Classify the following event as mostly systematic, mostly unsystematic: "A manufacturer loses a multimillion-dollar product liability suit"   a. Systematic   b. Unsystematic   Classify the following event as mostly systematic, mostly unsystematic: "A supreme court decision substantially broadens producer liability for injuries suffered by product users"   a. Systematic   b. Unsystematic

Q: If a product is shipped FOB (destination) and is destroyed in transit, who will pay for the loss?…

A: FOB Destination point: Under this term, the seller remains the owner of the goods until the goods…

Q: In order for an employer to be vicariously liable for sexual harassment, a tangible employment…

A: A "tangible employment action" means a significant change in employment status. Examples include…

Q: Liability for negligence in the performance of corporate duties may extend to   a.  officers only.…

A: Like Directors, corporate officers owe fiduciary duties to the corporation and its stockholders.

Q: In order to say that the buyer is insolvent in order for the seller to exercise his right to…

A: The answer and explanation is given is the next step :-

Q: As an accountant at a company that has a business in a disastrous weather area, how should I account…

A: Contingent liabilities refers to the liability which has the likelihood of occuring in future.…

Q: Most employees that choose to commit fraud against their employers feel justified in doing so.  For…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: Which of the following circumstances may create self-interest threats for members: a) holding a…

A: For professional accountants, some situation may cause self interest threats. It means they are…

Q: The operation of a resource companies oil sands activities result in environmental damage. Well the…

A: The purpose of accounting is report the financial information about the business and…

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: 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: Termination of employment is often a stressful event for an employe True or False True False

A: Termination of employment menas, employee departure from his job and end of employee - employer…

Q: erious ethical violations by corporations such as Enron led to the passage o

A: The Enron scandal shook corporate America and regulators as well. The scandal involved making use of…

Q: Which one of the following situation where a performance obligation is satisfied over time ?  a-…

A: As per IFRS15 Performance obligation is satisfied over time if any of the following conditions are…

Q: Under the Ultramares rule, to which of the following parties will an accountant be liable for…

A: The ultramares doctrine represents the ordinary negligence for liability to third party. It is…

Q: he Equipment Breakdown Protection Coverage Form insuring agreement under which the insurer agrees to…

A: Spoilage is waste or loss of raw material during production. It refers to badly damaged material in…

Q: ted. Does the expected loss meet the definitio

A: Conceptual Framework A conceptual framework is a written or visual representation of how variables…

Q: eans by which a dismissal can be determined to be fair or unfair. In the event of a claim that an…

A: Section 188 of Labour Relations Act No 66 of 1995 specifies that the employer pf a company has the…

Q: When the franchisor supplies equipments and inventories without a reasonable profit, part of the…

A: Solution: As per the provisions, The franchise agreement may include terms where franchisor is to…

Q: An employee has the right to receive compensation for future paid leave, and the payment of…

A: Accrued Liability:Accrued liability is an expense to the company, were the expenses that a business…

Q: must prove against the defendant under the negligence doctrine of product liability. Is everyone in…

A: PRODUCT LIABILITY: NEGLIGENCE…

Q: Wolvo Company has defective products in inventory. It hasthe opportunity to either sell, scrap, or…

A: Sell or Rebuild decisions: Sell or rebuild decisions are those decisions that are taken by the…

Q: A doctrine under which a principal or an employer is held liable for the wrongful acts committed by…

A: Option D "vicarious liability."   Explanation This is a legal principle that holds employers or…

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: TRUE OR FALSE EMPLOYEES CAN BE CONSIDERED BOTH AN ASSET AND A LIABILITY

A: Asset and Liabilities are the backbone of a firm , as they give a clear picture of a company's…

Q: Wrongful Call insurance is intended to protect the exporter if an importer customer decides that the…

A: The answer is False.

Q: 1. Which of the following is the proper legal remedy to be availed by the buyer if the seller…

A: The following is the proper legal remedy to be availed by the buyer if the seller committed a breach…

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: According to PAS 18 Revenue, which of the following is not a criterion to be satisfied before…

A: As Per PAS 18, Criteria of Revenue recognition is as follows: The outcome of the transaction is…

Q: warranted.

A: A vendor has to provide the product to the buyer as specified in the contract (the contract may be…

Q: Which of the following is not an example of a typical external failure cost? Multiple choice…

A: The objective of the question is to identify which of the given options is not a typical example of…

Q: 19)-When a company sells used equipment for a loss, the net profit margin percentage is unaffected.…

A: Fixed assets are those assets which are being held in business for longer period of time. Regular…

Q: q15 Which of the following are circumstances that may indicate that the asset may be impaired? (i)…

A: As per IFRS 36 External sources: There has been decline in the fair/market value of the assert…

Q: Gabrielle files a suit against Hard n Fast Adhesives, Inc. Hard n Fast responds that even if…

A: Note: Hi! If you have any questions or if you need additional insights, please feel free to comment…

Q: Identify all false statements about changes in accounting principles and estimates. 1. Investors…

A: 1. Investors likely prefer the retrospective approach as it is best for comparability across…

Q: Consider the following independent situations. For each of the situations described, suggest the…

A: Introduction: A liability is anything that a person or corporation owes, generally a monetary…

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.