Liability

The premise behind liability law is that there should be a form of negligence, or failure to take reasonable care, in the area of aviation, by the manufacturer. With aviation safety rates growing, it was proof that aircraft manufactures were taking great care in the design and manufacture of their aircraft. However, in 1963, a landmark case was decided in the Supreme Court of California, which embraced strict liability, thereby holding the manufacture responsible, even…

address the issue of liability. Sole proprietorships are the most common form of business organizations in the United States. One reason as to why they are the most common is because they are very appealing to owners based on the ease of formation, which can be considered to be less stressful for the owners. Another upside to forming a sole proprietorship…

day. There is not a breed more dangerous because violence is in their DNA” says pit bull columnist, Jonathan Macready (Macready, par.1). Dog attacks can result in serious injury or death; they can also result in costly medical bills. (“What’s Your Liability,” par.6). The vast majority of people believe pit bulls are dangerous animals, however they still keep them as pets. One can argue that pit bulls are not one hundred percent responsible for their behavior. Although there have been prevalent…

of Dutch Lady in year 2013 is 1.91 times. It means that it has RM1.91 in current asset for every RM1 in current liability. It also means that Dutch Lady has its current liability covered 1.91 times over. The current ratio of Nestle in year 2013 is 0.90 times. It means that it has RM0.90 in current asset for every RM1 in current liability. It also means that Nestle has its current liability covered 0.90 times over. In theory, the higher the current ratio is the better for the company. Therefore,…

other spouse. But when a tax return is jointly filed, both individuals are equally responsible for the payment of taxes. If one of you underpays your taxes, the IRS can come after both spouses to collect the entire tax dues. Under joint and several liability rules, joint tax return filers remain “jointly liable”, even if they later divorce. But what if you are now separated and you are not aware of the erroneous reporting or missing tax payments by your ex-spouse? What if one spouse has duped…

that is renting an apartment. Here are 3 reasons why you should consider it. Liability Protection The reasons for having liability insurance is not to protect yourself or your belongings, but to protect other people that are a guest in your apartment. If something were to happen to them, like they trip and fall and suffer a big injury, they can actually sue you for the damages that they sustained. That’s where liability insurance comes into play. It will help pay for the medicals bills of those…

credit to Deferred Tax Liability. | | D. debit to Construction in Process. | | | | 2) Which of the following is accounted for as a change in accounting principle? | A. A change from expensing immaterial expenditures to deferring and amortizing them as they become material | | B. A change from the cash basis of accounting…

1. Many accrued liabilities are estimates of future expenses based on management’s business expertise and projection of potential obligations. Such estimates are recorded in reserves (sometimes referred to as “cookie jar” reserves, which are adjusted at financial statement dates to reflect current estimates). In practice, many accountants use reserve adjustments to smooth earnings to eliminate or reduce volatility that may negatively impact share prices. Since management’s obligation to…

you will find are home and car insurance. They are also the most common form of insurance protection for that reason. In its most basic role, home insurance provides protection for our families and visitors as well. Homeowners insurance provides liability protection that insures you and your family. Home insurance will provide protection against most disasters. Flood insurance and earthquake insurance are not commonly included in the home insurance policy. Auto insurance plays a very large role…

Investments have decreased as funds were invested in net plant and equipment. Liabilities and equity were increased due to Jenny Cochran’s decision to invest more in long-term bonds and common stocks. Net sales and account receivable have both increased. The statement of cash flow demonstrates a negative net cash flow due to operating…