Accounting chapter 1

After you have read and studied this chapter, you should be able to: Explain the difference between conceptual definitions and operational definitions.

Accounting chapter 1

Charge of tax against corpus without apportionment. Recovery from person in possession or interested in estate; court may direct payment; expenses. A personal representative must be allowed all necessary expenses in the administration and settlement of the estate, and fees for services as provided by law, but if the decedent by will makes some other provision for the compensation of the personal representative, this shall be deemed a full compensation for those services, unless within 60 days after his or her appointment the personal representative files a renunciation, in writing, of all claim for the compensation provided by the will.

If no compensation is provided by the will, or the personal representative renounces all claims thereto, fees must be allowed upon the whole amount of the estate which has been accounted for, less liens and encumbrances, as follows: The same fees must be allowed to the personal representative if there is no will.

Welcome to Chapter 1 Books

If there are two or more personal representatives, the compensation must be apportioned among them by the court according to the services actually rendered by each.

In addition to the fees described in subsection 1, the court may allow such fees as it deems just and reasonable if the fees authorized pursuant to subsection 1 are not sufficient to reasonably compensate the personal representative.

Notwithstanding any provision to the contrary in the will, a personal representative who is an attorney retained to perform services for the personal representative may receive compensation for services as a personal representative or for services as an attorney for the personal representative, but not both, unless the court: The provisions of this section shall not be construed to disallow compensation for services rendered by an attorney as a personal representative if: The services which are rendered by a personal representative who is an attorney and for which compensation is requested pursuant to this section include services rendered by an employee, associate or partner in the same firm of such an attorney and services rendered by an affiliate of such an attorney.

Such further allowances may be made as the court deems just and reasonable for any extraordinary services, such as: Management, sales or mortgages of real or personal property. Contested or litigated claims against the estate.

The adjustment and payments of extensive or complicated estate taxes.

Accounting chapter 1

Litigation in regard to the property of the estate. Such other litigation or special services as may be necessary for the personal representative to prosecute, defend or perform. A contract between a personal representative and an heir or devisee for a higher compensation than that allowed by NRS A personal representative, at any time after the issuance of letters and upon such notice to the interested persons as the court requires, may apply to the court for an allowance upon his or her fees.

On the hearing, the court shall enter an order allowing a personal representative who applied to the court pursuant to subsection 1 such portion of the fees, for services rendered up to that time, as the court deems proper, and the portion so allowed may be charged against the estate.

Management Accounting: Chapter 1

An attorney for a personal representative may be compensated based on: If the attorney is requesting compensation based on the hourly rate of the attorney, he or she may include, as part of that compensation for ordinary services, a charge for legal services or paralegal services performed by a person under the direction and supervision of the attorney.

If the attorney is requesting compensation based on the value of the estate accounted for by the personal representative, the allowable compensation of the attorney for ordinary services must be determined as follows: Before an attorney may receive compensation based on the value of the estate accounted for by the personal representative, the personal representative must sign a written agreement as required by subsection 8.

The agreement must be prepared by the attorney and must include detailed information, concerning, without limitation: For the purposes of determining the compensation of an attorney pursuant to subsection 4, the value of the estate accounted for by the personal representative: In addition to the compensation for ordinary services of an attorney set forth in this section, an attorney may also be entitled to receive compensation for extraordinary services as set forth in NRS DTA Manual, Chapter 8: Lines of Accounting 8/17/18 2 This document is maintained on the DTMO website at Printed copies may .

Chapter 1 – Financial Accounting Theory. Evaluating theories of accounting. The Positive Accounting theorist and the normative theorist would be considered to be working from different ‘paradigms” which provided greatly different perspectives about the role of accounting research.

CFR Toolbox

Chapter 1 introduces the study of accounting. Accounting is defined as a set of concepts and techniques that are used to measure and report financial information about an economic entity. Accounting consists of both external reporting issues known as “financial accounting,” and internal reporting issues related to “managerial accounting.

Chapter 1 – Burden: mortality, morbidity and risk factors 9 Chapter 1 Burden: mortality, morbidity and risk factors This chapter reviews the current burden and trends of NCDs and the risk factors.

A tax credit is a direct, dollar-for-dollar offset against income taxes that otherwise are payable. The advantage of a tax credit (instead of a tax deduction for the expenditures) is that the amount of the tax credit is not affected by .

Accounting chapter 1

Start studying Accounting Chapter 1. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

Home | North South University