Liability Liability And Liability - 1681 Words

Liability has to do with the responsibility of one party, group or organization to another. Usually it deals with financial compensation. Liability may not always come from some intentional action or negligence. Sometimes liability can even be a way to keep peace between different parties rather than an injured party taking more serious action. The affixing of liability may have been enacted as a peace keeping intuitive. In law a person can be liable she or he is financially or legally responsible for something. Liability can be covered by insurance and can be imposed jointly. There is some different forms of liability such as vicarious liability which is the responsibility of an employer to compensate for the behavior and actions of a worker or an employee. You have strict liability which is for people who perform certain task such as working in ultra-hazardous types of work like high explosives. In strict liability those engaging in these actions are responsible for injury without the need for inquiry. Under strict liability there is no need to provide proof, negligence or intention. Limited liability is when business owners are legally and financially responsible for nothing more than the amount they have contributed to a particular venture. If a bank or business goes bankrupt an owner who has limited liability they will not lose unrelated assets like a home. Manufactures liability is a legal concept in many nations that shows the fact that producers of a products have aShow MoreRelatedLiabilities944 Words   |  4 PagesLiabilities The role of a liability and what it means to the business as a whole is different for every business. What remains the same is the definition. A liability is a company’s legal debts or obligations that arise during the course of business operations and is recorded on the balance sheet. Liabilities can include many things to a business, such as, loans, accounts payable, mortgages, accrued expenses, etc. All the named liability accounts are just fancy for any money or service that isRead MoreCurrent Liabilities and Contingencies2104 Words   |  9 Pages11 Current Liabilities, Contingencies Provisions Required Reading: Alfredson – Chap 5, Keiso – Chaps 13, IAS 37 Learning Objectives 1. CURRENT LIABILITIES: – Define and explain types of current liabilities. – Account for the major types 2. IAS 37 PROVISIONS CONTINGENCIES – Define Provisions and answer the following questions: †¢ †¢ †¢ Why do them When to provide How much to provide – Calculate and account for Restructuring Provisions – Define Contingent Assets Liabilities and applyRead MoreCurrent And Long Term Liabilities1504 Words   |  7 Pagesis to make profits, but understanding how to manage both current and long-term liabilities will insure an organizations success. A liability is a debt incurred by a business that must be repaid. There are current liabilities, which need to be repaid within one year and there are long-term liabilities that are repaid over a period of time longer than a year. A business needs money to operate, and by incurring liabilities it gives a business the extra money or assets that are needed to extend the operationalRead MoreLimited Liability And Unlimited Liability1686 Words   |  7 PagesLimited liability is a socialist market economy terminology, generally referred to in the economic field. Limited liability and unlimited liability is relative, the two investors to assume its responsibility in the form of de bt-funded enterprises. The so-called limited liability that is limited repayment liability means investors only invest their own capital to the business enterprise debt repayment bear responsibility, insolvency, excess liability form part of its natural exempt. Limited liabilityRead MoreAsset Liability Management in Banks2021 Words   |  9 Pages5 Asset and Liability Management (ALM) 29. There are different organizational and governance models that guide the management of bank asset and liability activities. The models reflect fundamentally different risk philosophies that tend to evolve with the growing sophistication and depth of financial markets together with the position and activities undertaken by a bank in the market. The terms ‘ALM unit’ and ‘treasury unit’, can be confusing as they are often used by organizations who assignRead MoreVicarious Liability1503 Words   |  7 PagesSeminar 7 Vicarious Liability The problem question deals mainly with the issue of Vicarious Liability and Negligence. In order to advise Jerry one would have to explore the rules of vicarious liability, relevant statute law and case law which may apply. Vicarious liability has been defined as the person who commits a wrong must be an employee and not an independent contractor, the employee must have committed a tort and the tort must have been in the course of employment. The doctrine of ‘vicariousRead MoreBalance Sheet and Current Liabilities8274 Words   |  34 PagesCh8 Student: ___________________________________________________________________________ 1. Delta, Northwest, and United Airlines have all, at one time, filed for bankruptcy. True 2. In a classified balance sheet, we categorize all liabilities as current. True 3. False A line of credit is an informal agreement that permits a company to borrow up to a prearranged limit without having to follow formal loan procedures and paperwork. True 9. False We record interest expense in the period inRead MoreVicarious Liability4718 Words   |  19 Pagessubmitted to prof. manjula batra | LAW OF TORTS PROJECT | VICARIOUS LIABILITY | | | SUBMITTED BY:VAIBHAV PRATAP SINGHFIRST SEMEMSTER, 2012BA., LL.B. (HONS.) | | ACKNOWLEDGEMENT I would take this opportunity to thank the people who helped me in making this project which has been a learning experience. In that endeavour, first and foremost I would express my gratitude toward my professor of Law of Torts Ms Manjula Batra. Her immense knowledge and teaching skills along with her helping dispositionRead MoreProfessional Liability And Legal Liability Insurance911 Words   |  4 PagesThe profession that I have chosen to concentrate on is that of a personal trainer, specifically issues concerning liability insurance. Personal trainers provide direction and supervision to clients within the realm sports and exercise realm. The chosen place of employment is often work out facilities. It may also include working with clients at other locations, such as the client or trainer’s homes. Personal trainers work both as employees and as independent contractors. I think that I wouldRead MoreBalance Sheet and Assets B. Liabilities1126 Words   |  5 Pagesworld -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.