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Q. Explain about Fiduciary?
Fiduciary - Person who is responsible for administration of property owned by others. Corporate management is a FIDUCIARY with respect to corporate ASSETS that are beneficially owned by the stockholders and CREDITORS. In the same way a TRUSTEE is the fiduciary of a TRUST and partners owe fiduciary responsibility to each other and to their creditors.
Partners F and G receive an interest allowance of $10,000 and $15,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a net loss
what is recorded sales on account of 3,280
1.The debtor retains ownership, but loses possession and control of his property
On July 1, 2010, Spear Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2010 and mature on April 1, 2020. Interest is payable sem
Q. Standards for Accounting and Review Services? Statements on Standards for Accounting and Review Services (SSARS) - Statements issued by AMERICAN INSTITUTE OF CERTIFIED PUBLI
business is started with the objective of making profits but the conservatism concept says not to anticipate profit.... why so??
Tally & Co. incurred a pretax operating loss of $100,000 in its first year of operations for both financial reporting and income tax purposes. However, it expects to be profitable
Short-term Creditors: Bankers and another short-term creditor have an interest same to those of the debenture holders and equity shareholders who are interested in the profitabil
The following facts pertain to a noncancelable lease agreement between Lennox Leasing Company and Gill Company, a lessee. Inception date: May 1, 2012 Annual lease payment due at th
Given information: Offered a $20 million commercial loan priced using a 3month LIBOR index+100bp. After some preliminary research, using a money center bank's swap trading desk
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