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EXPRESS TRUSTS
Creation:An express trust is "created not by facts and circumstances, but by the express words of the settlor". (Fitzgerald v Stewart)Completely and incompletely constituted trusts:In all cases the trust must be completely constituted. A trust is completely constituted when the trust property has been vested in trustees for the benefit of the beneficiaries. Where there is merely a contract or covenant to create a trust, the trust is said to be incompletely constitutedForm:No special form is normally required for the creation of a trust except that a declaration of trust respecting land or any interest therein must be manifested and proved by some writing signed by some person who is able to declare such trust The three certainties:A trust will be valid only if the three certainties are present i.e. certainty of words, certainty of subject, and certainty of objects.
Absence of the certainties
Q.2 Explain different methods of costing. Your answer should be studded with examples (preferably firm name and product) for each method of costing.
Question 01: (1.1 and 1.3) What is accounting and how is accounting environment? Question 02: (1.2 and 1.4) Presenting the characteristics of the quality of accounting information
explain virement
what is the definition?
worked example for Professional examinations
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1. Think about the transactions listed below. a. A company obtains a $10,000 loan from a bank. b. A company purchases $15,000 of inventory from its suppliers. They paid $5,000 toda
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