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LAW: The system of law is a set of rules of conduct of any organized society that are enforced by threat of punishment if they are violated. Modern law has a broad scope and regulates many branches of conduct.The royal courts of England developed common law, which is judicial legislation, as opposed to the law of the formally enacted statute. Common law is based upon adherence to precedent, in which previous decisions are followed to ensure a uniform application of the law to similar situations. The theory behind adherence to precedent is to allow a predictable outcome for certain actions.
EQUITY: The word eguity has the following meanings: The body of principles constituting what is fair and right or the natural law
- It could refer to fairness, impartiality or evenhanded dealing. For example as per the company policies managers should use equity in dealing with subordinate employees.
- The principles of justice used to correct or supplement the law as applied to particular circumstances. For example the judge decided the case by equity because the statute did not fully address the issue. In this sense it is also termed natural equity
- The system of law or body of principles which originated in the English court of Chancery, which superseded the common law and statute law when there was a conflict between the two.
- A right, interest or remedy recognizable by a Court of equity
- The right to decide matters in equity or equity jurisdiction.
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Difference between common law and equity?
common law also make by artificially and equity make atumetically
Explain the difference between share of customer and customer equity.?
Explain the difference between share of customer and customer equity
What is common law and equity?
Common law is a body of legal precedent compiled by past court decisions. These decisions become the rules that common law judges use to decide legal disputes. Courts of equity provide a remedy when common law courts decide a case constitutes an inequitable situation. The common law court determines things are legally unbalanced between two parties; the court of equity provides equalizing relief. Equity to common law tends to reduce any injustice caused by the strict application of the common law and mitigates
What is the difference between asset and equity?
The main difference between asset and equity is that assets represent what a company owns and what it owes, while equity represents the ownership interest in the company held by its shareholders. In simpler terms, assets are what a company has, while equity is who owns the company.
Difference between equity and owner's equity?
EQUITY:- Equity is the term in which liability is introducedOwner Equity :- Owner Equity is the term in which liabilty and owner capital is introduce...it is some time called Equities....
Home equity is?
Home equity is defined as the difference between the fair market value and any liens on the home.
What is the difference between equity and justice?
justice is to be right or wrong/fair equity is right and wrong um equal
The difference between assets and liabilities is called?
Net Worth or Equity
What is the difference between a company's assets and its liabilities or its net assets is?
Equity
When common law and equity conflicts what prevails what is the historical reson?
In cases where common law and equity conflict, equity prevails. This principle was established to ensure fairness and justice in legal disputes. It originated from the historical separation between courts of law and courts of equity in England, where equity developed to provide remedies when the strict application of common law would lead to injustice.
Difference between retrun on equity and return on capital employed?
return on capital employed (ROCE) is net income/(debt&equity) whereas return on equity is income/equity (without debt).
What is a journal entry that moves the difference between revenue and expenses from the income statement to the owner's equity?
expenses decrease owner's equity where as revenue increases owner's equity
