Which of the following damages are also referred to as special damages because they arise outside the contract?Multiple ChoiceLiquidated damagesConsequential damagesОPunitive damagesCompensatory damages

Option a: This option is incorrect because, liquidated damages are predetermined damages specified…

Answered: Which of the following damages are also…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11MC: Which of the following best describes a contingent liability that is unlikely to occur? A. remote B....

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Similar questions

Which of the following is NOT a contingent liability? a. Pending law suit for property damage b. Product warranty c. Discounted note receivable d. Pending law suit for slander
Which of the following is not a ground for the extinguishment of an obligation?
Is there any exception to the rule that the particular motives of the parties in entering into a contract are different from the cause of the contract? If there is, what is it? Give examples.
What is law of Indemnity? Explain the rights and duties of indemnifier and indemnity holder with appropriate examples.
May an obligor be liable under an obligation subject to a suspensive condition although the condition has not yet been fulfilled? Explain.
A contract does not qualify for revenue recognition if Either party can unilaterally cancel the contract before performance without compensating the other party. The contract is wholly unperformed. Contract terms allow cancellation without penalty by either party at any time prior to delivery of the goods. Any one of these choices apply.
92. Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices a. Redemption, whether legal redemption or conventional redemption b. Fulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingency c. Resale of the goods by the unpaid seller d. Cancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalments
Explain how does a liability’s fair value change?
Suppose the analysis of a loss contingency indicates that an obligation is not probable. What accounting treatment if any is warranted?
Which of the following is a characteristic of a current liability? A. It is an avoidable obligation. B. It occurs because of a future transaction or event. C. It cannot be settled with services. D. It creates a present obligation for future payment of cash or services.
_____ is a contract that involves compensation for specific potential future losses in exchange for periodic payments and that provides for the transfer of the risk of a loss, from one entity to another, in exchange for a premium. a.Spot contract b.Insurance c.Hedging d. Forward contract
If a contract modification does not create a separate contract, it is accounted for using either a cumulative catch-up adjustment or a prospective approach. either a retrospective approach or a prospective approach. either a cumulative catch-up adjustment or a retrospective approach. either a cumulative catch-up adjustment, a prospective approach, or a retrospective approach.

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Which of the following damages are also referred to as special damages because they arise outside the contract? Multiple Choice Liquidated damages Consequential damages О Punitive damages Compensatory damages