2. Which of the Following Best Describes a Liability

12 - Which of the following best describes a contingent. Liabilities are economic obligations to creditors to be paid at some future date by the company Question 2 1 point.

Bus 210 Week 2 Knowledge Check Limited Liability Company Knowledge Liability

In financial accounting a liability is defined as an obligation of an entity arising from past transactions or events the settlement of which may result in the transfer or use of assets provision of services or other yielding of economic benefits in the future.

. The residual interest in the assets of the entity after deducting all of its liabilities. The court proceedings may find the person or entity liable for paying the complainant for bodily injury property damage lost wages etc. The stockholders financial liability is limited to a fixed investment amount.

Listed on the left-hand side of a balance sheet D. This is part of the accounts payable. If the business fails personal assets of the owners are at risk.

Covered only if the policy has been endorsed to extend the coverage territory C. Anything of value owned by the business B. Lawsuits can cost substantial amounts of money.

Expensed when liability is accrued c. -best describes how endemic diseases impact a nations population. Something that a business owes C.

The statement that best describes a liability would be something that a business owes. During the pursuit the officer runs a red light and collides. Joint and several liability refers to the status of those who are responsible together as one unit as well as individually for their conduct.

Up to 1000 per occurrence B. A liability is considered an obligation and is listed on a companys balance sheet. What is the classification of the estimated warranty liability in a three-year.

Liability is an unintentional tort. Question 1 Auditors can take the following steps to minimize potential. An excess of equity over current asset b.

Many people die from diseases and others move away from or avoid moving to places where diseases are rampant. Expensed based on estimate in year of sale b. Creditors are entitled to recover outstanding debt beyond the financial assets of the business.

1taking risks or being in risky situations 2understanding responsibility or taking responsibility for the actions of others 3recognizing laws or explaining legal matters to clients 4being responsible for or having an obligation to do something. Asked Jun 16 2016 in Business by Gibbz. A Direct civil liability for the actions of another B Indirect liability for failing to stop criminals C Indirect liability for the actions of another.

Hope this is the answer that you are looking for. The welder sues the manufacturer of the shield. O Liabilities are accounts receivable of the company.

A present obligation of the entity arising from past events c. Which of the following best describes vicarious liability. A comprehensive legal term that describes the condition of being actually or potentially subject to a legal obligation.

Officer Owen is in a code 3 pursuit over a minor traffic violation. Asap which of the following best describes liability. The correct answer of the given question would be option B.

Liabilities are a form of share capital. Limited liability discourages entrepreneurs to start new businesses. Which of the following best describes a liability.

C Any economic resource expected to benefit a firm or an individual who owns it. B A debt owed by a firm to an outside organization or individual. A the potential profit from selling a firm s assets and settling all of its debts B a debt owed by a.

Which of the following best describes an insureds position regarding coverage under the CGL policy when a product is manufactured in the US. 12 - Which of the following is not a characteristic of. View Wk 2 - Ethics Legal Liability Audit Responsibilities Quizdocx from ACC 491 ACC 491 at University of Phoenix.

13Which of the following best describes the amount of loss assessment coverage included under a homeowners policy liability coverage section. Expensed when warranty claims are certain d. Up to 2500 per occurrence C.

When sparks hit the shield they penetrate the plastic and burn the welders face. Resources to meet financial commitments as they fall due. A misstatement of account balances may exist and is generally corrected as the result of.

Liabilities are future economic benefits to which a company is entitled. 12 - Sunlight Growers borrows 250000 from a bank at a. Legal liability is a person or entitys legal responsibility under the law.

Which of the following best describes the expense as incurred approach of accounting for warranty cost. Poorly designed internal controls may be in existence. A The potential profit from selling a firms assets and settling all of its debts.

Which of the following describes a liability. Always equal to an asset. 12 - Which of the following accounts are used when a.

Up to 5000 aggregate for the policy period D. Question 2 Which of the following best describes the reason why an independent auditor reports on financial statements. 12 - Marathon Peanuts converts a 130000 account.

Endemic diseases can result in decreasing population numbers. 10 Which of the following describes a liability. 3 hours agoWhich of the following statements best describes how endemic diseases impact a nation s population.

And a claim occurs in Japan. Which of the following best describes a liability. A liability policy provides coverage for unintentional torts - A liability policy is intended to provide protection in the event the insureds negligence causes bodily injury or property damage to others for which the insured becomes legally obligated to pay damages.

Joint liability is an obligation for which more than one person is responsible. If a person or entity such as a company does not uphold this responsibility they may be sued. Which of the following statements best describes a LIABILITY.

A welder borrows a new face shield from a coworker when soldering metal in a new building. Up to 10000 aggregate for the policy period. No coverage because the loss happened outside the US.

A woman ingests a pesticide that was packaged in a bottle resembling a juice container.

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