Classification of Assets and Liabilities in a Balance Sheet We all know that Balance sheet tells us the financial position of a business at a particular point of time. The accounting equation i.e. Assets = Liabilities + Capital forms lays the foundation for the preparation of Balance Sheet. Everything that the business owns are its assets. Alternatively‚ whatever amounts a business owes to outsiders become its liabilities. First let us see how these assets are to be classified. Current
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Chapter 11 Current Liabilities and Payroll Questions 1. A current liability is one that is payable within the coming year or within the company’s normal operating cycle if longer than a year. All other liabilities are long-term. A contingent liability is a potential liability that depends on a future event arising out of past events. The future event will determine the amount and existence of the liability. A contingent liability may or may not become an actual obligation. 2. The company reports
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Adam Gonzalez Individual Research Project BA: Business Law (3301) Thursday 7:00 – 9:45 November 17‚ 2011 University of Houston – Downtown 100 Main St. Houston‚ TX 77002 Adam Gonzalez Engagements‚ Responsibility and Liability: Ethics Implications People act unethically for a number of reasons. Unethical behavior is defined as behavior that contravenes rules designed to maintain the fairness and morality of a situation. The study of business ethics and its implications for different
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Data | | Total Current Assets | $70‚000 | Total Assets | 139‚000 | Total Current Liabilities | 26‚000 | L-T Debt (draw against credit line) | 23‚000 | Total Equity | 90‚000 | | | Other Financial Data | | Depreciation | $4‚000 | Dividend payments | $2‚250 | | | Based on the above figures‚ the company’s current ratio (defined as current assets divided by current liabilities‚ as per the Help screen for the Comparative Financial Performance page of the GSR) is |
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does the law justify imposing strict liability for some criminal offences? ‘actus non facit nise men sit rea’ means an act alone cannot constitute guilt without the proof of a guilty mind‚ for most criminal cases. Strict Liability is the legal responsibility for injury or damages even if the person was not at fault or negligent; this contradicts the above Latin maxim as it places sole responsibility upon a defendant without the proof of ‘mens rea.’ Strict liability is a topic that has both its pros
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Product Liability Theories of Recovery and Defense In my opinion Wood would most likely win the law suit against either the peanut or the jar manufacturer on the basis of strict liability or negligence‚ which allows a person injured by an unreasonably dangerous product to recover damages from the manufacturer or seller of the product even in the absence of a contract or negligent conduct on the part of the manufacturer or seller (Bagley‚ 2013). Therefore‚ Wood should recover damages even if the
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The Exclusionary Rule and Civil Liability Mark McCormick Kaplan University CJ-299 Professor Donna Yohman August 30‚ 2014 In 1914‚ Weeks v. United States was decided by the Supreme Court. In Weeks‚ the Court made a landmark decision relating to illegal search and seizure by law enforcement called the Exclusionary Rule. The Exclusionary Rule provided that evidence “illegally seized by law enforcement officers in violation of a suspect’s right to be free from unreasonable
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the objective of upholding a safe and healthy work setting. The state of Maryland is not dissimilar. This document is envisioned to deliver the process of civil complaints within the state of Maryland; with how criminal liability is regulated and the procedure’s in which the liability is executed. Every process is distinctive to its specific class. The civil complaint process is first; according to the American Heritage dictionary which describes civil complaint as the presentation by the complainant
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world-class business. Which student is correct? A. Both B. Student A only C. Neither D. Student B only 3. Which of the following represents the basic accounting equation? A. Owners ’ Equity − Liabilities = Assets B. Liabilities = Assets + Owners ’ Equity C. Assets = Liabilities + Owners ’ Equity D. Assets + Liabilities = Owners ’ Equity 4. Nearly a week before Hurricane Katrina reached New Orleans‚ Wal-Mart began moving trucks and supplies into position‚ as specified in the company ’s ________ plan.
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2. THE FEATURES OF THE LIMITED LIABILITY COMPANY Limited Liability Company‚ along with other types of business entities‚ as well as business partnerships‚ cooperatives‚ state and municipal unitary enterprise is a commercial organization‚ namely organizations that pursue profit as the main goal of their activities and distributing the profits among the participants. This limited liability is characterized by the fact that the current (operational) management in the company (as opposed to partnerships)
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