Assume that your friend Will Morris, who is a music major, asks you to define and discuss the nature of a liability. Assist him by preparing a definition of a liability and by explaining to him what you believe are the elements or factors inherent in the concept of a liability.

Q: How does the relationship between the two insurance advisors impact advisory ethical decision-making…

A: In the advising setting, the connection between two insurance advisors—especially if one is rewarded…

Q: What are the section in the Code of Ethics for Professional Accoountants that has Prohibitions?

A: Prohibitions are stated in the following section

Q: Why is continuing education required to maintain certification?

A: Auditing is the process by which assertions made by management about financial transactions of a…

Q: Explain the auditor legal liability, this includes what law that procure such liability?

A: An auditor is expected to complete their tasks in good faith and with integrity and should operate…

Q: Create a hypothetical ethics case then describe the guidance that applies to the issue. The simplest…

A: INTRODUCTION ABOUT QUESTION:- The task assigned in this question requires creating a hypothetical…

Q: Please list and describe all of the issues that concern accountants and auditors regarding potential…

A: Concerns regarding accountants' and auditors' legal liability are growing by the day. Accountants…

Q: Understand the role of attorney letters in evaluating litigation, claims, and assessments.

A: Attorney's Letter:   Attorney letter is a formal business letter prepared by the client as per…

Q: Who can sue the auditor? how they can sue the auditor. Explain.

A: An auditor is a person or an entity (if the auditor is a firm), who is authorized and assigned/hired…

Q: Which of the following is a condition of a commercial general liability policy? Intentional act…

A: Solution: The conditions of the CGL policy includes provisions for duties related to claims, to…

Q: In today’s present environment, discuss and analyse why some contracts need to be completely written…

A: A written contract is a documented agreement between two parties, one of which is lending and one of…

Q: Explain the role of Anticipatory Breach of Contract in non-performance of contract. Briefly state…

A: A financial contract is an independently agreed agreement, contract, or sale, purchase, exchange,…

Q: First statement. The drawer’s liability is secondary. Second statement. The instrument becomes…

A: Financial Instruments: A financial instrument is defined as a contract between individuals/parties…

Q: Strict Liability can be simply defined as: OA) dram shop laws. B) extreme negligence. C) liability…

A: Liability can be understood as a responsibility or obligation that one has towards others, often…

Q: Under what circumstances is a CPA required to notify a client that a CPA is licensed by the…

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Q: Evidence that will be needed by a practitioner which will assist in forming an opinion with regards…

A: Audit -An organization's financial accounts, documentation, physical inventory, operations, and…

Q: Define a “liability” by listing its essential characteristics (not types of) as provided by our…

A: Liability :— It is a Financial obligation that is to be settled in the  future date.  Suppose an…

Q: Assume that your friend ALI ABBAS , who is a player football , asks you to define and discuss the…

A: Concept of Liability: Liability refers to something for which someone is liable. It is something…

Q: Consider this statement: “It is sometimes appropriate for counselors to influence clients to adopt…

A: The question is based on the concept to describe function of counselors in benefit for the client.

Q: MATCH WITH THE  BEST ANSWER Liability Insurance Mistakes happen. You, your employees, your…

A: Insurance: It is an agreement between two parties where a party undertakes to cover the other party…

Q: What are the important points that can be learned from the the code of professional ethics. What…

A: The term "ethical behavior" refers to conduct that abides with moral principles and norms of…

Q: Briefly explain the factors that are considered in determining the premium for automobile liability…

A: Premium on insurance is an amount paid to the insurance company for purchasing the insurance policy.

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: Positive laws are passed and promulgated by competent and legitimate

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Please summarize tthings that CPAs can do to limit their liability and prevent lawsuit

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Q: Liability based on negligence must establish four element. Please list them below

A: Negligence occurs when an individual acts "underneath the standard of responsibility" by failing to…

Q: ll of the following are overarching principles in the IMA Statement of Ethical Professional Practice…

A: IMA involves 4 principles that are required to be adhere within the organization. These principles…

Q: The AICPA Code of Professional Conduct derives its authority from the Bylaws of the AICPA. True or…

A: American Institute of Certified Public Accountants (AICPA) is a professional organization of CPA…

Q: Identify a nonprofit organization and provide some information about questionable ethics

A: The objective of this question is to identify a nonprofit organization and provide information about…

Q: Find an article that relates to a contemporary issue on ethics. Write a paper of at least three…

A: In recent years, the issue of data privacy and surveillance has become increasingly prevalent in…

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: Question: What is a pre-emptive right? Instructions for answering this question: The answer to this…

A: A right given to shareholders to retain the same percentage of ownership they currently have if new…

Q: What engagements are covered by the AICPA Code of Professional Conduct?

A:

Q: 1. Assume that your friend Jackie Chan, who is a Literature major, asks you to define and discuss…

A: Imagine borrowing a book from the library. You have a responsibility to return it, right? That…

Q: Write a summary of Case: Murphy v. BDO Seidman. Briefly state the facts of the case and explain the…

A: Murphy v. BDO Seidman was a case brought against BDO Seidman, LLP, an accounting firm, by three…

Q: General Ethics. Is there any moral difference between a disapproved action in which youare caught…

A: Morality is indispensable for any and everything throughout everyday life. Be it the relationship…

Q: Briefly explain the factors that are considered in determining the premium for automobile liability…

A: SOLUTION- INSURANCE PREMIUM IS THE AMOUNT PAID BY THE PERSON WHO TAKE THE INSURANCE POLICY TO THE…

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.