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DUTIES OF TRUSTEES1) Not to profit from the trust:A trustee may not receive remuneration except: By order of the court, if the trust is very onerous or the services of the trustee very valuable; Under authority in the trust instrument. 2) To keep and audit accounts: Trustees must keep accounts and produce them to any beneficiary together with all reasonable information as to the financial position of the trust. The trustee may have the accounts audited by an independent accountant, but not more than once every three years, unless the nature of the trust makes more frequent audits reasonable S.23.
3) To observe terms of trust: Trustees must comply with the trust instrument and the rules of equity; they need not consult the beneficiaries or take instructions from them; but they may not depart from the terms of the trust unless authorised by the court
explain the types of principles and concepts of financial accountin
Q. What is Lifetime Learning Credit? Lifetime Learning Credit - This allows a credit for 20 percent of qualified tuition and fees paid by taxpayer with respect to one or more s
Q.2 Explain different methods of costing. Your answer should be studded with examples (preferably firm name and product) for each method of costing.
Settlement Method - Method of ACCOUNTING for SECURITIES whereby transactions are recorded on the date securities settle by delivery or receipt of securities and receipt or payment
XYZ Corporation recieves $100,000 from investors for issuing them shares of its stock. XYZ's journal entry to record this transaction would include a a debit to investment b credit
Suppose that the annual rate of interest is 4%. (a) What is the monthly rate? (b) Consider a 3-year lease on a car that is worth $20,000 today. The first payment on the lease
HOW TO CALCULTE GOODWILL FOR CONSOLIDATED STATEMENTS
The managerial performance measure must be quantitative and the manner in which it is to be calculated should be specified. The managerial performance measure must ideally be linke
For several firms trade payables - suppliers of goods and services - represent the major component of current liabilities the amounts owed by the company which have to be repaid wi
categories of assets
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