Briefly comment on the following question or statement. (a) Describe approaches to minimizing legal liability. (b) Describe concept of ‘duty of care’. (c) Describe concept ‘contributory negligence’.

Q: Explain contributory negligence.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

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: State with reason whether the following statements are true or false Contingent liability is an…

A: Contingent liability can be defined as the liability that may occur on the basis of the outcome of…

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: Briefly comment on the following questions or statements. a) Describe approaches to minimizing legal…

A: a) Legal liability refers to  a situation which is answerable or responsible in law. It covers both…

Q: A tort is a basis for a action O criminal O criminal or civil

A: Tort refers to the wrong doing which is in legal form, where the one person commits wrong against…

Q: 4. Which of the following is truè õf a Olt is a potential liability that depends on a future event.…

A: Solution: A contingent liability is a potential liability that may result in outflow of resources in…

Q: resent obligation is not a contingent liability but shall be recognized as a provision when * a.…

A: Solution: Contingent liability is the liability which depends on the results of any future event…

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: Defihe and explain -An agreement that violate statute - An agreement that violate public policy…

A:

Q: Use the following key (a-d) to identify the proper treatment of each contingent liability a. Record…

A: Introduction : Contingent liability: Contingent liability means it depends on happening or non…

Q: Which of the following is not considered as a characteristic of a liability?

A: The balance sheet comprises two-part, what the company owns (Assets) and what the company owes…

Q: Which of the following is a valid defense in a strict products liability case? Group of answer…

A: Strict liability is a theory which describes the consequence and legal responsibility of any damage…

Q: which of the following is true? a.When what is to be delivered is a generic thing, the creditor may…

A: The word contractual responsibilities refers to the tasks for which the parties to a contract are…

Q: Explain the role of Anticipatory Breach of Contract in non-performance of contract. Briefly state…

A: A financial contract is an independently agreed agreement, contract, or sale, purchase, exchange,…

Q: Define a “liability” by listing its essential characteristics (not types of) as provided by our…

A: Liability :— It is a Financial obligation that is to be settled in the  future date.  Suppose an…

Q: What distinguishes a current liability from a long-term liability?  Why is it so important to report…

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Are they any specific considerations  that must be taking into account when focusing on liability…

A: Liability: A liability is the amount of money that a company owes for the benefits enjoyed.…

Q: The duty owed under the mitigation of damages doctrine depends on the nature of the breached…

A: A breach of contract occurs when one party in a binding agreement fails to deliver according to the…

Q: Q1 (a) What attributes should an item or transaction exhibit in order to be classified as a…

A: Liability is an obligation which is to be paid at some future date. It is shown in the balance…

Q: The following are grounds for liability to pay damages, except:     a. Negligence b. Fraud c.…

A: The following are grounds for liability to pay damages Negligence Fraud Contravention of the tenor…

Q: The elements of a claim of Negligence are O Causation and duty O Proximate cause and actual cause O…

A: Negligence refers to the situation where proper care is not taken for something.

Q: Explain the difference between liquidated damages and penalities

A: Damage refers to the loss that results from some injury to a person, company, property, or…

Q: What are the categories of liability? Explain them.

A: Liabilities:   A liability is a sum of money owed by the company towards external entities like a…

Q: Liability based on negligence must establish four element. Please list them below

A: Negligence occurs when an individual acts "underneath the standard of responsibility" by failing to…

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

A:

Q: Distinguish a contigent liability from a provision.

A: Liabilities: It refers to the debt that company owes to someone. It can be short term or long term.

Q: 3.An important development in the area of breach of contract by an auditor is contributory…

A: Contributory Negligence In simple contributory Negligence which describes as negligence in the part…

Q: What are the consequences for a CPA who commits an Act Discreditable?

A: Discreditable: As per the code of conduct, a member will not perform an act discreditable i.e. an…

Q: TRUE OR FALSE A liability can exist even if the party to whom the obligation is owed is not…

A: Liability:- A Liability is the amount owed from outsiders such as suppliers, creditors, investors,…

Q: explain the principles of classical immunization strategy to meet a single liability obligation

A: Immunization is referred to as a strategy to mitigate the chance that matches the duration of asset…

Q: Discuss creation of principal and agency relationship. What is vicarious liability?

A: At the point when an individual connects with another to follow up for his sake it makes a connec…

Q: In a situation, where there is conflict of interest, making good decision requires all of the…

A: Fairness Fairness is the one of the quality of making judgments. There will not be any…

Q: In explaining the meaning of obligation in the definition of a liability, the Conceptual Framework…

A: when a liability arises to pay the amount than obligations will arise.

Q: The law of torts is concerned with: O negligence. nuisance. trespass. All of the above.

A: Law of torts is a law to protect a person from the careless activities of another person.

Q: Which of the following is most likely to be classified and reported as a current liability?

A: Liabilities are reported in the balance sheet of the company.

Q: Distinguish between common law liability and statutory law liability?

A: Auditor:  The person who is considered responsible for assessing the credibility of the financial…

Q: A lawsuit is an example of a contingent liability for the defendant. O True O False

A: Contingent Liabilities are the liabilities the outcome of which is unknown.

Q: When a contingent liability exists, the likelihood for loss can be evaluated as probable, reasonably…

A: A contingent liability is the possible obligation which will only be confirmed by future event which…

Q: What is a contingent liability? Provide some examples of contingencies.

A: Explain the meaning of contingent liability and provide some examples: A contingent liability, as…

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.