canelo vs jacobs

Thanks from www.preparetopassacca.com
1. WHAT IS STATUTORY AUDIT?
Answer :Statutory audit is done by chartered Accountants, to verify the financial
statement’s fairness and it is done annually. It ensures that, to the best knowledge of the
auditors, financial statements are free from any misrepresentations and frauds.
2. WHAT IS INTERNAL AUDIT
ANSWER: an inspection and verification of the financial records of a company or firm by a
member of its own staff to determine the accuracy and acceptability of its accounting
practices.
3. WHAT IS EXTERNAL AUDIT ?
ANSWER:A periodic examination of the books of account and records of an entity conducted
by an independent third party (an auditor) to ensure that they have been properly
maintained, are accurate and comply with established concepts, principles, and accounting
standards, and give a true and fair view of the financial state of the entity.
4. Explain The Difference Between Internal Audit And External Audit?
ANSWER : The internal audit is conducted to help the management. The weakness of the
management is disclosed. The external audit is conducted to help the shareholder. The
rights of owners are protected. The appointment of internal audit is made by the
management. The appointment in external audit is made by the shareholders. Internal audit
is the part of internal control.
External audit is the not the part of internal control.The internal audit can suggest
improvement in internal check system. The external audit can not suggest improvement in
internal check system. The internal audit can perform his duties under the terms of
appointment. The management can limit the scope of work at any time. The external
auditor can perform his work to terms of appointment and other prescribed law. The scope
is very wide. Internal audit is an employee of the company. He is not an independent
person. External auditor is not an employee of the company.
Q: What do you mean by vouching?
Answer : Vouching is the process of checking the authentication of the voucher maintain by
the management with the respective supporting document
Q : Definition of audit ?
Answer : An examination and verification of a company’s financial and accounting records
and supporting documents by a professional, such as a Certified Public Accountant.
Q : What are Objectives Of Internal Audit?
Answer : The purpose of internal audit is to keep proper control over business activities.
When there is proper control there is maximum efficiency. The internal auditor determines
the degrees of control over work. The purpose of internal audit is to evaluate the accounting
system. It is concerned with checking proper authority for transactions like purchase,
retirement and disposal of fixed assets. The vouchers can be compared with entries in order
to determine that figures are facts.

The purpose of internal audit is to help the management. Internal auditor can point out the
weakness. The internal audit can be used as a tool to correct the situation. The
management functions can be performed properly. The purpose of internal audit is to review
the working of business. The working of current tear can be reviewed in detail just to note
the successful area of working. There is a need to locate the weak points. The corrective
measures can be taken for proper working.
Q : Explain the difference between internal audit and statutory audit?
Answer : An internal audit is one which is conducted by the internal auditors of the
company. It is not mandatory for the company and the company just conducts it to keep a
check on the operations of the company. On the other hand statutory audit is very
important because it is by the external auditors and it is mandatory for all kinds of
companies. Statutory audit is usually conducted for various purposes like tax regulatory
requires it for taxation purposes.
Q : What is an audit process?
Answer : The word ‘Audit’ is a derivative of the word ‘Audition’ which means ‘to hear’. In
earlier times, the Kings used to hear their accountants narrate the accounts verbally.
However, as the complexity of the accounting function grew, need was felt to thoroughly
check the accounts for mistakes misclassification and document the findings in a written
form so that it can be used by the Management, stakeholders, investors, Government and
various other bodies. This process is known as Auditing or Audit.
Q :Functions of audit?
Answer : The function of internal audit is concerned with analysis of internal check. The
internal audit can look into the duties of each employee. All employees are provided jobs on
the basis of their abilities. The auditor can test the effectiveness of internal check.
Thefunction of internal audit is examining the application of legal requirements.
The accounts are prepared under certain legal frame work. Verification of accuracy is a
function of internal audit. The accuracy of accounting books and records can be verified with
the help auditing techniques. The audit techniques include inspection, observation, inquiry,
confirmation, computation and review. An auditor can check the accuracy through these
techniques.
Q : What is annual general meeting(AGM) ?
Answer : AGM the statutory meeting of the directors and shareholders of a company or of
the members of a society, held once every financial year, at which the annual report is
presented
Q : What is extraordinary general meeting(EGM) ?
Answer : A meeting other than the annual general meeting between a company’s
shareholders, executives and any other members. An EGM is Q : Rules surrounding the AGM
Answer : Most private companies are not required to hold an AGM. Public limited companies
(plcs) must hold an AGM within six months of their financial year end.
Companies can still hold an AGM if they choose to. As with other meetings, an AGM must be

arranged if any director asks for one with due notice, or if 5 per cent of the members
request one. A company may also still need to hold one in certain circumstances. For
example, you must hold an AGM if you want to dismiss a director or auditor before the end
of their term, or if you are a public company with traded shares.
If the company does hold an AGM:
* You must send written notice to the directors and shareholders 14 days in advance (21
days in advance for public companies with traded shares), unless your company articles
state otherwise. An AGM can be held at shorter notice if 90 per cent of members agree (95
per cent for plcs).
* You are no longer required to circulate copies of the company’s accounts before an AGM.
However, they must be sent to members before they are due to be filed with the registrar of
companies.
* Directors and shareholders can vote on the appointment of directors and auditors to the
company (if required).
* Ordinary resolutions can now be passed by a simple majority and special resolutions
require at least 75 per cent of those eligible to vote in favour.
* You must file at Companies House any special resolutions passed at a meeting.
usually called on short notice and deals with an urgent matter.
Q : what is Accounting ?
Answer : The information system that identifies ,records, and communicates the economic
events of an organization to interested users
Q : definition of cash basis accounting?
Answer: An accounting method in which income is recorded when cash is received, and
expenses are recorded when cash is paid out.
Q : Definition of Accrual Basis accounting ?
Answer : The most commonly used accounting method, which reports income when earned
and expenses when incurred.
Q : what is capital expenditure ?
Answer : Money spent to acquire or upgrade physical assets such as buildings and
machinery. also called capital spending or capital expense.
Q : what is revenue expenditure?
Answer : All expenses incurred in running a business such as salaries, wages, rent, lighting,
stationary etc. are classed as revenue expenditure. Beside expense incurred in putting the
fixed assets in proper order by repairs and renewals are also revenue expenditures.
Q : What is Asset ?
Answer : Assets are a company’s resources—things the company owns. Examples of assets
include cash, accounts receivable, inventory, prepaid insurance, investments, land,
buildings, equipment, and goodwill. From the accounting equation, we see that the amount
of assets must equal the combined amount of liabilities plus owner’s (or stockholders’)
equity.

Q : what is Liabilities ?
Answer : Liabilities are a company’s obligations—amounts the company owes. Examples of
liabilities include notes or loans payable, accounts payable, salaries and wages payable,
interest payable, and income taxes payable
Q : what is Owner’s or stockholders’ equity ?
Answer : Owner’s or stockholders’ equity also reports the amounts invested into the
company by the owners plus the cumulative net income of the company that has not been
withdrawn or distributed to the owners.
Q : definition of revenue?
Answer : this is the total amount of money received by the company for goods sold or
services provided during a certain time period.
Q : definition of expense ?
Answer : Payment of cash or cash-equivalent for goods or services, or a charge against
available funds in settlement of an obligation as evidenced by an invoice, receipt, voucher,
or other such document.
Q :What is depreciation?
Answer :A non cash expense that reduces the value of an asset as a result of wear and tear,
age, or obsolescence. Most assets lose their value over time (in other words, they
depreciate),
Q : What is income statement ?
Answer : A financial statement that presents the revenues and expenses and resulting net
income or net loss of a company for a specific period of time .
Q : what is balance sheet ?
Answer : A financial statement that summarizes a company’s assets, liabilities and
shareholders’ equity at a specific point in time.
Q : what is cash cow ?
Answer : any business venture , operation, or product that is a dependable source of
income or profit .
Q : definition of tax ?
Answer : A fee charged (“levied”) by a government on a product, income, or activity of an
organization or person .
Q : What is direct tax ?
Answer : In the general sense, a direct tax is one paid directly to the government by the
persons or organization (juristic or natural) on whom it is imposed (often accompanied by a
tax return filed by the taxpayer). Examples include some income taxes, some corporate
taxes, and transfer taxes such as estate (inheritance) tax and gift tax.
Q : What is indirect tax ?

Answer : A tax, such as a sales tax or value-added tax, that is levied on goods or services
rather than individuals and is ultimately paid by consumers in the form of higher prices.
Q : what is Tax holiday ?
Answer : A government incentive program that offers a tax reduction or elimination to
businesses. Tax holidays are often used to reduce sales taxes by local governments, but
they are also commonly used by governments in developing countries to help stimulate
foreign investment.
Q : what is VAT?
Answer : Value Added Tax. A consumption tax which is levied at each stage of production
based on the value added to the product at that stage.
Q : What is income tax ?
Answer : a tax levied on incomes, especially an annual government tax on personal
incomes.
Q : What is internal rate of return (IRR)
Answer : The internal rate of return (IRR) is a rate of return used in capital budgeting to
measure and compare the profitability of investments. It is also called the discounted cash
flow rate of return (DCFROR) or simply the rate of return (ROR)
Q : what is Net present value?
Answer : Net present value is an economic standard method for evaluating competing long-
term projects in capital budgeting
Q : What is fair market value?
Answer : The price that an interested but not desperate buyer would be willing to pay and
an interested but not desperate seller would be willing to accept on the open market
assuming a reasonable period of time for an agreement to arise.
Q : what is hardware ?
Answer : Hardware refers to a physical piece of a computer. This could be a hard drive,
monitor, memory chip, or CPU. The key idea is that the item is something you can touch.
This compares to software which is not tangible in any way. You can’t pick it up or weigh it.
Yet, without software, hardware is useless.
Typical examples of hardware include the computer you’re using to view this page, the hard
drive that has this page stored on it, and the mouse you used to click on a link to bring you
to this page.
Q: what is software ?
Answer : Software is a general term for the various kinds of programs used to operate
computers and related devices.software is not visible .
Q : What is internet ?
Answer : a vast computer network linking smaller computer networks worldwide (usually

preceded by the ). The Internet includes commercial, educational, governmental, and other
networks, all of which use the same set of communications protocols.
Q: What is E-commerce?
Answer : E-commerce (electronic commerce or EC) is the buying and selling of goods and
services on the Internet, especially the World Wide Web. In practice, this term and a newer
term, e-business, are often used interchangeably. For online retail selling, the term e-tailing
is sometimes used.
Q : what is E-mail?
Answer : E-mail (electronic mail) is the exchange of computer-stored messages by
telecommunication. (Some publications spell it email; we prefer the currently more
established spelling of e-mail.) E-mail messages are usually encoded in ASCII text.
However, you can also send non-text files, such as graphic images and sound files, as
attachments sent in binary streams.
SOME Elaborate :
ICAB – Institute of Chartered Accountants of Bangladesh.
ICMAB – Institute of Cost and Management Accountants of Bangladesh.
CIMA – Chartered Institute of Management Accountants
ICDDRB – International Centre for Diarrheal Disease Research, Bangladesh
NBR – National Board of Revenue
SEC – Securities and Exchange Commission
DSE – Dhaka Stock Exchange
CSE, – Chittagong Stock Exchange
FBCCI – Federation of Bangladesh Chambers of Commerce and Industries
GAAP – Generally Accepted Accounting Principles
RAM – Random-access memory
SOME ACCOUNTING BODIES
IASB – International Accounting Standards Board.
FASB – Financial Accounting Standards Board .
ASB – Accounting Standards Board .
GASB – Governmental Accounting Standards Board .
OTHER ORGANIZATION & BODIES
IFIC – International Federation of Accountants
AIA – Association of International Accountants
AAA – American Accounting Association
ICAEW – Institute of Chartered Accountants in England and wales
SAFA – South Asian Federation of Accountants
SOME STANDARDS & PRINCIPLES
GAAP – Generally Accepted Accounting principles
BAS – Bangladesh Accounting Standards
IFRS – International Financial reporting Standards
FAS – Financial Accounting Standards (USA)
FRS – Financial reporting Standards (Uk)
AUDITING STANDARDS & BODIES

ISA – international Standards on auditing
IAASB – International Auditing and Assurance Standards Board
PROFESSIONAL DEGREES & ORGANIZATION
CA = chartered Accountant
ACA = Associate of Chartered Accountants
FCA = Fellow of Chartered Accountants
ICAB – Institute of Chartered Accountants of Bangladesh. these kinds of degree provid by
Institute of Chartered Accountants of Bangladesh(ICAB)
CPA = Certified Public Accountant
AICPA = American Institute of Certified public Accountant
CMA = Certified Management Accountants
ACMA = Associate of Certified Management Accountants
FCMA =fellow of Certified Management Accountants
CMA = Cost and Management Accountants
ACMA = Associate of Cost and Management Accountants
FCMA = Fellow of Cost and Management Accountants
ICMAB = Institute of Cost and Management Accountants of Bangladesh. Those kinds of
degree provided by Institute of Cost and Management Accountants of Bangladesh
CMA = Chartered Management Accountants
ACMA = Associate of Chartered Management Accountants
FCMA = Fellow of Chartered Management Accountants
CIMA = Chartered institute Management Accountants. those degree provided by Chartered
institute Management Accountants
CAT = Certified Accounting Technician
ACCA = Associate of chartered Certified Accountants
FCCA = fellow of chartered Certified Accountants
ACCA = Association of chartered Certified Accountants. Those degree provided by
Association of chartered Certified Accountants
what is Financial Accounting?
Answer: The area of accounting concerned with reporting financial information to interested
external parties.

Generally Accepted Accounting Principles (GAAP): Authoritative guidelines that define
accounting practice at a particular time.
Internal Revenue Service (IRS): A government agency that prescribes the rules and
regulations that govern the collection of tax revenues in the U.S.
Securities and Exchange Commission (SEC)S: The government body responsible for
regulating the financial reporting practices of most publicly owned corporations in
connection with the buying and selling of stocks and bonds.
Q : what is Intangible Assets ?
Answer: Intangible assets include patents, copyrights, trademarks, trade names, franchise
licenses, government licenses, goodwill, and other items that lack physical substance but
provide long-term benefits to the company. Companies account for intangible assets much
as they account for depreciable assets and natural resources. The cost of intangible assets
is systematically allocated to expense during the asset’s useful life or legal life, whichever is
shorter, and this life is never allowed to exceed forty years. The process of allocating the
cost of intangible assets to expense Short notes;
Book value — total assets minus total liabilities. (See also net worth.) Book value also
means the value of an asset as recorded on the company’s books or financial reports. Book
value is often different than true value. It may be more or less.
Breakeven point — the amount of revenue from sales which exactly equals the amount of
expense. Breakeven point is often expressed as the number of units that must be sold to
produce revenues exactly equal to expenses. Sales above the breakeven point produce a
profit; below produces a loss.
Deferred income — a liability that arises when a company is paid in advance for goods or
services that will be provided later. For example, when a magazine subscription is paid in
advance, the magazine publisher is liable to provide magazines for the life of the
subscription. The amount in deferred income is reduced as the magazines are delivered is
called amortization, and companies almost always use the straight-line method to amortize
intangible assets.
Return on investment (ROI)
– a measure of the effectiveness and efficiency with which managers use the resources
available to them, expressed as a percentage. Return on equity is usually net profit after
taxes divided by the shareholders’ equity. Return on invested capital is usually net profit
after taxes plus interest paid on long-term debt divided by the equity plus the long-term
debt. Return on assets used is usually the operating profit divided by the assets used to
produce the profit. Typically used to evaluate divisions or subsidiaries. ROI is very useful
but can only be used to compare consistent entities — similar companies in the same
industry or the same company over a period of time. Different companies and different
industries have different ROIs.
Variable cost — a cost that changes as sales or production change. If a business is
producing nothing and selling nothing, the variable cost should be zero. However, there will
probably be fixed costs.

Working capital — current assets minus current liabilities. In most businesses the major
components of working capital are cash, accounts receivable, and inventory minus accounts
payable. As a business grows it will have larger accounts receivable and more inventory.
Thus the need for working capital will increase.
Write-down — the partial reduction in the value of an asset, recognizing obsolescence or
other losses in value.
Write-off — the total reduction in the value of an asset, recognizing that it no longer has
any value. Write-downs and write-offs are non-cash expenses that affect profits
Q : what is entry tax . Type of entry tax?
Entry tax is levied on that product which transfer or enter
a product from-one state to another state or one District
to another district, if you sale as such the product not
restructuring.
There is two types of entry tax are available
1) Entry on Motor Vehicles– Motor
Vehicles purchased in other
state enters to a different State, then entry tax is
loveable. This IS APPLICABLE ONLY FOR VEHICLES liable to be
registered under Motor Vehicles Act. The tax paid in other
State can be compensated or set back of taken, if the rate
of tax is higher in the State where the vehicle is entering
2) Entry Tax on goods–this has been recently stacked by
the apex court in the case of Jindal Strips Ltd for the
reason that entry levied should be compensable otherwise
it can be levied
Imposition of Value Added Tax:
Imposition of VAT
(1) Value Added Tax is imposed and payable on
(a) taxable supplies; and
(b) taxable imports.
Amount of VAT payable
(2) The amount of VAT payable is calculated by multiplying the value of the
taxable supply or import by the VAT rate.
Example: If the value is taka 100 and the VAT rate is 15%, the VAT payable is 100 x 15%
= taka 15.
VAT rate
(3) The VAT rate for a taxable supply or import is
(a) if the supply or import is zero-rated, zero per cent;
(b) in any other case, 15 (fifteen) per cent.
Change of rate

(4) Where there is a change in the VAT rate, the rate to be applied is,—
(a) for an import of goods: the rate applicable at the time the VAT becomes payable under
section 24; or
(b) for a supply of goods, services, or immoveable property: the rate applicable at the time
of supply.
Q: What is input tax?
Answer: Indirect tax (such as value added tax or VAT) levied on capital goods, raw
materials, spare parts, services etc., which a business consumes or uses in its operations.
Q : What is output tax ?
Answer: Tax that a seller adds to a buyer’s bill when they sell particular goods or services.
At regular periods of time, the total tax they have paid when buying goods and services
themselves is taken away from the total output taxes they have paid to arrive at a value-
added tax figure that they must pay to the government
Q :what is tax deduction at source (TDS)
Answer : Tax deducted at source is one of the modes of collecting Income-tax from the
assessees. Such collection of tax is effected at the source when income arises or accrues.
Hence where any specified type of income arises or accrues to any one, the Income-tax Act
enjoins on the payer of such income to deduct a stipulated percentage of such income by
way of Income-tax and pay only the balance amount to the recepient of such income. The
tax so deducted at source by the payer, has to be deposited in the Government treasury to
the credit of Central Govt. within the specified time. The tax so deducted from the income of
the recipient is deemed to be payment of Income-tax by the recepient at the time of his
assessment. Income from several sources is subjected to tax deduction at source. Presently
this concept of T.D.S. is also used as an instrument in enlarging the tax base. Some of such
income subjected to T.D.S. are salary, interest, dividend, interest on securities, winnings
from lottery, horse races, commission and brokerage, rent, fees for professional and
technical services, payments to non-residents etc.
Q : What is bank reconciliation?
Answer : Analysis and adjustment of differences between the cash balance shown on a bank
statement, and the amount shown in the account holder’s records. This matching process
involves making allowances for checks issued but not yet presented, and for checks
deposited but not yet cleared or credited. And, if discrepancies persist, finding the cause
and bringing the records into agreement.
Q : what is Ratio Analysis?
Answer : A tool used by individuals to conduct a quantitative analysis of information in a
company’s financial statements. Ratios are calculated from current year numbers and are
then compared to previous years, other companies, the industry, or even the economy to
judge the performance of the company. Ratio analysis is predominately used by proponents
of fundamental analysis.
Q : what is trade discount ?
Answer : a sum or percentage deducted from the list price of a commodity allowed by a
manufacturer, distributor, or wholesaler to a retailer or by one enterprise to another in the
same trade

Q: what is cost accounting ?
Answer : a branch of accounting dealing with the classification, recording, allocation,
summarization and reporting of current and prospective costs and analyzing their behaviors.
Cost accounting is frequently used to facilitate internal decision making and provides tools
with which management can appraise performance and control costs of doing business.
Carriage inward: Occurs when a business has to pay for purchased goods to be delivered to
its Premises.
Carriage Outward: Occurs when a business PAYS for sold goods to be delivered to its
customers premises.
Q : What is irrecoverable debts?
Answer : A debt which is not expected to be paid .
Q : what is residual value ?
Answer : The amount a company expects to be able to sell a fixed asset for at the end of its
useful life.
Q : what is Share ?
Answer : A unit of ownership that represents an equal proportion of a company’s capital. It
entitles its holder (the shareholder) to an equal claim on the company’s profits and an equal
obligation for the company’s debts and losses.
###Two major types of shares are
(1) ordinary shares (common stock): which entitle the shareholder to share in the earnings
of the company as and when they occur, and to vote at the company’s annual general
meetings and other official meetings, and
(2) preference shares (preferred stock): which entitle the shareholder to a fixed periodic
income (interest) but generally do not give him or her voting rights. See also stock.
Q : definition of trial balance.
Answer : The act of totaling debit balances and credit balances to confirm that total debits
equal total credits.
Q : Definition of ledger.
Answer : A ledger contains summarized financial information that is classified by assignment
to a specific account number using a Chart of Accounts.
Q : definition of adjustment
1.Answer : increase or decrease to an account resulting from an adjusting journal entry .
For example, the accrual of wages at year-end will cause an increase in both salary expense
and salary payable.
2.Answer : changing an account balance because of some happening or event. For example,
a customer who returns merchandise ill receive a credit adjustment to the account.
Q : definition of appreciation ?

1.Answer : Increase in the value of an asset through a rise in market price, appraised value,
or income earned, as compared to an earlier period. The opposite is Depreciation.
2.Answer : Increase in the value of one currency vs another, without any change in official
value occurring. It results from growth in market demand under floating exchange rates
rather than official action such as a currency revaluation.
Q : Difference between depreciation appreciation?
Answer : Appreciation and depreciation both deal with asset value over time. Some assets,
such as real estate, bonds, and homes gain value as time goes on. These assets are said to
appreciate. Other assets, such as vehicles, manufacturing plants, and office equipment lose
value over time (depreciate). Appreciation/depreciation as a verb is the process of
increasing value. For instance, a piece of real estate might appreciate at 5% per year and a
car might depreciate 10% a year. De/Appreciation do NOT have to be linear. For instance,
the moment you drive a new car off the lot, it depreciates a considerable amount (say 10%
of its value). The next year, though, the car might only depreciate 5%. How one determines
the rate of de/appreciation depends on your accounting rules. For tax reasons, many
companies have to abide by strict depreciation laws (For instance, it would be unreasonable
to depreciate a factory at 90% of it’s value in one year because it would effects the
company’s profits and thus the taxes that company pays).
For most consumers, de/appreciation is based on the market value of the asset. Back to the
car example: the moment a new car is driven off the lot, it loses a lot of its value because it
is then consider a “used” car, so people won’t pay as much for it.
Q : what is fiscal year?
Answer : A 12-month period over which a company budgets its spending. A fiscal year does
not always begin in January and end in December; it may run over any period of 12
months. The fiscal year is referred to by the date in which it ends.
Q : difference between fixed and variable costs?
Answer : Fixed costs are expenses whose total does not change in proportion to the activity
of a business, within the relevant time period. For example, a retailer must pay rent and
utility bills irrespective of sales
Variable costs by contrast change in relation to the activity of a business such as sales or
production volume. In the example of the retailer, variable costs may primarily be
composed of inventory (goods purchased for sale), and the cost of goods is therefore almost
entirely variable. In manufacturing, direct material costs are an example of a variable cost.
Along with variable costs, fixed costs make up one of the two components of total cost. In
the most simple production function, total cost is equal to fixed costs plus variable costs.
Q : definition of MEMORANDUM OF ASSOCIATION?
Answer : The memorandum of association of a company, often simply called the
memorandum (and then often capitalised as an abbreviation for the official name, which is a

proper noun and usually includes other words), is the document that governs the
relationship between the company and the outside. It is one of the documents required to
incorporate a company in the United Kingdom, Ireland, India, Bangladesh, Pakistan and Sri
Lanka, and is also used in many of the common law jurisdictions of the Commonwealth.
Answer : A Memorandum of Association (MOA) is a legal document prepared in the
formation and registration process of a limited liability company to define its relationship
with shareholders. The MOA is accessible to the public and describes the company’s name,
physical address of registered office, names of shareholders and the distribution of shares.
The MOA and the Articles of Association serve as the constitution of the company. The MOA
is not applied in the U.S. but is a legal requirement for limited liability companies in
European countries including the United Kingdom, France and Netherlands, as well as some
Commonwealth nations.
Q : definition of Articles of Association?
Answer : A document describing the purpose, place of business, and details of a non-profit
organization.
Answer : A document that specifies the regulations for a company’s operations. The articles
of association define the company’s purpose and lays out how tasks are to be accomplished
within the organization, including the process for appointing directors and how financial
records will be handled.
Q : what kinds of terms included in Articles of Association?
The Articles can cover a medley of topics, not all of which is required in a country’s law.
Although all terms are not discussed, they may cover:
* the issuing of shares (also called stock), different voting rights attached to different
classes of shares
* valuation of intellectual rights, say, the valuations of the IPR of one partner and, in a
similar way as how we value real estate of another partner
* the appointments of directors – which shows whether a shareholder dominates or shares
equality with all contributors
* directors meetings – the quorum and percentage of vote
* management decisions – whether the board manages or a founder
* transferability of shares – assignment rights of the founders or other members of the
company do
* special voting rights of a Chairman, and his/her mode of election
* the dividend policy – a percentage of profits to be declared when there is profit or
otherwise
* winding up – the conditions, notice to members
* confidentiality of know-how and the founders’ agreement and penalties for disclosure
* first right of refusal – purchase rights and counter-bid by a founder.
Q: definition of memorandum of agreement ?
Answer : A memorandum of agreement (MOA) or cooperative agreement is a document
written between parties to cooperatively work together on an agreed upon project or meet

an agreed objective. The purpose of an MOA is to have a written understanding of the
agreement between parties.
An MOA is a good tool to use for many heritage projects. It can be used between agencies,
the public and the federal or state governments, communities, anQ : definition of resident
company?
Answer : Entity treated by the jurisdiction, in which it is registered or incorporated or
conducts its business, as resident for exchange control and/or tax purposes
d individuals. AQ : definition of non resident company?
Answer : That is incorporated in a jurisdiction as non-resident for tax purposes.
Answer : A company treated by the jurisdiction in which it is incorporated as non-resident
for tax purposes or exchange control purposes or both
n MOA lays out the ground rules of a positive cooperative effort.
Q : definition of sales tax?
Answer :A sales tax is a consumption tax, usually paid by the consumer at the point of
purchase, itemized separately from the base price, for certain goods and services. The tax
amount is usually calculated by applying a percentage rate to the taxable price of a sale
Q: definition of purchase tax?
Answer : A tax that is added to the price of goods sold in shops, but not on basic goods that
people need to buy, that the owner of the shop must pay to the government
Answer : a taQ : definition of excise tax ?
Answer : An indirect tax charged on the sale of a particular good.
Answer : An excise tax is a tax on use or consumption of certain products. Excise taxes are
sometimes included in the price of a product, such as motor fuels, cigarettes, and alcohol.
Excise taxes may also be imposed on some activities, like gambling. Excise taxes may be
imposed by the federal government or by a state.
x levied on nonessential consumer goods and added to selling prices by retailers
Q : definition of use tax ?
Answer: Use tax is levied when the products are purchased from a different state paying the
sales tax to that state. This tax compensate the state where the goods are finally put to
use, the loss it has suffered because of the purchase from a different state.
you can see those thing also: Grammatical rules, translation, paragraph writing, fill in the
gaps, application/letter, corrections, transformation etc. may be included in the questions.

canelo vs jacobs

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to canelo vs jacobs

Similar to canelo vs jacobs (20)

Recently uploaded

Recently uploaded (20)

canelo vs jacobs