What are the common law rules regarding contracts entered into by infants, and when are such contracts valid, voidable or void

Q: An entry is not required in the liquidation of a partnership to recor the

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: What is the difference between a testamentary trust and an inter vivos trust. A testamentary trust…

A: Testamentary trust: A testamentary trust is a trust that is made in the lifetime of the grantor but…

Q: (a) As a general rule, does the death of either the creditor or the debtor extinguish obligations…

A: In a contract of debt there will be debtor and creditor and in such contracts, obligations are…

Q: Which of the following statements regarding the adoption expenses credit is not true? Group of…

A: The correct answer is Option (a).

Q: What is the difference between the dissolution of a partnership and the liquidation of partnership…

A: Liquidation of partnership:   Liquidation of partnership is the process of selling all the…

Q: Which of the following, if unpaid, is to be accrued? O Cash dividends O Service-type warranties O…

A: Solution: "Bonus to employees and partners of a partnership" is to accrued if unpaid.

Q: Which of the following is not a close member of the family of a person in accordance to PAS 24?…

A: PAS 24 Deals with : Related Party Disclosures   This requires necessary disclosures relevant to any…

Q: Outline the anti-avoidance provisions as they relate to the transfer of property to a child, a…

A: General Anti-avoidance Rule (GAAR) is a concept which generally empowers the Revenue Authority in a…

Q: An intoxicated individual will enter in a void/voidable/valid contract A. Void B. Voidable C.…

A: An intoxicated individual will enter in a voidable contract.  Correct option is b.

Q: What are the common law rules regarding contracts entered into by infants and when such contracts…

A: An infant or minor is an individual under 18 years and the authoritative limit of infants is limited…

Q: which constitutional amendment guarantees citizens the right to be"secure in their persons, their…

A: Fourth Amendment protects the users from unreasonable and warrantless searches and it specifies what…

Q: What are probate laws?

A:

Q: What is the Effect of Foreclosure on Junior Lienors?

A: Effect of foreclosure on Junior lienors is: Junior Lienor’s claims on the property mortgage are…

Q: According to the Uniform Partnership Act, what events should occur if a partner incurs a negative…

A: Partnership is a form of business entity which is formed by an agreement, owned and managed mutually…

Q: Payments by employers of premiums on life insurance for employees are not taxable benefits. Select…

A: Tax deductible Expenses: Expenses that are deductible for tax purposes include those deemed…

Q: Personal contract

A: A personal contract is defined as a contract that is made for individuals or a single employee…

Q: At what point in the accounting process does the allocation of partnership income become…

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: Which of the following is considered a close relative (but not an immediate family member)as defined…

A: American Institute of Certified Public Accountants Rule of Conduct: American Institute of Certified…

Q: What are some of the legal risks associated with organizing a business as a partnership? In your…

A: SOLUTION- PARTNERSHIP- IT IS A KIND OF BUSINESS WHERE A FORMAL AGREEMENT BETWEEN TWO OR MORE PERSONS…

Q: The liquidation of a partnership can be a complex and time-consuming process. What basic guidelines…

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: Optional standard deduction is allowed to

A: Option b is wrong because the optional standard deduction is allowed to non-resident aliens not…

Q: Referring to your textbook, name and define the classess of tenancies. Within the section about…

A: Generally, the tenancy is of four types. Fixed term  Periodic tenancy Tenancy at will Tenancy at…

Q: community property of the spouses    Property inherited by the husband before marriage Winnings…

A: any income or any real or personal property that has been acquired by either of the sposes during…

Q: What are the steps involved in a partnership liquidation?

A: Solution: Introduction: A liquidation of a partnership process often starts with realization of non…

Q: Distinguish between the liability of incoming partner for debts arising before his admission and…

A: A partnership is a legally enforceable agreement between two or more people to manage and operate a…

Q: Other than financial considerations, why should individuals consider preparing a valid will?

A: Valid will: This must comply with the legal requirements that are to be considered as a valid will…

Q: If a person dies without leaving a valid will, how is the distribution of property regulated?

A: Definition:   Intestate: When a decedent dies without any valid will then this situation is called…

Q: For a decedent who has left a last will and testament, which of the following correctly state issues…

A: Charitable deduction refers to the form of deductions allowed to a taxpayer on the gifts or cash or…

Q: What is a partnership dissolution? Does dissolution automatically necessitate the cessation of…

A: Partnership: It is an agreement between two or more individuals who agree to form a business and…

Q: instrumental witneses are mandatory in a. holographic wills only b. both notarial and holographic…

A: Holographic Will: This will is totally written,  dated and signed by the testator.  Notarized will :…

Q: For purposes of computing the credit for child and dependent care expenses, the qualifying child or…

A: The child and dependent care credit refers to a non refundable tax credit reform which is offered to…

Q: life insurance proceeds paid to a beneficiary because of the insured's death is taxable. true or…

A: False

Q: What information do the capital accounts found in partnership accounting convey?

A: People start their own business and select the form of organisation depend upon their need and kind…

Q: Explain the tort liability of a partnership and the partners.

A: Tort refers to a situation when a partner injures a third person due to negligent behavior,…

Q: Explain the difference between commutative contract and non-commutative contract. Why Insurance is…

A: COMMUTATIVE CONTRACT In Arabic aqd mu'awadha, it is a type of compensatory contract whereby one…

Q: What can be understood from Probate laws?

A: Probate law: After the death of the decedent how his property should be located, how his debts are…

Q: Which of the following does not have a legitimate insurable interest? A) An individual on the life…

A: Insurable interest is a key component in insurance which basically ensures that insured person…

Q: Which of the following life insurance proceeds is not included in the gross estate of the deceased?…

A: Following are excluded from Gross Estate: Property owned solely by the decedent's spouse or other…

Q: What are the exceptions to the rule to claim the child care credit?

A: There are various types of tax credit in U.S, the child care credit is one of this type. It is based…

Q: Describe the liability of a minor who (1) disaffirms a contract or (2) misrepresents his age.

A: A minor is one who has not achieved the age of 18, and for every agreement or contract, the greater…

Q: How is a predistribution plan created for a partnership liquidation?

A: In a partnership, two or more parties agree to operate and manage a business and share the profits…

Q: Per AICPA, Financial interests of a CPA's nondependent children are attributed directly to the CPA.…

A: CPA is the professional who helps various individuals and entities to achieve their financial…

Q: When will a person be bound by a contract entered into by another?

A: Introduction: A contract is a written or verbal agreement between 2 or more entities that generates…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.