neighbour is anyone who may be affected by your acts or omissions. Main points of Case (The details of this were) Mrs Donoghue drank some ginger beer in which she found the remains
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I do not foresee a happy patient coming out of this procedure. From the beginning‚ the MA should have educated the patient on the purpose or procedure of the laboratory order. When she should have been educating the client she could have been putting her gloves on as well‚ but instead she was looking for the proper vein and cleaning it without gloves. Whether the MA washed her hands or not‚ she is still spreading germs. The gloves should have been put on prior to her ever touching the patient‚ not
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Strict Liability for Defective Products - Part X of the CPA 1999 Section 68(1) provides that where any damage is caused wholly or partly by a defect product‚ the following persons shall be liable for the damage. The plaintiff only has to prove damage or defect in the product. Part X of CPA does not cover every product. Section 66 provides types of product such as goods and component parts and raw materials. Section 3 provides definition of goods. Only the goods which are purchased for private and
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FRS 19 Deferred Taxation Summary Full provision for deferred taxation now required Accelerated capital allowances Pension costs Unrealised group profits Interest costs capatilised Unrelieved tax losses Other short term timing differences Not for: ` Re-valued fixed assets Rollover relief availed of Remittance of overseas sub. Recognise DT asset if it is more likely than not to be recovered Where assets continually re-valued to fair value: provide DT Permits discounting Use tax rates enacted or
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Professional Regulations and Criminal Liabilities Pearl Street HCS/430 Joann Wilcox February 13‚ 2011 Consumer concerns have increased over the past few years because of the dramatic changes in health care information and its’ delivery (Benfield‚ Ashkanazi‚ Rozensky 2006). Each day patients put their physical health and trust in the hands of health care providers. Unfortunately‚ there have been times when the treatment provided‚ whether accidental or intentional‚ has caused harm to the patient
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Civil Procedure Spaulding‚ fall 2009 |5th Amendment | |No person shall be held to answer for a capital‚ or otherwise infamous crime‚ unless on a presentment or indictment of a Grand Jury‚ except in | |cases arising in the land or naval forces‚ or in the Militia‚ when in actual service in time of War or public danger; nor shall any person be | |subject for the
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Credit card : Asset or Liability Credit card actually replaces the hard money in market. Before the coming of plastic money‚ every one relies on their present income. If possible in present salary then only purchases go on‚ otherwise get shifted to next month. This problem now has been solved with the plastic money. Make payments in the next month but u can purchase now. Any one can judge this plastic money is an asset or liability for a person. Let assume its an asset. How? Right now it makes
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