CHAPTER 2: REGULATION IN FINANCIAL ACCOUNTING Chapter 2 regulation in Financial accounting LEARNING OUTCOMES Upon completion of this chapter you should be able to understand: • The difference between management and financial accounting. • Why accounting regulations are important and required. • The need for and the structure of professional regulation, company law, stock exchange legislation and EU Directives. • How the different aspects of regulation work together
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restructure of a partnership to that of a LLC constitute a conversion, and therefore require the consent of all members, or qualify as a reorganization? And, Can decisions made by general partners violate the fiduciary duties owed to limit partners? RULE[S]: KRS 275.370- The full consent of all members of a partnership is required for the conversion of a partnership to a limited liability company, unless otherwise stated in a partnership agreement. KRS 275.375 - (1) Any converted partnership shall remain
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SAMPLE FORMAT FOR TASK 1 PART A *Course Mentor Note on the interpretation/application of the Taskstream Instructions: According to the instructions in Taskstream, you may conclude the task is asking you to include 3 components for Part A of Task 1 which are: 1. Six of seven characteristics 2. Advantages and disadvantages for each business organization 3. Brief description for each business organization Thus, regarding the format for Task 1 Part A for LIT1, the Bullet/Listing approach
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Fin 3400 Corbett Homework chapter 1 1. In 2006, a significant indicator of the U.S. economic decline was: A. a significant drop in interest rates B. a sharp increase in unregulated Ponzi-type security sales C. rising defaults by subprime mortgage borrowers D. a large increase in loan default due to unemployment 2. The financial crisis that started in 2006 was magnified by which of the following: A. Public concern over the war in Afghanistan B. Consistently increasing oil and gas
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accounted for in case of any liability. PARTNERSHIP Frank and Alex want to open a restaurant near to commercial area in downtown. Both agree to put 50/50 in the investment and split they revenues in equally after paying all. Frank will be the front man of the business while Alex take care the kitchen staff and supply. Both agree to the duties of general partnership and everything be managed in accordance with the general partnership agreement. LIMITED LIABILITY PARTNERSHIP (LLP) GG wants to open
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------------------------------------------------- Top of Form Why would the drug maker want to stymie generic competition? Explain. The best reason is cost. It takes an average of 8 years and $100 M US to bring a new drug to market. Because of such extreme costs, the manufacturer wishes to cash in as long as possible on the drug success as he has to recoup whatever costs were first put in for the research and development of the medication. A generic competitor, on the other hand, has no up-front
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these can be Limited Liability companies and Representative office. The Limited Liability Company is independent legal entities that bear responsibility for their actions. Another definition for the limited liability Company is provided for under Article 3 (2). LLCs are usually independent from the shareholder and the individual investor. Investment in the LLC can be by an overseas company or by an individual or the domestic company. Examples of structure under the limited liability company include
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Chapter 3 Partnership Liquidation and Incorporation; Joint Ventures The title of each problem is followed by the estimated time in minutes required for completion and by a difficulty rating. The time estimates are applicable for students using the partially filled-in working papers. Pr. 3–1 Doris, Elsie & Frances Partnership (20 minutes, easy) Journal entries for liquidation of an insolvent general partnership having a partner who is unable to pay entire capital deficit to the
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CHAPTER 1 An Overview of Financial Management SOURCE: Courtesy BEN & JERRY’S HOMEMADE, INC. www.benjerry.com STRIKING THE RIGHT BALANCE $ BEN & JERRY'S F or many companies, the decision would have been an easy “yes.” However, Ben & Jerry’s Homemade Inc. has always taken pride in doing things make money. For example, in a recent article in Fortune magazine, Alex Taylor III commented that, “Operating a business is tough enough. Once you add social goals to the demands of serving
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THE FORM OF BUSINESS OF OUR CHOICE There are different forms of business ownership which are Sole proprietorship, Partnership and Corporation or Company. We need to start an Audit Firm and we have decided to call it Group five Audit Firm. And Partnership is the form of business we have chosen. Partnership is the relationship among persons who operate a business together with a view to sharing profits on a mutually agreed basis. The following determined our choice of the form of business
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