Badges of Trade

capital gains for cash received, on the other hand, they can enjoy the profit when share

Some data entry steps may occur at any time during the accounting cycle, other transactions occur only during financial statement production. Each step consists of set of rules used to ensure the accuracy and conformity of financial statements to avoid illegal actions using inaccurate figures. Each type of report has a level of significance and use as each document provides differing information involving things such revenues, cash flows, and other transactions made within an

23. When a U.S. tourist in Japan goes to a bank to convert her dollars into Japanese yen, the

The Supreme Court decision that promoted economic development by rejecting the absolute sanctity of contracts when they conflicted with improvements for the good

The Supreme Court has scrutinized the use of the commerce power with a skeptical eye

Internal Revenue Code section 1221 defines “capital asset” as “property held by the taxpayer (whether or not connected with his trade or business), but does not include (1) Stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on hand at the close of the taxable year, or property held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business.” As defined, Haig Simmons’ anthracite coal home heating and delivery service business holds anthracite coal in the ordinary course of business and therefore, is not considered a capital asset. Section 64 defines ordinary income as income earned from providing services or the sale of goods (inventory) “which is not a capital asset.” Based on this definition, any asset that does not classify as a capital asset is an ordinary asset. Since Haig Simmons was providing home coal heating services for consumers, any inventory kept was for the purpose of maintaining a steady, stable, and regular supply of coal and not held as a long term asset for future sale gains.

taxes be paid for in only silver. One of the effects of the flow of silver bullion has

taxes and trade fees be paid in silver, causing economic and social effects from the global

That precedent was set back in 1568 when Thomas Percy, the 7th Earl of Northumberland, was taken to court by Elizabeth, the Queen of England. The Queen needed gold and silver to prepare for the long-expected conflict with Spain. A jury of Percy's peers found that the gold on his land wasn't really his. In “The Case of Mines[8]”, the jury concluded, “that by the law of all mines of gold and silver within the realm, whether they be in the lands of the Queen, or of subjects, belong to the Queen by prerogative, with liberty to dig and carry away the ores thereof, and with other such incidents thereto as are necessary to be used for the getting of the ore.”[9] Under pressured circumstances, it proves that whether it's a monarch, a Parliament, or a Congress, the State is always in pursuit of money with which to make war. Not much has changed.

Initially criticised by some as a simplistic model, Transactional Analysis is now gathering worldwide attention. It originally suffered much from the popularised writings in the 1960s. Also, summarised explanations, such as this, which can only touch on some of the concepts in Transactional Analysis, led their readers to believe that there was very little to it. Many did not appreciate the duration and complexity of the training.

2. The court case that established the ability to spend ones’ own wealth seeking public office: Buckely v. Valeo

The company accounts for these transactions as sales in accordance with Statement of Financial Accounting Standards No. 77, ‘’Reporting

If proper and adequate depreciation has not been provided on the fixed assets the result would be more profits in the Profit & Loss Account. This book profit might have been distributed as dividend and leaving no funds with which to replace the assets at the right time.

The contention arose with Hunter v Moss which did not follow the orthodox approach where Hunter was entitled 50 out of moss’s 1000 shares. Under the Goldcorp rule there would be no trust because the property was not separated however Dillon J said there was a valid trust. The rationale for this controversial decision was that it would have made no difference which 50 shares would have been given because they were all identical. So here there was no need to segregate the property if it was intangible.

c. The recording of transshipping transactions as retail sales. – The auditor should obtain documentation of the transshipping transaction. The auditor should then trace the