Vicarious performance
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Vicarious performance is where
a. a third party performs an obligation in place of another person who is ultmately liable for a proper performance
b. an employee performs an obligation inplace of another employee and the performing employee is liable for proper performance
c. parties to a contract enter into another agreement that has the effect of transferring the liability to perform to a third party
d. an employer performs an obligation in place of its employee and is liable for proper performance
e. parties to a contract agree to terminate a contract and substitute a new contract in place of the old one.
Step by step
Solved in 2 steps
- A common law employee-employer relationship exist: when the employer has the right to specify the end result and a. when the employee has the right to specify the end result and the ways and means by which the that result is to be attained. b. when the employer has the right to specify the end result and the ways and means by which the that result is to be attained. c. when neither the employer or the employee has the right to specify the end result and the ways and means by which the that result is to be attained. d. none of the aboe.An employee has the right to receive compensation for future paid leave, and the payment of compensation is probable. If the obligation relates to rights that vest but the amount cannot be reasonably estimated, the employer should a. Accrue a liability with proper disclosure. b. Not accrue a liability nor disclose the situation. c. Accrue a liability; however, the additional disclosure is not required. d. Not accrue a liability; however, disclosure is requiredEmployee benefits are all forms of monetary consideration given by an entity in exchange for services rendered by employees or for the termination of employment True or false?
- Employee benefits are all forms of monetary consideration given by an entity in exchange for services rendered by employees or for the termination of employment. a. TRUE b. FALSEthe effect of the doctrine of privity of contract is that a. a person who is not a party to a contract cannot obtain benefits or rights under it b. a unilateral contract is unenforceable against parties who have privity c. parties to a contract are protectred by the law d. a person can obtain rights under a contract for which he or she is not a partyRegarding CFA Standard 1 (B), if all relevant parties are notified in writing of the gift or benefit received by a member from a client or their employer: Group of answer choices will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from a client and is contrary to the policies of their employer will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from their employer not the client this can still result in a breach of the CFA Standards will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from a client not their employer this can only represent a breach of the CFA Standards if the gift or benefit has a value of less than $300
- Under PFRS 15, in which of the following instances will the revenue from contracts with customers be recognized at a point in time instead of over time? Group of answer choices When the entity’s performance creates or enhances an asset that the customer controls as the asset is created. When the customer simultaneously receives and consumes all of the benefits provided by the entity as the entity performs. When the entity has transferred physical possession and legal title to the asset to the customer When the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.TRUE OR FALSE EMPLOYEES CAN BE CONSIDERED BOTH AN ASSET AND A LIABILITYWhich of the following is not a condition in identifying the contract with the customer as per IFRS 15? a- Each party's rights with regard to the goods or services concerned can be identified b- It is certain that the entity will collect the consideration to which it is entitled c- The entity and the customer have approved the contract and are committed to perform their contractual obligations d- The payment terms can be identified
- Under what circumstances should an employer accumulate a cost and the associated obligation for an employee's future absence compensation? What role does firm tradition and practice have in the accrual decision?According to the Law of Agency, the principal is a) employer of the agent b) employee of the agent c) subordinate of the agent d) enemy of the agent.Which of the following is an indicator that an employee benefit is provided in exchange for services? the benefit is provided in accordance with the terms of an employee benefit plan the benefit is conditional on future service being provided either of the choices both of the choices
