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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Negligence: According to Commercial Escrow Company v. Rockport Rebel‚ negligence is a “conduct‚ which falls below the standard established by law for the protection of others”. And in this case‚ Mechanics National Bank failed to remove the lien on Ms. Warren’s Lagoon Beach property‚ which means it‚ fell beneath the standard for civic protection recognized by law. “Every one is responsible‚ not only for the result of his willful acts‚ but also for an injury occasioned to another by his want of
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Review Questions 1.1 1. What is a ‘business’? A business is a decision-making organisation involved in the process of using inputs to produce goods and/or provide services. 2. What are the purposes of business activity? Businesses exist to satisfy the needs and wants of people‚ organisations and governments. Needs – are the basic necessities that a person MUST have in order to survive. Wants – are the desires that people have. Wants are said to be infinite since people always want more
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NGUYEN TRAI UNIVERSITY‚ HANOI BTEC HND IN BUSINESS (MANAGEMENT) ASSIGNMENT COVER SHEET NAME OF STUDENT REGISTRATION NO. UNIT TITLE Unit 15 Managing Business Activities to achieve Results ASSIGNMENT TITLE Ritz Carlton ASSIGNMENT NO 1 of 1 NAME OF ASSESSOR MBA Le Thu Hanh SUBMISSION DEADLINE 01/04/2014 I‚ __________________________ hereby confirm that this assignment is my own work and not copied or plagiarized from any source. I have referenced the sources from which information is obtained
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Table of Contents Introduction Accountants’ Liability to the Client and Third-Party A) Breach of Contract B) Ordinary Negligence (Accountant Malpractice) C) Fraud a. Constructive Fraud (Gross Negligence) b. Actual Fraud Accountants’ Liability under Common Law for Third-Party A) The Near-Privity Doctrine B) The Restatement Doctrine C) The Foreseeability Doctrine D) The Balancing-Factors Doctrine Accountants’ Liability under Statutory Law Third-Party A) Securities Act of 1933 B) Securities
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decided a number of cases dealing with liability for injuries that occurred on the property of the defendant involving two different parties. On the basis of the premise liability claim‚ our client has a case against the hotel. The premise liability claim is based on common law principles of negligence and derives from an establishment’s lack of supervision‚ care‚ or control of the premises. RESTATMENT (SECOND) OF TORTS §344 (1965). According to the premise liability claim‚ a tavern owner has a duty to
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The issue is whether the defendant Sykt Jebat can be held liable for the damages suffered by the plaintiffs‚ Sam‚ Jojo and Lan under the law of Occupiers’ Liability. Occupiers’ liability concerns injury caused to a plaintiff as a result of defective condition of the land‚ building and premises. In order to establish occupiers’ liability‚ the occupier must have a sufficient degree of control over the premise. Lord Denning in Wheat v Lacon & Co Ltd (1966) held that “whenever a person has a sufficient
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LAW Torts 1 – Negligence: elements of liability Objectives The law of tort has already been mentioned in other topics in a comparative sense. After studying this topic you should be able to: • discuss the nature of tort law; • explain the various interests protected by tort law; • describe the three essentials of the tort of negligence; • apply the test of reasonable foreseeability in relation to the duty of care; • explain the circumstances in which a duty of
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Management in all business and organizational activities is the act of coordinating the efforts of people to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning‚ organizing‚ staffing‚ leading or directing‚ and controllingan organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources‚ financial resources‚
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Part 1. Judicial Precedent “Stare decesis et non quieta movere” – roughly translated means “Stand by what has been decided and do not unsettle the established” - This is the main legal principle‚ which judges are obliged to follow the already set-up precedents‚ established by prior decisions. This means that a decision made in one case can be binding on all following cases under similar circumstances. The principle of stare decisis consists of two components. The first is the rule that a decision
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