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Cumulative and substitutional legacies and devises
Where a will makes two gifts of unequal amounts to the same person, they are assumed, in the absence of a contrary indication, to be cumulative. Where a will makes two gifts of equal amount to the same person, the presumption is that the second was in substitution for the first, unless evidence to the contrary is shown. If two clauses of a will are irreconcilable, so that they cannot stand together, the last shall prevail. Obvious clerical errors can be corrected.
Straight-Line Depreciation - ACCOUNTING method which reflects an equal amount of wear and tear during every period of an ASSET'S useful life. For example annual STRAIGHT-LINE DEPRE
ADVANCEMENT Trustees may apply not more than half of the presumptive or vested share of the capital held in trust for any person (infant or adult) for his advancement or ben
Consider a hypothetical banking system in which banks produce only demand deposit accounts. The currency deposit ratio (c) is 30% and the customary cash reserve ratio (r) for deman
1. Describe the approach Zetar Plc uses to determine goodwill impairment losses. How does this approach differ from US GAAP? 2. Zetar Plc does not report any research and develo
IF I HAVE A LOAN AND ACCRUED INTEREST .THEN ACCRUED INTEREST GOES ON WHICH SIDE- DEBIT OR CREDIT ?
1. You can buy any quantity of cooking oil at $5 per litre and any quantity of flour at $2 per kilo. You have allocated $20 to spend on cooking oil and flour. (a) If you choo
A____ is a loss to the business and a gain to the debtor
An investment under consideration has a payback of seven years and a cost of $724,000. If the required return is 12 percent, what is the worst-case NPV? The best-case NPV? Explain.
Q. Probability of Success in Application for Debt Finance? I have to advise you that there are signs of overtrading in our recent financial statements and our company is approa
THE TRUSTEE IN BANKRUPTCY 1) Appointment of trustee The trustee is appointed: By the creditors by ordinary resolution, or By the committee of inspection, if so
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