It states that contracts must be in writing to be enforceable. Since the contract is written in an email and shows evidence that a contract was made it would make the contract enforceable. 5. Could BTT avoid this contract under the doctrine of mistake? Explain.
Case 13-8 Accounting for a Loss Contingency for a Verdict on Appeal In this case we are presented with the scenario that a company faces a pending litigation. We are supposed to surmise how this liability will be reported, as well as, the resulting effects on the financials in the years in question. In my opinion, the primary accounting to be resolved is whether to accrue the liability, disclose the liability or simply count it is as immaterial and do nothing. As we progress through the scenario we are presented with subsequent facts which suggest that our decisions will indeed be impacted and changed due to litigation and we must act accordingly. The following are the questions asked by the case and my understanding of applicable GAAP.
2 The grievance statement If the issue has not been resolved the next step is to fill in form gr1 asap, this should be given to the employee’s immediate line manager. A copy will also be given to human resources. In the circumstances where the employee’s grievance is against their immediate line manager then the employee must provide the gr1 form to human resources. 3 The grievance meeting As soon as is practically possible (normally within 10 days) the employee will be invited to attend a grievance meeting. The employee has the right to bring along a companion ie a trade union representative or work colleague.
“ As a prerequisite to bringing such a suit, the plaintiff must, 60 days prior to filing his complaint, give notice to the Administrator of the EPA, the State in which the alleged violation occurs, and the alleged violator. The citizen suit may not go forward if the Administrator “has commenced and is diligently pursuing an administrative order or civil action to enforce the requirement concerned or to impose a civil penalty.” In 1995 respondent sent a notice to petitioner,
Should the company be having cash flow issues, additional disclosure in the financial statements may be required. This would be the case if a ratio was in violation of a banking agreement or debt covenant and the debt could then be called at any time, financial statement users would need to be aware of this. Ethical Issues The Vancouver office has asked me to call CCC regarding the employee’s employment status with CCC and why the payment was made from Worldwide. This poses a couple of ethical issues as there is a potential conflict of interest as I would be doing work for both the audit of CCC as well as the ex-employee from CCC regarding gathering information for her personal income tax return. This also poses a confidentiality breach.
This right will not be affected by any Account Specific Terms which would otherwise prevent you closing your account or closing it without loss of interest or additional charges. 11 CHANGES TO CREDIT INTEREST RATES AND EXCHANGE RATES 11.1 Reasons for changing credit interest rates 11.1.1 We may change the interest rates we pay on credit balances: (a) to respond proportionately to a change in the Bank of England’s base rate or any other publicly listed market rate; (b) to respond proportionately to changes in the interest rates paid by other banks and financial institutions on personal current accounts; (c) to reflect changes in the costs we reasonably
1. Pushing subprime products upon vulnerable or undeserved groups for reasons other than credit quality is __________. a. Steering b. Subprime Lending c. Reverse Redlining d. Contract Knavery 2. In a loan transaction the Mortgagor is the lender.
Computerised accounting system can benefit small business because all the transactions can be made by computer. Small business owners face the task of ensuring their accounting procedures are as accurate and efficient as possible. The best method they could use is computerised accounting system that can help them to record transactions more quickly than any manual processing. Complexity, value and volume Computerised accounting system can benefit them because it is an automatic document production, speed, accuracy and update information. Cost savings can be computerized accounting programs reduce staff time doing accounts and reduce audit expenses as records are neat, up-to-date and accurate.
A. What factors should have been considered by Nichols in the risk analysis prepared during the planning phase of the audit? Screening process in the planning phase of the audit would have helped Nichols in determining the following factors: ➢ Nature of the Test ➢ Timing of the test ➢ How extent the Test needs to be Inherent Risk at an account level and overall financial level should have been assessed at the planning phase. Some of the other factors that were needed to be considered by Nichols were: ➢ What risks are present in their business that makes it a risky venture? ➢ Risk associated with the type of product they carry, company may carry products that went obsolete.
Programmers and computer operators correct daily processing problems as they arise. b. The control group works with user organizations to correct rejected input. c. New systems are documented as soon as possible after they begin processing live data. d. The average tenure of employees working in the EDP department is ten months.