Which of the following is a valid defense in a strict products liability case? Group of answer choices consent comparative negligence assumption of risk 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: 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: 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 the common misconceptions and controversies on the prohibition of Riba.

A: Riba means excess, addition, growth or augmentation. It is divided in to two categories…

Q: oo high, o

A: Since auditors can and often do not seek to review all activities, audit risk is essential to the…

Q: Management can estimate the amount of loss that will occur due to litigation against the company. If…

A: Given, Management can estimate the amount of loss that will occur due to litigation against the…

Q: Which of the following concepts is least related to the standard of due care?a. Independence in…

A: In situations when there is a major issue and its analysis is technically relevant, auditing…

Q: Elaborate about The duty to not misrepresent.

A: A obligation is a promise or expectation to do something in general or in specific situations. In an…

Q: Contrast the liability issues and disclosure of errors. Does disclosure minimize the risk? Does the…

A: A liability is an obligation which a person makes or owes to another party in the business. It could…

Q: Define the term contingent liability.

A:

Q: Non-compliance does not include a. Professional misconduct b. Personal misconduct c. Unintentional…

A: Non-compliance means failure to comply with a rule.

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: A present liability of an uncertain amount that can be measured reliably using substantial degree of…

A: Liability: It can be defined as the amount owed by the business from the creditors.

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: Which of the following statements are an example of a violation of the sunk cost principle? There…

A: Since you have posted a question with multiple sub parts therefore, we will solve the first three…

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: Which of the following about materiality is NOT true? A. Information is material if, in determining…

A: materiality is a concepts that applies in a variety of context including accounting, reporting,…

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: 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: A company should disclose information only if the perceived benefits of the disclosure exceed the…

A: Given statement is: A company should disclose information only if the perceived benefits of the…

Q: Can moral hazard in the market for insurance exist without adverse selection? Explain

A: Adverse selection refers to a situation in which sellers have information about a product's quality…

Q: In testing for lower-of-cost-or-market, the auditor is gathering evidence to support which of the…

A: The audit is an examination of the financial statement of the company that helps to find the errors…

Q: difference between expected results and actual experience results to a remeasurement of the net…

A: The answer is stated below:

Q: What is Joint Liability?

A: The answer is provided as follows:

Q: When an entity's management resolves that the entity will offer to repair a defect it has recently…

A: When an entity's management resolves that the entity will offer to repair a defect it has recently…

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

A: The Answer:

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

A:

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: 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: 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: Is the auditor’s liability affected if the third party was unknownrather than known? Explain

A:

Q: Discuss drawbacks/difficulties of Cost- Benefit Analysis used under Utilitarian Approach in Ethics.

A: Cost benefit analysis: It is the technique that is used to compare the project cost and benefits…

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: 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: Compare and contrast auditor liability under contract law vs. tort law.

A: Contract law: A contract is described as a legal agreement formed by people's shared understandings…

Q: Which of the following is not an element of an assurance engagement Appropriate subject matter…

A: Assurance engagement is an agreement or engagement between the practitioner and intended users in…

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.