Description

Legal practice management

QUESTION ONE

Highlight the foliowine concepts and for each explain their imptication in the preparation of financial statements.

The going concern concept Business entity concept

• Materiality
• Realization (8 marks)

• While developing sound human resource policies, management should ensure that the policy will service the immediate purpose and be sustainable in the future. Imagine you are a human resource manager of a modern law firm.

Highlight six (6) characteristics of a sound human resource policy.                                                        (6 marks)

• Kamau is one of the partners in Kamau Et Ot’ieno Associates a law firm based in Nairobi. Currently the firm has eight: partners. Kamau is not on(y a lawyer but is also a certified pubiic accountant with many years’ experience. For this reason he works full time in the firm and is in charge of finance and administration.

The partners have summoned Kamau for the second time in two weeks. The deadline for preparing the budget was two weeks ago and todate Kamau has not produced the budget. This is slowing down allocation of funds to various functions of the firm and straining the cost leadership strategy of the firm.

What is perplexing the partners is that Mr. Karnau is hardworking, comes to work early and leaves very late and works on most Weekends. in an attempt to gather more information one of the partners inquired from an accountant in the Finance Department what the problem was. The accountant promptly replied “Mr. Kamau does not believe in delegation”

COMMERCIAL ACCOUNTS