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What is an accured liability?
A liability that arises because an expense happens in a time span former to the associated money payment.
What is SIT payable?
SIT payable, or State Income Tax payable, refers to the amount of state income tax that a business or individual owes to the state government but has not yet paid. This liability is recorded on the balance sheet as a current liability until it is settled. It typically arises from income earned during a specific period and is calculated based on applicable state tax rates. Timely payment of SIT is crucial to avoid penalties and interest.
Liability that arises from not maintaining a building is referred to as?
Liability that arises from not maintaining a building is referred to as "premises liability." This legal concept holds property owners responsible for injuries or damages that occur on their property due to neglect or failure to address hazardous conditions. If a person is injured because the owner did not maintain the building properly, the owner may be liable for those injuries.
What is carious liability?
Vicarious liability is a form of a strict, secondary liability that arises under the common law doctrine of agency, respondeat superior, the responsibility of the superior for the acts of their subordinate or, in a broader sense, the responsibility of any third party that had the "right, ability or duty to control" the activities of a violator. It can be distinguished from contributory liability, another form of secondary liability, which is rooted in the tort theory of enterprise liability because, unlike contributory infringement, knowledge is not an element of vicarious liability
Is goodwill current asset or non current asset?
Goodwill is classified as a non-current asset. It arises when a company acquires another business for more than the fair value of its identifiable net assets, reflecting intangible factors like brand reputation and customer relationships. Goodwill is not expected to be converted into cash within a year, distinguishing it from current assets.
Contingent liability is?
A potential liability that arises from a past transaction and is dependent on a future event.
What is contingent liability?
A contingent liability is: (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or (b) a present obligation that arises from past events but is not recognised because: (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliability.
What is an accured liability?
A liability that arises because an expense happens in a time span former to the associated money payment.
What is the liability for product warranty claims is an example of a liability that?
Product warranty claims liability is an example of a liability that arises from a company's obligation to repair or replace products that are defective or do not meet the terms of the warranty. This liability represents the estimated cost of fulfilling these warranty claims and is recorded on the company's balance sheet as a potential expense that may need to be incurred in the future.
What is cord blood banking?
Cord blood banking is a service that collects blood from your newborn baby's umbilical cord and stores it for you in case a medical need for it arises in your family.
What is carious liability?
Vicarious liability is a form of a strict, secondary liability that arises under the common law doctrine of agency, respondeat superior, the responsibility of the superior for the acts of their subordinate or, in a broader sense, the responsibility of any third party that had the "right, ability or duty to control" the activities of a violator. It can be distinguished from contributory liability, another form of secondary liability, which is rooted in the tort theory of enterprise liability because, unlike contributory infringement, knowledge is not an element of vicarious liability
What is the nature of general tortuous liability?
Tortuous liability arises from a negligence of civil duty, patent, copyright infringement or defamation. The important difference between contracted liability and this, is that anyone can claim remedy not necessarily the contracting parties.
How easy it to start your own business and where can you get the money to start it?
The difficulty with starting a business arises with getting a positive and workable plan together. Small business loans are a fantastic way to get the capital together for a business.
How are current and wind alike?
Current arises when "compressed" charges (high potential) expand into lower "pressure" areas (low potential). Wind is much the same.
What is the definition of outstanding expenses?
Making liability provision for the expenses relating to current year but actual payment to be incurred in the next financial year is outstanding expenses. Example of this case may be salary arrears.Making payment during the current financial year but actual expenditure is related to next financial year is prepaid expense. This type of expenditures arises in the case of advance payment of taxes on certain categories.
What does culpability mean?
It means that someone is legally responsible for the damage that arises out of their conduct. It is related to the principles of criminal liability. For detailed information please see the related link below.
What is outstanding and prepaid expenses?
Making liability provision for the expenses relating to current year but actual payment to be incurred in the next financial year is outstanding expenses. Example of this case may be salary arrears. Making payment during the current financial year but actual expenditure is related to next financial year is prepaid expense. This type of expenditures arises in the case of advance payment of taxes on certain categories.
