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You have previously been exposed to the 'Introduction and analysis' of financial statements in previous sections of this course. From now you might have acquired several familiarit
Accounting Date In determining the accounting date of the trust, the trustees will consider the following: Date of death (accounts to anniversary of death); Fiscal y
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Failure to record depreciation at year end will result in all of the following except Understatement of total liabilities. Overstatement of total assets. Overstatement of net incom
Realisation of assets 1. Divisible property : The ownership of the company's property does not vest in the liquidator (unless the court makes a vesting order: s.240); but
Voluntary settlements The trustee can claim all property settled by the bankrupt on other persons within two years preceding the bankruptcy unless made: a. Before and in consi
Deferred tax A company may enter into transactions in the current financial period that may result in the firm either paying or saving some tax in the future. The tax that may be
You have observed the following returns over time: Year Stock X Stock Y Market 2006 13% 13%
Q. What do you mean by Married Taxpayers? Married Taxpayers - Taxpayers who are married may file a JOINT RETURN, thus combining their INCOME and expenses. Individuals would be
Errors in Financial Statements The following financial statements are available for Sherwood Real Estate Company: Balance Sheet Assets Liabilities Cash . . . . . . . . . . . . . .
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