financial accounting standards statement sets up the foundation for reporting and accounting for 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
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\ Strict constructionism is where the people want everything to be straight from the constitution‚ thus wanting everything word for word from the constitution. However‚ loose constructionism is where they have a very loose interpretation of the constitution. With loose constructionism elastic language is acceptable. In the 1790’s there were two politicians‚ Hamilton and Thomas Jefferson‚ these two men often disagreed with each other. The reasoning behind this is that Hamilton followed broad
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nations." (Document A). The Federalists of the United States were known as the loose constructionists‚ where if there is something which the constitution does not state‚ then it should be allowed to be done. The Jeffersonian Republicans were known as strict constructionists for their views towards the constitution that if there is anything that is not in the constitution‚ then it cannot be done. The Jeffersonian Republican party centered many of their political moves on the basis of creating a strong
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Office of the Ombudsman v. Uldarico P. Andutan (G.R. No. 164679‚ 27 July 2011) The Ombudsman argued – in both the present petition and in the petition it filed with the CA – that Andutan’s retirement from office does not render moot any administrative case‚ as long as he is charged with an offense he committed while in office. It is irrelevant‚ according to the Ombudsman‚ that Andutan had already resigned prior to the filing of the administrative case since the operative fact that determines its
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Principles of Liability – Coursework Assessment Two For a contractual agreement to withstand‚ it is crucial that the contract contains the four main components‚ which are; offer‚ acceptance‚ consideration and the intention to create legal relations. A contract is seen as a legally binding agreement between two parties‚ so It is very important for the court to establish a ‘consensus ad idem’; the meeting of minds in order to judge whether a contract exists. Britney’s first meeting with
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over 2billion children in the world that is a huge number! Each of those children has parents who have their own idea on how to raise them. Children come from all different backgrounds and families; some parents choose to be carefree and not be strict with their children while others tend to set many boundaries. Some just have a reasonable number of boundaries for their children. Know matter which way a parent chooses to raise their child there are going to be effects on the children. Most parents
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Justin MacMillin Professor Pomerantz Legal Studies 39D 20 May 2013 Final Exam: Benton vs. Bridges and Carter This case presents to the court two separate parties from Benton State College in the town of Benton in Eastern California. In 2010‚ three students founded a chapter of the Fundamentalist Church of the Latter Day Saints (FLDS) in Benton. These students included Chris Bridges‚ Stefani Joanne Angelina Germanotta‚ and Onika Tanya Maraj. Bridges and Germanotta were legally married
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political parties developed‚ the Jeffersonian Republicans and the Federalists. Each party had different views on how the government should be run. The Jeffersonian Republicans believed in strong state governments‚ a weak central government‚ and a strict construction of the Constitution. The Federalists opted for a powerful central government with weaker state governments‚ and a loose interpretation of the Constitution. Throughout the years‚ the political parties have grown‚ developed‚ and even
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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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this was a temporary solution XYZ affair -France demanded a bribe from U.S in order to speak with the Minister -Federalists clamored for war Debate over national bank- -Jeffersonian’s and Democratic republicans opposed it because they were strict constructionists ( they followed the constitution very strictly) -Hamilton supported it because he was a loose constructionist - Washington used the elastic clause as a reason to approve the bank Elastic clause “ if it is necessary and proper
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