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Small summary of the english legal system and its law reform
Small summary of the english legal system and its law reform
Small summary of the english legal system and its law reform
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Equity
In 1066 when William the conqueror came to England the law was very
different from today. Itinerant judges who would travel around the
country settling any disputes administrated it. They started out using
local laws and applying these to cases before them. However, the
Normans were keen to develop a law which they could apply to the whole
country, a law which would be common to every one. So they gathered
what was considered to be the best of different local laws and
developed a common law.
Soon though many problems were found with common law. It soon became
too ridged. Two of the main problems with common law were, that it
didn’t offer sufficient remedies and, a civil action could only be
taken by use of a “writ.” A writ was used to set out the cause of the
action and the grounds for the claim. The writ became a problem
because it had to be made to fit and existing writ. To start with a
new writ was created when a suitable previous case could not be found
however, it was soon stopped and no new writs could be issued. This
meant that some cases were unable to be pursued, as an existing writ
that suited the case could not be found. This made many people unhappy
with the common law system. The other main reason people were unhappy
with the common law system is that insufficient remedies were offered
in some cases. The only remedy available was damages, this meant
compensation, which was not always satisfactory.
As a result of these problems many people became increasingly
dissatisfied with the common law system. More and more people began to
petition to the king as a “fountain of justice” for a more suitable
This gives the readers a clue that what is to happen in the upcoming text is a
...ed to courts, yet to issue such a writ to an officer for the delivery of a paper is, in effect, the same as to sustain an original action for that paper, and is therefore a matter of original jurisdiction. Disposition, Application for writ of mandamus denied. Marbury doesn’t get the commission.
A V Dicey, Introduction to the Study of the Law of the Constitution (10th ed 1964) 40.
one simple reason for why it was introduced. It was not a new idea as
It must be by his death: and, for my part, I know no personal cause to spurn at him. But for the general public. " II.i.10-12
Proceedings are either commenced by arrest, charge and production to the court, either on bail or in custody, or by the laying
Peckham, J. “Opinion of the Court.” Lochner v. New York, 198 U.S. 45 (1905). Ed. D.
According to the Generally Accepted Accounting Principles, T-Shirts by Tommy can account for the accident is to record an extraordinary item. Using the definition from our Intermediate Accounting textbook, extraordinary events are defined as, " events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence" (Keiso). Because of the nature of the plane crash, and the fact that these types of accidents happen very rarely, it can definitely be categorized as extraordinary. Tommy needs to estimate how much to expense for the loss of the building and other losses associated with the crash. Then he must record this item on his yearly income statement.
and in such inferior courts as the congress may from time to time ordain and establish” (Criminal
Accounting On September 28, 1998, Chairman of the U.S. Securities and Exchange Commission Arthur Levitt sounded the call to arms in the financial community. Levitt asked for, "immediate and coordinated action… to assure credibility and transparency" of financial reporting. Levitt’s speech emphasized the importance of clear financial reporting to those gathered at New York University. Reporting which has bowed to the pressures and tricks of earnings management. Levitt specifically addresses five of the most popular tricks used by firms to smooth earnings.
This paper will discuss the information found in the financial statements such as, balance sheet, income statement, statement of cash flows, and statement of stockholders’ equity. The financial statements will show the relation to planning, controlling, and decision making. Also, the paper will discuss some the reports and ratios that can be developed by analyzing the statements. The statements mostly used by managerial accounting are: budgets, forecast, variance reports, and ratios to name a few.
Corporate finance is a specific area of finance dealing with the financial decisions corporations make and the tools as well as analyses used to make these decisions. The primary goal of corporate finance is to enhance corporate value, without taking excessive financial risks.
The nature of work of accountants and auditors is to prepare, analyze, and verify financial reports and taxes, and monitor information systems that furnish this information to managers in business, industry, and government. The major fields of accounting are Public accountants who have their own business or work for public accounting firms. They perform a large range of responsibilities such as doing taxes, numerous accounting and auditing, consulting activities for their clients, who may be corporations, governments, nonprofit organizations, or individuals. Management accountants also called industrial, corporate, or private accountants record and analyze the financial information of the companies for which they work with. Other responsibilities include budgeting, cost management, and asset management. These accountants analyze and interpret the financial information corporate executives use to make sound business decisions. Internal auditors are very important to our system. When companies make information more timely, top management base their decisions on actual data, rather than their personal opinion. So these auditors verify the accuracy of their organization’s records and check for mismanagement, waste or fraud. Government accountants maintain and examine the records of government agencies, and audit private business and individuals whose activities are subject to government regulations or taxation. All ranks of government accounting sees that revenues are received and expenditures are made in accordance to laws and regulations. Many who have a background in accounting work for the federal government as Internal Revenue Service Agents. Within each field, accountants often concentrate on one aspect of accounting. Jonda Dunn who I interviewed works for B. Lee Hubbard and Company in Jackson, Ohio. She has worked there for six years and enjoys her job. She has received a bachelor’s degree in accounting and minored in Computer Science. She chose this career because she loves math and numbers. Mrs. Dunn deals with payrolls, bank reconciliation’s, and financial statements.
Business finance has taught me how to manage risk and return as well as making capital investment decisions throughout the semester. Professor Schott has gone through each chapter carefully well making sure that each student grasps each concept before moving on. He has used many tools such as LearnSmart, lectures and homework assignments to make sure that us students have a good idea of the concept before giving us exams.
particular part of the profession I am going to go into. I am going to focus on financial