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REMEDIES FOR BREACH OF CONTRACT Remedies for breach of contract include: · Action for price · Action for damages Action for price: Where there has been a breach of a contract of sale, the seller can sue the buyer for the price of the goods. Action for damages: Where there has been a breach of … Read More
WHAT ARE PRE-INCORPORATION CONTRACTS? These are contracts entered into by a third party on behalf of a company which has not yet been formed. A pre-incorporation contract is binding on the third party who is acting on behalf of the unformed company. · A pre-incorporation contract is a contract entered into on behalf of a company … Read More
WHAT ARE THE TYPES OF CONTRACTS? There are different types of contracts and these include: · Void contracts Contract that cannot be enforced by law because it involves an illegal act or an agreement which is impossible to execute · Voidable contracts Contract that is valid but can be … Read More
WHAT ARE THE ELEMENTS OF A CONTRACT? For a contract to be established, the following have to be existing: · Offer and acceptance (an agreement) · Consideration · Intention to create legal relations · Capacity OFFER: A definite expression of willingness to be held accountable on specified terms without any further changes to the agreed … Read More
WHAT IS A LIABILITY? Liabilities are things that are owed by the business which are the obligations or debts of the business. These could be classed as: · Non-Current liabilities · Current liabilities Non-Current liabilities are obligations that are owed by the business over a long period of time usually for longer than one year … Read More
WHAT IS AN ASSET? Assets are things that are owned by the business which are used to produce economic value to the business in meeting its debts and other commitments. These could be classed as: · Non-Current assets · Current assets Non-Current assets are things that are owned by … Read More
Absorption of overheads is the process by which the total cost of a production centre is charged to the cost units within that centre. Absorption of overheads is charged to cost units based on an absorption rate and this is calculated at the beginning of the period based on budgeted activity and budgeted overheads. There … Read More
Costs can be classified in 4 ways – by function, by element, by nature and by behaviour. Classification of costs by function: Production costs- this is also known as “cost of sales”. This category would include production labour costs, materials, factory supervisor salaries, factory rent. These are any costs which are directly linked with organisations … Read More
A crucial part of nailing any payroll journal question is being able to calculate the wages expense, gross wages and the net wages due to the employees. Use the chart below to help – and remember to play close attention to and differentiate between employee and employer contributions! AAT Level 1 & 2 | The … Read More
