I am very sorry about your parent's passing. Usually the bank statements are sent to the Executor (male) or Executrix (female) that was named in the Will. It's obvious that one or more of you were Power of Attorney over your parent while she/he was living so yes, you should have done simple bookkeeping as to what is spent on your parent's medical care, hospital stay, possibly the cost of staying in a nursing home, etc. It really isn't the law, but just good business sense so there isn't any second-guessing amongst Heirs in the Will. My mother passed away 2 years ago. When she was in the nursing home my brother was Power of Attorney. His duties were to pay all the bills such as medical expenses, etc. He had the right to sell her condo and the money from the sale went into her account. I was an Heir and I had the right to ask to see the transactions of ALL that went on while my mother was still living. I didn't of course because I trusted my brother. Sometimes when there is a disbute in the family, the lawyer, before dispursing the money can show exactly where the money went. Probate also usually takes care of all your problems. An Executor/Executrix HAS TO ACCOUNT for all monies spent while that person was living right down to the funeral costs. Probate makes sure that all creditors (including personal/property taxes) are paid in full and what is left in the Estate (Residue) is disbursed amongst the Heirs. Marcy
There is no one accounting principle that requires that a transaction be recorded in the period it occurs (commonly referred to as accrual basis accounting). There is a conceptual statement that the Financial Accounting Standard Board has issued with regard to the use of accrual accounting. The Financial Accounting Standards Board has issued STATEMENT OF FINANCIAL ACCOUNTING CONCEPTS NO. 6: ELEMENTS OF FINANCIAL STATEMENTS which states in paragraph 134: Items that qualify under the definitions of elements of financial statements and that meet criteria for recognition and measurement are accounted for and included in financial statements by the use of accrual accounting procedures. The basis of accounting, whether cash basis or accrual, should be disclosed in the notes to the financial statements so that the financial statement reader is aware which method of accounting is in use. Generally accepted accounting principles (GAAP) does require the accrual basis of accounting; nevertheless, businesses can present their financial statements on a cash basis as long as proper disclosures are made. The financial statement opinion rendered by the external audit firm would also disclose that the cash basis of accounting is being used.
Describe the procedures that are usually included in a typical payroll accounting system?
it is not included since the bank is already closed
his report analyzes the status of financial management in the executive branch; summarizes agency financial statements, audits, and audits reports; and reviews reports on internal accounting and administrative controls
She has a difficult relationship with her manager
Technically, for full GAAP projected statements, it should be. Although you can very easily omit the tax disclosure from the statements as long as it is included to some extent in the footnotes, or mentioned in the compilation report.
They want to know what property was included in the estate and where it went.
Demographic, accounting code, and general account information
The three major financial statements that are generally included in a company's annual reports are:Balance SheetIncome StatementStatement of Cash Flows
Yes, cheques are included in cash flow statements. Currency and coins are counted as well when balancing accounts receivable.
At the "executive, administrative, and managerial" occupational level, accountants and auditors are included.
All people agree on every work included in a canon of literature.
Position statements usually don't include predictions for the future
Which of the following statements is true regarding the maximum ranges of the data sets above?
"Abridged" is more condensed, while "detailed" is just as it implies - detailed, with all financial details, facts and figures included.
"All persons born or naturalalized in the United States . . . are citizens"
he was the first chief justice of the U.S. supreme court
She upholds the highest quality service at all times.
Completeness means that all the information that is needed to faithfully represent economic reality must be included.
She was the first female vice-presidential candidate in U.S. history.
No - for financial accounting it is treated as deffered income (included in income when earned) and for tax perposes it is income in the year received.
Some features included in construction accounting software includes keeping track of all debits and credits and keeping total cost for all expenses such as tools, that can be refundable.
No future amendments against slavery were allowed. Congress was not allowed to interfere with slavery.
He served as vice president during the administration of John Adams.