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DUTIES OF TRUSTEES1) Not to profit from the trust:A trustee may not receive remuneration except: By order of the court, if the trust is very onerous or the services of the trustee very valuable; Under authority in the trust instrument. 2) To keep and audit accounts: Trustees must keep accounts and produce them to any beneficiary together with all reasonable information as to the financial position of the trust. The trustee may have the accounts audited by an independent accountant, but not more than once every three years, unless the nature of the trust makes more frequent audits reasonable S.23.
3) To observe terms of trust: Trustees must comply with the trust instrument and the rules of equity; they need not consult the beneficiaries or take instructions from them; but they may not depart from the terms of the trust unless authorised by the court
How should I handle Booking an invoice in one month for Raw material that has not been received until the following month?
Compute the present value of Rs. 1000 receivable 6 years thus if the discount rate is 10 percent. Solution: The present value is computed as follows: PV kn = FV n . PVIF k,n
Inventories constitute a important portion of the current assets ranging from 40 percent to 60 percent for manufacturing companies. The manufacturing companies conduct investments
QUESTION 4: Spanking Clean (Ltd) operate a number of car washes and auto valet services. The company has experienced a reasonable trading year. They are deciding whether to pay ou
how do you figure out to do adjustments
1. To qualify as official development assistance (ODA), development loans must have a grant element of at least 25 percent, calculated using a stated annual interest rate of 10 per
You were hired as a consultant to Giambono Company, whose target capital structure is 40% debt, 15% preferred, and 45% common equity. The after-tax cost of debt is 6.00%, the cost
Question 1 Define Accounting. Briefly explain the ‘Entity Concept' and ‘Money Measurement Concept' of accounting Question 2 What is rectification of errors? List and explain the
Illustrations of Changes in accounting estimates B Ltd., bought an item of plant at a total cost of £100,000. The estimated useful life commencing from 1st January 2000 was 10
Consider a not-for-profit hospital faced with a familiar choice: to open or not to open an emergency center in a new suburban hospital shopping mall. The mall's developers claim t
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