The federal bankruptcy act contains several important terms. One such term is "insider." The term is used in connection with preferences and preferential transfers. Which among the following is not an "insider"?

The federal bankruptcy act contains several important terms. One such term is "insider." The term is used in connection with preferences and preferential transfers. Which among the following is not an "insider"?

A secured creditor is not an "insider" for the purposes of a preferential transfer. 

One of the elements necessary to establish that a preferential transfer has been made under the bankruptcy code by the debtor to a creditor is that the

One of the elements necessary to establish that a preferential transfer has been made under the bankruptcy code by the debtor to a creditor is that the

Under the bankruptcy ac, one of the elements which must be established in proving that a preferential transfer was made is that the debtor was insolvent at the time of the transfer. The bankruptcy act, presumes that the debtor is insolvent  during the 90 days prior to the date the petition was filed. 

In a bankruptcy proceeding, the trustee

In a bankruptcy proceeding, the trustee

A trustee is the representative of the estate and has the capacity to sue and be sued. 

The trustee in bankruptcy of a landlord-debtor under chapter 7 liquidation.

The trustee in bankruptcy of a landlord-debtor under chapter 7 liquidation.

The trustee may assign the leases of the landlord-debtor if such action is considered to be in the best interest of the debtor's estate. The trustee's duty is to acquire as many assets as possible for distribution to the creditors who filed claims in the bankruptcy proceeding. 

Haplow engaged Turnbow as his attorney when threatened by several creditors with a bankruptcy proceeding. Haplow's assets consisted of $85,000 and his debts were $125,000. A petition was subsequently was filed and uncontested. Several of the creditors are concerned the the suspected large legal fees charged by Turnhow will diminish the size of the distributable estateh. What are the rules of limitation which apply to such fees?

Haplow engaged Turnbow as his attorney when threatened by several creditors with a bankruptcy proceeding. Haplow's assets consisted of $85,000 and his debts were $125,000. A petition was subsequently was filed and uncontested. Several of the creditors are concerned the the suspected large legal fees charged by Turnhow will diminish the size of the distributable estate. What are the rules of limitation which apply to such fees?

According to the rules of bankruptcy procedure, it is necessary to file a proof of claims against the debtor's estate. The filling must be timely (within a 6-month period) or the claim will be barred. A claim that is filled on time is given prima facie validity and is approved unless there is an objection by one of the creditors. The filling would include a statement of compensation paid or agreed. 

The Foreign Corrupt Practices Act of 1977 lists several sanctions for offering bribes, kickbacks, etc.

The Foreign Corrupt Practices Act of 1977 lists several sanctions for offering bribes, kickbacks, etc.  While this is the rule for accounting in the United States, other countries have no such laws.  How does the International Accounting Standards Board (IASB) compensate for this inconsistency in accounting rules, if at all?  How would you compensate for this difference in accounting standards?  Do you believe that allowing bribes, kickbacks, etc. is necessarily unethical?

The Foreign Corrup Practices Act (FCPA) of 1977 was establish to deter bribes to political officials outside of the United State and to make it a requirement for all public companies to fairly reflect financial activity and maintain reasonable records and properly recording of transactions (p.568). Other than the ISBA issuing ISA No. 1 "Presentation of Financial Statements" and IAS No. 34, "Interim Financial Reporting", the IASB does not have any ruling or regulations for bribery or kickbacks. If it were up to me, to avoid such kickbacks or briberies of foreign officials I would have the ISBA adopt a law similar to FCPA. I doubt that it would go through, since they allow the individual nations to enforce IAS No. 34 or the frequency of reporting to be decided by the each countries national law. 
If bribes or kickbacks were not view as unethical, then there would not be any need for the FCPA. I think that both the company and the individual(s) involved in the bribes are unethical, they are the only ones benefiting from these acts. Let's take a major shoe company going into a third world nation, they offer the governent official a large quantity of cash and incentives for the ability to establish a plant in the country, who will benefit? The individual and the shoe company. Either will claim that they have people working, but they are working for pennies a day. Yet the official enjoys perks and lots of money, while they company will sell the cheap shoes for hundreds of dollars. The bribe and kickback is very unethical.

Explain the advantages and limitations of the four major research designs. Provide an example of a social group situation that you believe would be best studied by each type of design.

Sociologists use four major research designs: surveys, observation, experiments, and existing sources. The advantages and limitations of each of the four major research designs are as follows. A survey is a study, generally in the form of an interview or questionnaire, which provides researchers with information about how people think and act. The main advantages of surveys are less expensive, surveys can be sent by email, mail or over the phone, and surveys are useful in describing the characteristics of a large population. Some limitations with using surveys are that a lot of research must be conducted to develop questions relevant to the needed information and surveys are not as flexible as other means because the initial study design has to remain unchanged. An example of survey is sent via email or the end of class surveys that we take. Observation is a way to collect information through direct participation and by closely watching a group or community. Some advantages of observation are it allows sociologists to examine certain behaviors and communities that could not be investigated through other research techniques and observation can be the only way to gain certain types of information. Some limitations of observation are the observer must not become attached to the people he or she observes and it becomes hard to maintain confidentiality. An example of an observation is ethnography which is the study of an entire social setting through extended systematic observation. An experiment is an artificially created situation that allows a researcher to manipulate variables. Some advantages of experiments are direct measures of people’s behavior and experiments are the only means by which cause and effect can be established. Some limitations of experiments are ethical limitations on the degree to which subject’s behavior can be manipulated and most experiments are conducted in laboratories and do not always represent real life situations. An example of an experiment is the deliberate manipulation of people’s behavior.  Existing sources are previously collected and publicly accessible information and data. Some advantages of existing resources are tends to be nonreactive and it does not influence people’s behavior and researchers can avoid the Hawthorne affect by using secondary analysis. An example of existing resources is census data compiled by the government. Some limitations of existing sources are if the researcher who relies on data collected by someone else may not find exactly what is needed.