Assume that your friend Will Morris, who is a music major, asks you to define and discuss the nature of a liability. Assist him by preparing a definition of a liability and by explaining to him what you believe are the elements or factors inherent in the concept of a liability.

Q: may an action arising from negligence be waived? explain

A: Negligence refers to very small and insignificant result which needs to be inspect or check. The…

Q: Define and explain the nature and concept of the current liability and non-current liability.…

A: Entity have two types of liability a short term liability and a long term liability . The difference…

Q: What are the section in the Code of Ethics for Professional Accoountants that has Prohibitions?

A: Prohibitions are stated in the following section

Q: Explain the auditor legal liability, this includes what law that procure such liability?

A: An auditor is expected to complete their tasks in good faith and with integrity and should operate…

Q: Explain the purpose of damages as a remedy for breach of contract in our law. Also explain how…

A: The purpose of contract remedies is, for the most part, to compensate the non-breaching party for…

Q: Bodily injury and property damage liability policies protect an insured for Loses for which the…

A: Bodily injury and property damage liability policies protects the insured when insured is at fault…

Q: Law Societies provide a complaints resolution process for clients who believe that a lawyer has…

A: Law societies are the independent professional body for the solicitors and they drive the excellence…

Q: Which of the following is a condition of a commercial general liability policy? Intentional act…

A: Solution: The conditions of the CGL policy includes provisions for duties related to claims, to…

Q: State the rules in case the thing to be delivered deteriorates with the debtor's fault or without…

A: A debtor seems to be a person or corporation who promises to repay. The debtor is generally…

Q: Assume that your friend ALI ABBAS , who is a player football , asks you to define and discuss the…

A: Concept of Liability: Liability refers to something for which someone is liable. It is something…

Q: Determine if the following situation should be : BOOKED as a Liability, DISCLOSED in the notes of…

A: As per law, a company has to book a liability when it is more likely that the company might lose the…

Q: As a student, do you feel the effects of train law? If yes , how does it affects you? If no, why do…

A: Train law is briefly known as Tax Reform for Acceleration and Inclusion law. It is signed into law…

Q: In which of the following situations is there a violation of client confidentiality under the AICPA…

A: American Institute of CPA is the body which is issues the AICPA code of professional conduct. The…

Q: Which one of the following options best describes the Egg Shell Skull Rule? Select one: a. The…

A: The question is multiple choice question and is related to tort law system. It is a legal doctrine…

Q: Under the Ultramares rule, to which of the following parties will an accountant be liable for…

A: The ultramares doctrine represents the ordinary negligence for liability to third party. It is…

Q: Which of the following is not an element necessary to prove professional negligence? a. There must…

A: Professional negligence is defined as the result of breach of duty of diligence occurred between a…

Q: Which common law approach leads to increased CPA liability to "foreseeable" third parties for…

A: CPA is liable to conduct the professional accounting work. He would be responsible for any…

Q: Please summarize tthings that CPAs can do to limit their liability and prevent lawsuit

A: CPAs are certified public accountants. In other words they are licensed accounting professionals who…

Q: Distinguish between common-law liability and statutory liability for auditors. What is the basis for…

A:

Q: What factors must be considered in determining whether or not to record a liability for pending…

A:

Q: The AICPA Code of Professional Conduct derives its authority from the Bylaws of the AICPA. True or…

A: American Institute of Certified Public Accountants (AICPA) is a professional organization of CPA…

Q: must prove against the defendant under the negligence doctrine of product liability. Is everyone in…

A: PRODUCT LIABILITY: NEGLIGENCE…

Q: Discuss whether the following items would meet the definition of a liability using the criteria…

A: The abbreviation for international financial reporting standards is International Financial…

Q: Which of the following is incorrect? A.To qualify as a liability, an obligation must be payable in…

A: As per Generally Accepted Accounting Principles, liabilities refer to a present obligation that…

Q: Is there a conceptual difference between an error and negligence from a reasonable care perspective?…

A:

Q: ABC a manufacturer of appliances, approved to insure a customer for any loss or damage that the…

A: PFRS 17 governs insurance contracts. When the insured event occurs, the policy holder (who insures…

Q: At one time, it was felt that liability insurance would undermine the tort system, which has as its…

A: Liability insurance is essential for individuals who are accountable and at fault for the injuries…

Q: Briefly comment on the following question or statement. (a) Describe approaches to minimizing legal…

A: Liability refers to as financial obligations in which the person or entity owes to another person or…

Q: Generally, the auditor could be legally liable under?

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: Which of the following can help to mitigate the cost of professional negligence? a. Obtaining…

A: Step 1   Professional negligence is a breach of the due diligence and care between professionals and…

Q: Consider the following independent situations. For each of the situations described, suggest the…

A: Introduction: A liability is anything that a person or corporation owes, generally a monetary…

Q: A comprehensive general liability policy includes property damage coverage for which of the…

A: A comprehensive general liability insurance policy is the combination of coverages for public…

Q: • Describe some civil and criminal consequences if CPAS/auditors fail to follow professional…

A: Auditor's Liability Risk: Audit risk is the possibility that financial statements are significantly…

Q: A Personal Liability Umbrella isn't required for most people, but certainly can be valuable. At what…

A: Insurance is a policy or in other words is a contract in which the insurance company promises to…

Q: Distinguish between common-law liability and statutory liability for auditors. What is the basis for…

A: Difference b/w common law liability and statutory law liability Common law liability: It arises from…

Q: Distinguish between the legal concepts of actually foreseen third-party users and reasonably…

A:

Q: Explain the basic elements of the negligence action What is product liability? Can an injured…

A:

Q: What kind of actions might customers pursue against auditors under the common law doctrine of…

A: Given: Per common liability law, customers may file a lawsuit against auditors for breach of…

Q: Liability arises from all of the following situation except A negligent act Breach of duty…

A: Liabilities means the dues or obligations of the business organisation, which needs to be settled or…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.