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ACCUMULATION ACCOUNTS FOR MINORS (a) Income accumulations:When property is left in trust for minors, the income earned for the period will be divided equally or according to the terms of the will or trust deed. These shares of income will be credited to the accounts of the infant beneficiaries, usually called Income Accumulation Accounts.
(b) Maintenance payments:Any amounts paid for maintenance (either by the terms of the will or trust deed or under S.33 of the Trustee Act will be debited to the respective Income Accumulations Accounts.
(c) Investment of accumulated income:The income accumulations must be invested from time to time and the investments earmarked as being on Accumulations Account.(d) Distribution to a beneficiary:Before distribution to a beneficiary, the investments will be re-valued and the profits or losses divided between the beneficiaries.
SF is a division of Sell.com, an internet retailer. SF operates two large server farms, each of which is a set of interconnected computers and hard drives that are used to process
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Once credit has been extended it is vital to ensure that customers abide by agreed terms of trade. Regular checks on customer accounts for instance using an aged receivables analys
In 200 words or more, discuss the issues that relate to the accounting for operating and capital leases. In your posting, please articulate issues that the accountant faces in r
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Independent research of the key topics available on the website of professional accounting bodies
What is the net present value of a project that requires a net investment of $76,000 and produces net cash flows of $22,000 per year for 7 years? Assume the cost of capital is 15 p
Problem: (a) Many businesses find it useful to maintain a control account in respect of both their trade receivables and trade payables. Describe why such control accounts ar
Foley Corporation has the following capital structure at the beginning of the year: 6% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding
Exclusions - Income item that is excluded from a taxpayer's gross income by INTERNAL REVENUE CODE or an administrative action. Common exclusions comprise gifts, inheritances and de
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