benefit becomes a constructive dividend, taxable to the respective shareholder. This benefit is taxable to the shareholder whether or not the corporation intended to confer a benefit upon him” . The term “constructive dividends” is usually used to describe that situation when the corporations pays the stockholders-employees “salaries”, for the services they rendered to the business entity. This is just another method to avoid double taxation: the salaries are considered legitimate expenses of the corporation
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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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because you are not familiar with that case. The COSO Framework You search the COSO website and find the 2013 Internal Control—Integrated Framework that outlines five essential components of any internal control system: (1) control environment, (2) risk assessment, (3) control activities, (4) information and communication, and (5) monitoring. This updated version of the Framework introduces 17 principles associated with the five components. These principles provide clarity for the user in designing
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Course Schedule Course Modules Review and Practice Exam Preparation Module 1: Conceptual issues in assurance Overview This module builds on the fundamental concepts of auditing and other assurance services introduced in your prerequisite auditing course. It begins with an overview of the key drivers in the demand for audits, and then surveys current challenges and issues such as the audit and regulatory environment and the expectation gap. You will also study issues related to the economics of
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conducted under the direction of Dr. Kourkoumelis. The project was written by Marija Lukic. Objective The objective of this report is to analyze the Ethics in accounting profession under the perspective of Managerial Accounting. My primary goal is to describe the meaning and importance of ethics in accounting, explain creative accounting term, then through the real life examples of
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2013 7/15/2013 ORGANISATIONAL PROFILE History New India Assurance India Limited, incorporated on July 23rd 1919 was founded Sir Dorab Tata who was a founding member of The House of Tata’s. I got further nationalized in the year 1973 with merger of Indian companies. Present Position New India Assurance India Limited has vast presence all over the country and it is also doing remarkably high business. The company’s gross premium (in India) has increased tremendously
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An investigative report demonstrating the extents in which Bank of The Bahamas went through in order to survive during the recession. Research Paper Supervisor: Mrs. Gaitor Name: Ariana McWeeney Word Count : 2,518 Table of Contents Page Cover Page ………………………………………………………………. 1 Abstract …………………………………………………………………….3 Introduction…………………………………………………………… 3-4 Body ………………………………………………………………………. 5-14 Conclusion …………………………………………………………….. 15 Bibliography……………………………………………………………16-17
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The Criminal Justice System: Offenders, Crimes, and Correction/Detention Cost Nateshia R. Bush Dr. Mary Parker Independent Study April 16, 2013 Introduction The criminal justice system today in America has many different sides, which come together to keep the overall peace of society. The criminal justice system deals with the different offenders, classifications for crime, and types of punishment for such crimes. The system is responsible for maintaining the constitutional rights and overall
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ACCA Paper P1 0.b e Governance, Risk & Ethics o bo k 0 s2 0 s log p o t.c o m Class Notes June 2011 ebooks2000.blogspot.com eb o s ok 2 0 00 .b s log p o t.c o m © The Accountancy College Ltd, January 2011 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission
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manipulations. This paper briefly describes the legal and ethical breaches by Enron, the key factors and events that led to its collapse and the passing of the Sarbanes Oxley Act as a consequence of such a catastrophe. The paper also discusses the key components of the Sarbanes Oxley Act and its effect on publicly traded companies, its management and the auditors. Legal, Ethical and Accounting Breaches Committed by Enron Enron committed numerous frauds to deceive the public during its course
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