subject accounting :-     QUESTION 1 With reference to statutory provisions and decided cases, define "consideration" and explain THREE (3) types of consideration.    QUESTION 2 An agreement is voidable if there is misrepresentation or fraud which induces the innocent party to enter into the agreement. With reference to statutory provisions and decided cases, explain the above statement

Q: O None of these would be considered a breach of the qualitative characteristic of faithful…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 4)  Explain if, and why an accountant will be held liable to: its client,  to 3rd party intended…

A: An accountant owes it to their clients to use sound professional judgement. According to the Revised…

Q: What is the knowing misrepresentation of the truth in order to trick someone into entering into a…

A: Option a is correct.

Q: 4. Which of the following is truè õf a Olt is a potential liability that depends on a future event.…

A: Solution: A contingent liability is a potential liability that may result in outflow of resources in…

Q: What are the disclosure requirements for a correction of an accounting error?

A: An accounting error refers to a mistake or inaccuracy in financial records, statements, or reporting…

Q: 1. Consider the principles, assumptions, and constraints of Generally Accepted Accounting Principles…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: Which of the following indorsers expressly warrants in negotiating an instrument that 1) it is…

A: An indorser is a person who transfers the ownership of a transferable instrument to indorsee. The…

Q: 3) The IFRS criteria for recognizing a transfer of a receivable focuses on which of the following?…

A: solution : 3) The IFRS criteria for recognizing a transfer of a receivable focuses on which of the…

Q: fraudulent

A: Fraud represents false representation of material fact which is made by one party in consideration…

Q: The Standard IAS 37 sets the criteria for recognition and measurement of Provisions; Contingent…

A: Contingent liabilities are those  possible obligations whose existence shall be confirmed by the…

Q: Which of the following does not constitute fair presentation and compliance with IFRS? A) an entity…

A: When financial statements are devoid of substantial misstatements and adequately portray an entity's…

Q: If the agency relationship is undisclosed, the agent is liable to the third party if they fail to…

A: A fiduciary relationship in which one person, referred to as the principal, authorizes another…

Q: An estimated liability: A) Is an unknown liability of a certain amount. B) Is a known obligation of…

A: A liability is a legal obligation to pay other entities as a result of past transactions or other…

Q: 15. Which of the following engagements is not covered by the pronouncements of AASC (Auditing and…

A: Auditing is the examination of books of accounts by the auditor for forming an opinion on the…

Q: principal and an agent, granting speci behalf of the principal. This is an example of:

A: Agent and principal are related in such a way that principal is bound by the activities undertaken…

Q: Which of the following best describes the application ofgenerally accepted accounting principles to…

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: Statement I: The Doctrine of Agency by Necessity states that by virtue of the existence of an…

A: Generally in all parts of life, an individual is required to act on behalf of an another individual.…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.