What are the fiduciary funds? Identify and explain the two main types and what is the main difference between the funds? What are the three types of Inventory on Balance Sheet? Name the two most commonly used overall methods of accounting. Distinguish between the two types of cost accounting ...
Assets and liabilitiesAn asset is anything owned by the company to provide economic value for the business. It can be either tangible or intangible. For example, machinery, goodwill. A liability is anything which a company is obliged to pay to other company or persons for any past ...
A power of attorney is one of the most powerful options for protecting your interests, but it's important to understand the different types before signing.
We all know that clients pay our fees, give us interesting work, and that we have professional, financial and fiduciary duties to clients. We tell clients they are "everything" to us. But is it true? Is the notion that the client is the main deal chiefly something we eagerly tell our...
Certain trusts can shield beneficiaries and the grantor fromcreditorsand lawsuits. If your beneficiary is sued or in debt, the assets that are designated for them in a properly structured trust cannot be used to pay for liabilities, since the assets in a trust are owned by the trust. ...
Articles of organization are legal documents required to set up an LLC in the United States. They outline: Click here to start selling online now with ShopifyLegal rights and capabilities Fiduciary duties Potential liabilities Official relationships between LLC members Relationships between members and ...
However, there are cases where the shield of limited liability can be pierced, such as in cases of illegal or fraudulent actions. Piercing the Corporate Veil is another exception, where the court holds shareholders or members personally liable for the company’s debts and liabilities. ...
"Lenders like MPI, too, because it lowers the risk of foreclosure," says Bob Chitrathorn, a certified plan fiduciary advisor and vice president of wealth planning at Simplified Wealth Management in Corona, California. "They know the mortgage will be paid off if you pass, and they ...
Certified public accountants have afiduciary dutyto their clients. They are legally and ethically responsible to be honest and trustworthy and must avoid negligence in their duties. CPAs have real influence over their clients, which means their judgment and work can affect not just an individual bu...
Generally Accepted Auditing Standards are a set of guidelines for conducting audits of a company's financial records. more What Does an Accountant Do? An accountant maintains and analyses financial records for companies or individuals, keeping track of income, expenditures, and tax liabilities. more...