Multiple choice Ch13 Liabilities TRUE-FALSE—Conceptual 1. A zero-interest-bearing note payable that is issued at a discount will not result in any interest expense being recognized. 2. Dividends in arrears on cumulative preferred stock should be recorded as a current liability. 3. Magazine subscriptions and airline ticket sales both result in unearned revenues. 4. Discount on Notes Payable is a contra account to Notes Payable on the balance sheet. 5. All long-term
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data and paper is stored in filing cabinets it consumes too much place‚ as the amount of work done on paper increases the filing cabinets and probably gives the unsecured storage. Based on interviews with the manager and staff in Valentino Shoe Incorporation‚ the researchers found out that one of the major problems of the company is how to advertise their products. In business establishment or corporation must use modern technologies to make task easier and faster‚ technologies that will help people
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Current Liabilities and Contingencies Current assets are cash or other assets that can reasonably be expected to be converted into cash‚ sold‚ or consumed in operations within a single operation cycle or within a year if more than one cycle is completed each year. Current liabilities are obligations whose liquidation is reasonably expected to require use of existing resources properly classified as current assets‚ or the creation of other liabilities. Accounts Payable or trade accounts payable
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Topic 3: Breach in contract 1) Breach of contract: Spanish Contract Law provides a broad notion of breach of contract for any behavior that departs from the specified behavior in the contract in any way (time‚ quality‚ substance‚ etc.) or is not specially justified on legal grounds (actions forbidden by the government are not breaches since they are justified on a legal ground). The general benchmark to determine breach is the contract agreed by the parties themselves‚ and not external notions
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First of all‚ we need to identify that Peter Georgiopoulos is a type of promoter (Stevenson‚ Kao‚ 1985)‚ because he is an opportunity driven entrepreneur and therefore will pursuit every possible chance no matter if he already has the resources or not. Strategic orientation is the identification of opportunities and Peter G sought for opportunities in every moment and this is that drove him to success. His passion to establish his company as one of the best in shipping industry led him to search
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ASPECTS OF CONTRACT AND NEGLIGENCE OF BUSINESS Task: 1.1: Explain the importance of the essential elements required for the information of a valid contract? Offer A valid offer identifies the bargained-for exchange between the parties and creates a power of acceptance in the party to whom the offer is made. The communication by one party known as the offeror to the another party called the offeree b) Acceptance To constitute a contract‚ there must be an acceptance of the offer
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NEGLIGENCE: THE EMPLOYER’S DUTIES Employers Liability in Negligence • May be personally liable to employees who injure themselves. • May be personally liable to employees who are injured by another employee or sometimes by an independent contractor employed by the employer. • May be vicariously liable if one employee is injured by another employee. NOTE: • Employees may also be able to recover from statutory workers compensation schemes. • Employees’ rights at common law may be restricted
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ARTICLE #19 Vicarious Liability: What Is It and How Does It Apply? From Coverys Risk Management (Tracy L. Melina‚ BS‚ MBA‚ CPHRM) In healthcare‚ there are two main categories of liability: primary and secondary. And while most physicians and other clinicians are constantly aware of how their own actions and decisions affect risk and safety‚ it’s easy to forget about the type of secondary liability known as “vicarious liability” because this type of liability applies when adverse outcomes result
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Professional and Design Liability BE0892 Practice Specialisation Professional Liability Liability for injury‚ including bodily or personal injury or death‚ and property damage arising out of the negligent act or omission of a professional‚ ie‚ pharmacist‚ physician‚ attorney‚ architect‚ engineer‚ in performance of their professional activities. How can liability arise? Contract Tort Statute and regulations e.g. Supply of Goods and Services Act‚ Building Regs. Express terms Implied terms
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Brief Overview of Limited Liability Companies Introduction Limited Liability Company (LLC) is often considered as the hybrids of general partnership and corporation. It often referred as a general partnership where the partners have no personal liability and a limited partnership where there is no general partner or a partnership surrounded by a corporate shell (Seipel‚ Tunnell & Zimmermann‚ 1995). The LLC is first adopted in Wyoming in 1977 and then in Florida in 1982. However‚ LLCs
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