Explain contributory negligence.

Q: What disclosure is made if a loss contingency is reasonably possible?

A: Contingent Liability: Contingent liability is one form of liability that arises based on a…

Q: If you become aware of a breach or violation, you should

A: Breach or violation of the terms and conditions by the employee is a commit of fraud or revealing…

Q: Describe what is the assumed liability?

A: An assumed liability is an obligation under the terms of the agreement assumed by a party. Insurance…

Q: Differentiate between “loss carryback” and “loss carryforward.”Which can be accounted for with the…

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Q: Outline the measures used to describe possible loss accurately?

A: The success of a business depends on how accurately they predict future profit or loss arriving…

Q: What are the measures used to describe possible loss accurately?

A: Furthermore, you have the option of paying for your item in equal monthly instalments, guaranteeing…

Q: What items could increase the risk of material misstatement?

A: Risk of material misstatement (ROMM) is a risk that the financial statements when audited will…

Q: What disclosures are required for remote likelihood of losses?

A: Likelihood of losses means chance of occuring loss in some future events of the business. Likelihood…

Q: Types of risk confronting personal property and liability risk

A: In financial terms, risk used to referred to the uncertain event and also the potential financial…

Q: “Costs of abnormal spoilage are losses.”Explain.

A: Abnormal spoilage is spoilage that is not inherent in a specific production process and will not…

Q: what is disinvestment ?

A: Disinvestment:  Disinvestment means selling off the assets such as manufacturing plant, a division,…

Q: Define the term contingent liability.

A:

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: How are errors corrected if they're not properly accounted for?

A: The errors can happen as all the things are human oriented. The error can happen as the process of…

Q: Discuss the rules for related party loss limitations.

A: The IRS has define rule regarding the transactions with the related parties and the treatment of…

Q: What is Umbrella Excess Liability?

A: Umbrella Excess Liability policy refers to a liability insurance policy that safeguards the assets…

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: What is liability

A: Financial accounting includes recording, collecting, summarizing and interpreting the financial data…

Q: How do the passive losses rules and the at risk rules work in conjunction to limit losses?

A: Passive losses: These are the losses that take place when expenses exceed the income in the passive…

Q: What are “liability gains and losses,” and how are theyaccounted for?

A: Liability gains and losses arise from the unexpected increase or decrease in the value of projected…

Q: What is a fortuitous event? Is there any difference between a fortuitous event and a force majeure?

A: In Chile, a chance occasion is an idea characterized by law in which mitigates the obligor from…

Q: How is the Handling of Unequal Service Lives done?

A: When decision has to be made while comparing one project with other projects and out of which only…

Q: Is it possible to distinguish between long-term liability and short-term responsibility?

A: The Answer:

Q: Risk of material misstatements increases if

A: Please see the next step for the solution

Q: efine the term materiality and explain why it may be d

A: Materiality is quite important in preparing the financial statement and it is very important to the…

Q: List and briefly describe the three categories of likelihood that a future event(s) will confirm the…

A: Loss contingency: Loss contingency is contingency where existing situation or circumstances where…

Q: Define Illegal acts.

A:

Q: What Is Personal Liability?

A:

Q: Fictitious deeds of trus

A: Fictitious Deed of Trust represent Master Trusts. Hence the correct Option is (b)

Q: Define (a) a contingency and (b) a contingent liability

A: a. Contingency: Contingency refers to an uncertain situation in which the uncertain situation exists…

Q: Explain Prepayment Penalties?

A: Prepayment penalties are those penalties that lender charges from the borrower if borrower…

Q: What is loss aversion?

A: What is loss aversion?

Q: What disclosure is required for a probable loss contingency?

A: Contingent liability: This is an uncertain obligation which might be incurred on a future date as a…

Q: Define risk of material misstatement.

A: Material misstatement represents the statement presented in the financial statement which is…

Q: Define the term illegal acts.

A: Confidential Client Information Rule: Confidential client information rule states that the member of…

Q: Identify the ways by which voluntary and involuntary dissolution may occur.

A: The dissolution of any firm means winding-up of the business or operations of the…

Q: Which expenses are associated with the risk of disability?

A: Disability refers to being abnormal from others i.e the person is incapable in a or few aspects from…