Liability Essay

Current Liabilities Outstanding expenses Outstanding expenses are the opposite of prepaid expenses.. Even though they are to be paid at some future date, like wages, rent, etc.they are indicated on the firm's balance sheet and firm have liability to pay this outstanding expenses in future when firm have cash in hand. Creditor Definition: ……“Creditor is an accounting expression to indicate a party that has delivered a product, service or loan, and is owed money by one or more debtors”. In simple

Liabilities The role of a liability and what it means to the business as a whole is different for every business. What remains the same is the definition. A liability is a company’s legal debts or obligations that arise during the course of business operations and is recorded on the balance sheet. Liabilities can include many things to a business, such as, loans, accounts payable, mortgages, accrued expenses, etc. All the named liability accounts are just fancy for any money or service that is

11 Current Liabilities, Contingencies & Provisions Required Reading: Alfredson – Chap 5, Keiso – Chaps 13, IAS 37 Learning Objectives 1. CURRENT LIABILITIES: – Define and explain types of current liabilities. – Account for the major types 2. IAS 37 PROVISIONS & CONTINGENCIES – Define Provisions and answer the following questions: • • • Why do them When to provide How much to provide – Calculate and account for Restructuring Provisions – Define Contingent Assets & Liabilities and apply

Limited liability is a socialist market economy terminology, generally referred to in the economic field. Limited liability and unlimited liability is relative, the two investors to assume its responsibility in the form of debt-funded enterprises. The so-called limited liability that is limited repayment liability means investors only invest their own capital to the business enterprise debt repayment bear responsibility, insolvency, excess liability form part of its natural exempt. Limited liability

is to make profits, but understanding how to manage both current and long-term liabilities will insure an organizations success. A liability is a debt incurred by a business that must be repaid. There are current liabilities, which need to be repaid within one year and there are long-term liabilities that are repaid over a period of time longer than a year. A business needs money to operate, and by incurring liabilities it gives a business the extra money or assets that are needed to extend the operational

Ch8 Student: ___________________________________________________________________________ 1. Delta, Northwest, and United Airlines have all, at one time, filed for bankruptcy. True 2. In a classified balance sheet, we categorize all liabilities as current. True 3. False A line of credit is an informal agreement that permits a company to borrow up to a prearranged limit without having to follow formal loan procedures and paperwork. True 9. False We record interest expense in the period in

5 Asset and Liability Management (ALM) 29. There are different organizational and governance models that guide the management of bank asset and liability activities. The models reflect fundamentally different risk philosophies that tend to evolve with the growing sophistication and depth of financial markets together with the position and activities undertaken by a bank in the market. The terms ‘ALM unit’ and ‘treasury unit’, can be confusing as they are often used by organizations who assign

manufacturers are today in being held strictly reliable. To entice manufacturers, and relieve their concerns they will not be unfairly held accountable for the negligence of drivers; it is significant to discuss how a driver could be at fault. Negligence liability (NL) is less efficient than that of SPL because it requires a higher burdened of proof. A court will recognize negligence when (1) an act or a failure to act falls below the standard of due care (i.e. a breach), that act or failure (2) actually and

The profession that I have chosen to concentrate on is that of a personal trainer, specifically issues concerning liability insurance. Personal trainers provide direction and supervision to clients within the realm sports and exercise realm. The chosen place of employment is often work out facilities. It may also include working with clients at other locations, such as the client or trainer’s homes. Personal trainers work both as employees and as independent contractors. I think that I would

Seminar 7 Vicarious Liability The problem question deals mainly with the issue of Vicarious Liability and Negligence. In order to advise Jerry one would have to explore the rules of vicarious liability, relevant statute law and case law which may apply. Vicarious liability has been defined as the person who commits a wrong must be an employee and not an independent contractor, the employee must have committed a tort and the tort must have been in the course of employment. The doctrine of ‘vicarious

submitted to prof. manjula batra | LAW OF TORTS PROJECT | VICARIOUS LIABILITY | | | SUBMITTED BY:VAIBHAV PRATAP SINGHFIRST SEMEMSTER, 2012BA., LL.B. (HONS.) | | ACKNOWLEDGEMENT I would take this opportunity to thank the people who helped me in making this project which has been a learning experience. In that endeavour, first and foremost I would express my gratitude toward my professor of Law of Torts Ms Manjula Batra. Her immense knowledge and teaching skills along with her helping disposition

world-class business. Which student is correct? A. Both B. Student A only C. Neither D. Student B only 3. Which of the following represents the basic accounting equation? A. Owners ' Equity − Liabilities = Assets B. Liabilities = Assets + Owners ' Equity C. Assets = Liabilities + Owners ' Equity D. Assets + Liabilities = Owners ' Equity 4. Nearly a week before Hurricane Katrina reached New Orleans, Wal-Mart began moving trucks and supplies into position, as

Strict Liability Theory Introduction Strict Liability in simplistic terms can imply an individual or company being liable for their deeds, conducts and outcomes that result in damages to others. A personal complaint of injury for a strict liability case is not as a consequence of a foreplanned action or careless deed (Boatright, 2012). The respondent's action should have triggered strict liability and that the complainant suffered harm. In fact, one cannot understand what strict liability in the

injured her eyes. The defendants knew of this danger but negligently omitted to warn the plaintiff about that . The defendants were held liable in tort towards her. Liability towards ultimate transferee There are two categories under which Liability towards ultimate transferee can be assigned: a. Liability for fraud, and b. Liability for negligence Case Example: In langridge v levy (1837) 2 M&W 519, the defendant sold a gun to plaintiff’s father for use of the plaintiff and stated that the same

lawsuits and litigation from everyone suing everyone else, one must ask the question “where does product liability end and consumer responsibility begin?” This question has been further complicated by occurrences that stretch to the most far-reaching ends of this spectrum, the spectrum ranging from strict product liability of the company to complete consumer responsibility. On the strict product liability of the company side, we have the cigarette industry where the CEOs of the largest cigarette companies

Liability for Omissions The law has historically been reluctant to impose a general liability for omissions as opposed to positive acts. This means that there is no general duty of care in tort to act in order to prevent harm occurring to another. In Smith v Littlewoods Organisation, Lord Goff stated clearly that “the common law does not impose liability for what are called pure omissions”. Similarly, in Yuen Kun Yeu v A-G of Hong Kong, Lord Keith stated that people can ignore their moral responsibilities

The celebration party our company held for our staff and clients got out of control and our hired bouncer surpassed the terms of his contract. The bouncer at our party was a work-for-hire employee, making him work on behalf of Entertainment 720 Inc. His brute and excessive force used on one of the uninvited guests violated the agreement we had made with him, which had caused the crashers to sue our company. Under Respondeat Superior, an employer is liable for the torts committed by an employee acting

The parties of an LLC have particular rights like voting decisions which impact the Limited Liability Company. The members of an LLC openly manage the firm and are likely to receive revenue allocations, tax remunerations as well as losses which are different from their membership interest. Members also have duties of trust which are sometimes called fiduciary duties. Several Limited Liability Companies are managed by its owners, and some are operated by managers. Members have a duty of loyalty to

1.0 INTRODUCTION Liability is said to be 'vicarious' when one person is thought liable for wrongs committed by another. Vicarious liability is not a tort or a wrong in itself but a way in which liability may be imposed: a person may be directly liable for their own torts or vicariously liable for torts committed by third party. For example of vicarious liability in tort rise from the relationship of master and servant, this effectively means employer and employee. The regulation is that an employer

CHAPTER 6: ACCOUNTING FOR GENERAL LONG-TERM LIABILITIES AND DEBT SERVICE OUTLINE Number Topic Type/Task Status (re: 12/e) Questions: 6-1 Reasons for general long-term liabilities Explain 6-2 6-2 Disclosures of types and changes in liabilities Explain 6-6 6-3 General obligation bonds Describe 6-3 6-4 GO Bonds and enterprise funds Explain 6-5 6-5 Debt margin Explain 6-7 6-6 Purpose of debt service funds Explain 6-8 6-7 Number of debt service funds Explain 6-11 6-8 Year end balance