What are the requisites of notice of dishonor.? Explain.

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: 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: 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: 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: 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: A provision may be the equivalent of an estimated liability or a loss contingency that is accrued…

A: In this question we will understand that how a provision may be equivalent of an estimated liability…

Q: When can a gift causa mortis be voided?

A: Gift causa mortis is a gift of personal property and this gift the underlying belief or expectation…

Q: How do you think the miss statement of fines will impact the important statement and balance sheet.

A: Given: The impact on income statement and balance sheet due to misstatements of funds.

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: 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: Will the death of the principal debtor convert, decrease or nullify the substantive right of the…

A: Principal Debtor describes the natural individual or legal entity whose name appears on the…

Q: What types of fees and conditions are prohibited under RESPA?

A: Real Estate Settlement Procedures Act (RESPA)? The Real Estate Settlement Procedures Act, or RESPA,…

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: Common examples of financial abuse include:?

A: Financial abuse typically involves a family member or another person whom the older adult trusts…

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

A:

Q: Give examples of obligations or contracts which are contrary to law .

A: The contract is an agreement forming a relationship between two parties in such a way that if any of…

Q: Explain Charges and Liens?

A: The question is based on the concept of legal terms used to grant security against loan or debt.

Q: Would it be a violation of the Consumer CreditProtection Act to suspend, demote, or transfer…

A: Garnishment: Garnishment, also known as wage garnishment, is the process by which money is…

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: How can the owners be disclaimers?

A: A disclaimer is a term utilized to define or restrict the range of duties and rights enforceable in…

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: 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: According to our authors, what is a misstatement? Provide examples.

A: Misstatement: A remark that is not accurate or the provision of erroneous information is referred to…

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

A: The Answer:

Q: Explain how does a liability’s fair value change?

A: Fair value is the value of liability which has to be reported in the books of the company’s…

Q: What is a Current Liability? Explain its Characteristics.

A: Current liability refers to the obligation of enterprise which are due within normal cycle of…

Q: What is law of Indemnity? Explain the rights and duties of indemnifier and indemnity holder with…

A: The law of indemnity specifies that a person takes the guarantee of any act of the party that causes…

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: What Is Personal Liability?

A:

Q: Which of the following is not a secondary mode of extinguishing obligations? * Changing the object…

A: Primary obligations is prescription Which means time limit to sue in the court of law.  prescription…

Q: Why does the exclusion of the preemptive right ordinarily inconsequential?

A: Preemptive Rights: It is a contractual clause that gives the shareholders right or allows them to…

Q: Explain Prepayment Penalties?

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

Q: How might exclusion clauses be found to be unenforceable?

A: Exclusion clause is defined as the term of contract that looks for restricting or excluding the…

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: What do you think is the appropriate penalty?

A: Given: The appropriate penalty is explained as below,