Assets‚ liabilities and owner’s equity are the three components that make up a company’s balance sheet. The balance sheet‚ which shows a business’s financial condition at any point‚ is based on the equation of assets equals to liabilities plus owner’s equity. This equation is also the framework track of money as it flows in and out of a company. Starting with the first penny a company earn‚ will be recorded in a general ledger each and every transaction using double-entry system of debits and credits
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The article “Understanding Medical Assistant Practice Liability Issues” by Carolyn Buppert informs about the liabilities of medical assistants. The author points out two issues here: liability for malpractice and exceeding scope of practice. A medical assistant should not exceed his or her scope of practice; otherwise‚ he can face serious consequences. For example‚ if a medical assistant gives a patient the wrong advice‚ and the patient suffers an injury‚ the medical assistant and his employer can
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Managing Assets and Liabilities: Strategies for Insurance Companies October 2008 Financial Services Commission of Jamaica Insurance Seminar - October 30‚ 2008 Michael Hafeman‚ FSA‚ FCIA‚ MAAA Context for Asset-Liability Management Risks and Risk Tolerance Risk Measurement ALM Techniques Organizational Issues Supervisory Objectives Managing Assets and Liabilities: Strategies for Insurance Companies 2 What is it and why is it used? Managing Assets and Liabilities: Strategies for
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Imperfection in liability system The products liability system has been criticized on equity‚ distributive‚ and efficiency grounds. The equity arguments often express a belief that cases should be inside on the basic afford and negligence. In particular‚ firm consider it in equitable to be assessed damage when there was nothing that could be done to prevent the injury. Objection had been made to the inability to use state-of-the-art design as a defense in cases governed by strict liability. In the absence
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This paper summarizes the following relation for one type of health care professional namely Nurse Practitioners that works in the state of Pennsylvania. Patient’s health care and their safety are significantly important throughout this entire paper. All things related to NP’s were taken into consideration; such as‚ the rules‚ regulation and standards that is required by law. However‚ regulations of nursing practices does vary from one state to another but in Pennsylvania; the state Board of Medicine
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Product Liability: Product liability is the area of law in which manufacturers‚ distributors‚ suppliers‚ retailers‚ and others who make products available to the public are held responsible for the injuries those products cause. The claims that most commonly associated with prodcut liability is negligence‚ strict liablity‚ breach of warranty‚ and various other consumer claims. Each type of product liability claim requires different elements to be proven to present a successful claim. A products
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AND CONTRACT LIABILITIES AND WAYS TO AVOID THEM Potential Torts and Contract Liabilities And Different Ways to Avoid Them Abstract People who do business as a sole proprietor or in a partnership are liable for the torts committed by them and for torts committed by the business and its agents. The best way to avoid tort liability is to set establish their business as a corporation or a limited liability company. A corporation or limited liability company will
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of depletion the auditors must often rely on the work of specialists. True False Multiple Choice Questions 11. An auditor has identified numerous debits to accumulated depreciation of equipment. Which of the following is most likely? A. The estimated remaining useful lives of equipment were increased. B. Plant assets were retired during the year. C. The prior year’s deprecation expense was erroneously understated. D. Overhead allocations were revised at year-end. 12. In testing for unrecorded
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Explain the arguments for and against strict liability offences A strict liability offence is one where it is not necessary for the prosecution to prove any mens rea. In most cases of strict liability even if one did not have the intent to commit a crime‚ however reasonable‚ in relation to a particular element of the actus reus of an offence‚ they can still be convicted. This can be shown in reference to Prince and Hibbert. Prince (1875) the girl was taken by Prince even though he knew she was
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After reading Civil Liability for Acts of Off-Duty Officers‚ I’ve come to the realization that there are many possibilities and outcomes dependent upon the situations off-duty officers put themselves into. When off-duty officers act upon situations that they would normally face when on duty‚ they are fully liable for the decisions they make. In this specific event‚ as an off-duty officer‚ I witnessed a man and a woman arguing where the man then pushed the woman‚ and I‚ the officer decided to intervene
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