Essay about The Significance of Regulation to an Accounting Student


Law is pertinent to an accounting student because it helps the student to understand the laws that governs Trusteeship, Executorship and Bankruptcy. In the area of Trusteeship it will help the student to understand the functions of the settler, trustee and the beneficiary. To know who can appoint a trustee and precisely what is required to make a Trust valid. It also helps students to understand the difference between Trusteeship and other ideas. It helps trainees understand the several classification of Trust and how Trust may be constituted and under which will condition Trust can be set aside. It helps them to know the remedies intended for breach of Trust. It also helps trainees to get familiar him/herself with cases for future references. But most significantly it helps students to know the Laws that governs Trusteeship (Trust Take action and Trust Law).

In the area of Executorships, the training course helps the student to understand who executors are and who appoints them(Testator) and when this could be done(after the death in the testator). In addition, it helps students to understand how a executor could be appointed and what to be performed should he/she die just before he/she can perform his obligations or refuse the office of the executor. It helps the student to be aware of how and who can get a probate if there is a is going to or certainly not. But most importantly it helps trainees to acquaint him/herself with the Laws governing Executorship.

In the area of Bankruptcy, the course allows the student to familiarize he/herself with the Laws and regulations that governs Bankruptcy (Bankruptcy Act of 1979) and under which will condition Bankruptcy is verified. It helps students to be able to provide good and sound advice to creditor and debtors.