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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Products Liability 1. Construct a fact pattern [an example] to clearly delineate: a. A Manufacturing Defect: A car’s braking system that does not work properly and causes the driver to get into an accident. b. A Design Defect: A type of sunglasses that fail to protect the eyes from ultraviolet rays. c. A Marketing Defect: Prescription drugs advertised as “virtually non-toxic‚” “safe‚” and “free of significant side effects” when they are not. They failed to state
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Teacher Liability University of Phoenix AED/201‚ Week 5 Erin Witt February 5‚ 2012 Your Results for "Classroom Management " | Print this page | Book’s Title: | Introduction to Teaching: Becoming a Professional | Book’s Author: | Kauchak | Location on Site: | Home > School Law: Ethical and Legal Influences > Reflect on This > Classroom Management | Date/Time Submitted: | February 6‚ 2012 at 4:05 AM (UTC/GMT) | | Summary of Results | All 3 questions in this activity
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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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How road safety has changed over the years Why Speed Limits Have Changed During the last 100 years speed limits have changed in the UK‚ now in residential areas speed limits are generally 20mph to 30mph and on main roads the speed limit is 40mph. On the motorways the speed limit is raised to 70 mph. The first speed limit was 1865; this speed limit was 2mph in built up areas such as cities‚ towns and villages. This was then raised to 20mph and large fines were put in place for speeding and
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ongoing battle against crime and terrorism‚ the U.S. has ramped up its surveillance on individuals over the years. As in the book‚ 1984‚ by George Orwell‚ "Big Brother Is Watching You". Many people feel that this surveillance is a major invasion of privacy and a violation of their rights. The USA PATRIOT Act was rushed through Congress 45 days after the 9/11 terrorist attacks. It stands for "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism"
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Internet Privacy Imagine entering a grocery store and being tailed by masked paparazzi taking pictures‚ scribbling notes‚ and timing the length of each pause while you make product comparisons. These “consumer agents” are assigned to evaluate your decisions in gas stations‚ shopping malls‚ evenings out‚ your associates‚ and where you rest your head at night. Using their observations‚ they shout suggestions about what they know you want‚ should buy‚ and must have. This is not a concocted Orwellian
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Privacy Policy What personal information do we need? When you register on my site‚ when you place an order‚ subscribe or answer a survey‚ we take personal information from you‚ but all of they are voluntarily given by you. You may visit our site without giving information‚ but I might need to get your name‚ e-mail address‚ mailing address or credit card information if you register on my site or buy some of my products. What do I use your information for? All of the information I get will be used
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Case Study Vicarious Liability Introduction Under the English Common Law‚ Vicarious liability is a principle of the tort laws. The law imposes liability of employees and agents to their employers. Under this law‚ the liability of any tort committed by an employee that falls under the scope of his duties to the employer is transferred to the employer. This includes both the intentional and unintentional torts. The inclusion of the intentional torts came in to effect after the ruling in the case
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Using the IDEA structure for Criminal Law application questions – example answer. In response to questions from the Jan’ ’10 exam. 1bi) “Discuss the criminal liability of Ashok for the incident at the traffic lights.” * Identify and Define Ashok could be criminally liable for the common law offence of assault; an assault takes place when the defendant intentionally or recklessly causes the victim to apprehend immediate unlawful violence. * Explain Actus Reus and Mens Rea The actus reus
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