0
Liability is another way to ask "who is responsible?"
If i hit another car, intentional or not, i am liable for the damages to the other car as well as my own.
If i threw a book at a friend and knocked a tooth out, i would be liable for the costs associated with my friends tooth being repaired.
Whether or not you mean to do something, you are still "responsible" for your actions and the subsequent reactions.
What else can I help you with?
Which is an example of a current liability account?
materials
Is unearned revenues account is an example of a liability?
no
What an example of a decrease in an asset and a decrease in a liability?
Paying A/P: Decrease in Cash (Asset), Decrease in A/P (Liability)
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 a liability hazard?
A liability hazard is any type of hazardous situation that can cause a lawsuit. One example of a liability hazard would be an icy sidewalk outside your home.
What is the meaning of contigent liability?
I liability that may be incurred depending upon future event(s) Example- let there is a claim on a company existence of that liability is depends on decision of court so existence of that liability is uncertain so we can say that contigent liability is that liability which may occur or may not. ..
What is an example of a strict liability tort?
could it be wild animals
What is the meaning of contigency?
I liability that may be incurred depending upon future event(s) Example- let there is a claim on a company existence of that liability is depends on decision of court so existence of that liability is uncertain so we can say that contigent liability is that liability which may occur or may not. ..
Can you help me find liability insurance Alicia?
Liability insurance depends on the area you live in. For example, Zurich Insurance is a good liability insurance for Canadians, while USLI is a good US company.
How would one buy public liability insurance?
You could go about purchasing public liability insurance from webpages such as Money Supermarket. Alternatively, one could try public liability insurance companies such as Hiscox, for example.
What is an example of an estimated liability?
An example of an estimated liability is warranty liability, which companies recognize when they sell products with warranties. Businesses estimate the future costs of repairs or replacements based on historical data and the expected rate of warranty claims. This allows them to set aside the appropriate amount in their financial statements to cover these future obligations.
What is the difference between civil liability and penal liability?
A civil wrong is when one person is accused of wronging another person. For example, breaking a contract or crashing into your car. Penal liability refers to criminal wrongs, where a person is accused of wronging society.
