Estimated liabilities are a known obligation that is of an uncertain amount but that can be reasonable estimated. Common examples are employee benefits such as pensions‚ heath care and vacation pay‚ and warranties offered by a seller (Fundamental Accounting Principles‚ Chapter 11‚ Pg 437). When a firm sells products or renders services with a warranty‚ the firms has an obligation towards the customer when the warranty is honored. The warranty liability is an estimate of the obligations. Hence‚ a
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commerce liability bill. WHAT IS THE BILL? A civil nuclear agreement between India and United States in 2008 ended New Delhi’s isolation in global atomic commerce and opened up its state-controlled nuclear power market to foreign firms. But the deal could not be implemented until India put in place a compensation regime that limited the liability of private companies‚ especially those from the United States‚ in the event of an industrial accident. So India framed the Civil Liability for Nuclear
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Bath Spa Univesity PERCIEVED INTELLIGENT QUOTIENT REPORT Abstract Researchers (Beloff‚ 1992; Byrd and Stacey‚ 1993) evidenced that male self–estimated IQ scores were higher than those of women. Similarly‚ Hogan‚ (1978) carried out a related study and found that male IQ self-estimates were higher compared to those of women. Hogan also noted that both men and women awarded higher IQ scores to their fathers than their mothers. In addition‚ Hogan also noted that females awarded their
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Morning Session F. Tort Liability of Healthcare Institutions and Managed Care -Liability for Employees and Non-Employees -Vicarious Liability (pages 418-431): -Agency Law and the Test of “Control”: A. Defining “Employee” in the Hospital Setting -Hospital vicariously liable for acts of employees such as nurses‚ technicians‚ clerks‚ custodians‚ cooks‚ etc. -However‚ physicians are often independent contractors using hospital facilities via staff privileges. So‚ liability of hospitals for physician
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Occupiers Liability for Dangerous Premises Occupiers’ liability is a field of tort law‚ codified in statute‚ which concerns the duty of care that those who occupy (through ownership or lease) real property owe to people who visit or trespass. It deals with liability that may arise from accidents caused by the defective or dangerous condition of the premises. By the expression “Premises” in the context of this topic is meant‚ not only‚ land and buildings but also vehicles‚ railway carriages‚ scaffolding
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Tort Liability and Contract Liability A tort is a legal term for "a wrong." The "tort law" is composed of state statutes and court decisions that gives one the right to sue someone who causes harm to them‚ whether it’s a drunk driver‚ a corporation that manufactures a defective product‚ a credit card company that overcharges you‚ or a government bureaucrat that breaks the law or a school official such as a teacher or principal. The law of the state in which the school is located determines a school’s
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Contingent Liability 1. Analyze why a company would prefer not to disclose its contingent liabilities. In order to understand why a company would or would not disclose his contingent liabilities it is important to know exactly what a contingent liability is. As I have learned throughout all of my accounting studies a liability is simply an obligation or debt that a business owes to an individual or an organization. Now there are many liabilities that include services‚ payroll‚ notes‚ and
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loss contingencies. A contingent liability is a potential liability that might‚ or might not happen in the future. For example this could be a lawsuit‚ a product warranty‚ a possible tax assessment‚ a government investigation‚ or even an environmental contamination. A contingent liability and the associated loss are recorded as a journal entry only if the contingency meets these two criteria; A.) the contingency is probable‚ and B.) the amount can be reasonably estimated. Although if the contingency
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ASSETS & LIABILITIES Asset is an item of value owned by the company. Assets can be tangible i.e. those which have some physical existence or can be intangible i.e. which do not exist in physical form but can be held in the form of contracts or rights. Assets are usually grouped in order of liquidity (ease of conversion to cash) on the balance sheet. Cash is therefore the most liquid of all assets. Assets can be classified as: 1.) Current Assets – Those assets that are expected to be converted to
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Current Liabilities Week 3 Assignment Beverly Clarkson November 23‚ 2014 Daniel Carraher RUNNING HEAD: CURRENT LIABILITIES Current Liabilities Current liabilities
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