Which of the following statement is CORRECT about controlled business? A. a producer who violates the law on controlled business may be found guilty of a class 3 felony b. controlled business includes insurance written on the lives of a producer's employees within a 12 month period c. controlled business includes insurance written on the lives of a producer's children within a 12 month period d. the total premium written as controlled business may not exceed the total of all other business written within a 12 month period

Which of the following statement is CORRECT about controlled business? A. a producer who violates the law on controlled business may be found guilty of a class 3 felony b. controlled business includes insurance written on the lives of a producer's employees within a 12 month period c. controlled business includes insurance written on the lives of a producer's children within a 12 month period d. the total premium written as controlled business may not exceed the total of all other business written within a 12 month period

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 9Q

See similar textbooks

Similar questions

Classify the following event as mostly systematic, mostly unsystematic: "A manufacturer loses a multimillion-dollar product liability suit" a. Systematic b. Unsystematic Classify the following event as mostly systematic, mostly unsystematic: "A supreme court decision substantially broadens producer liability for injuries suffered by product users" a. Systematic b. Unsystematic
According to FASB, when should a company journalize a contingent liability? A. Do not journalize the contingent liability under any circumstances. B. Journalize the contingent liability, even though you will probably win the lawsuit. C. Journalize the contingent liability only if the amount can be estimated and the probability of loss is reasonably possible. D. Journalize the contingent liability if it is probable that the loss will occur, and the amount of the loss can be reasonably estimated. thanks for help appareciated it rajtir h
A company is required to report a liability on its balance sheet when it expects to lose a lawsuit and the amount of the expected loss can be reasonably estimated (FASB) Conversely, a company is prohibited from reporting a receivable in its balance sheet when it expected to win a lawsuit even though that is probable and the amount of the expected gain can be reasonably estimated. Required: 1. Give an example of one company that experienced an expected loss due to a lawsuit and one company that had an expected gain. Provide the exact disclosure in their financial statements for both gains and losses.
When it comes to a manufacturer who is negligently manufacture goods, a. only the consumer who purchased the goods and suffered harm may sue the manufacturer b. only the family members who suffer harm can sue the manufacturer c/ both the consumer and hir family members who suffer harm can sue the manufacture d. the family members cannot sue the manufacturer because there is no privity between them and the manufacturer e. none of the above
A customer has filed a suit against a trader who has supplied poor quality goods to him. It is known that the court judgment will be in favour of the customer and the trader will be required to pay the damages. However, the amount of legal damages is not known with certainity. The accounting year has already been ended and the books are now finalised to ascertain true profit or loss. The accountant of the trader has advised him not to consider the expected loss on account of payment of legal damages because the amount is not certain and the final judgment of the court is not yet out. Do you think the accountant is right in his approach.
Which of the following is a condition of a commercial general liability policy? Intentional act Premium audit Liquor liability Employers liability
Regarding CFA Standard 1 (B), if all relevant parties are notified in writing of the gift or benefit received by a member from a client or their employer: Group of answer choices will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from a client and is contrary to the policies of their employer will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from their employer not the client this can still result in a breach of the CFA Standards will represent a breach of CFA Standard 1 (B) if a gift or benefit having a value of more than $300 is received from a client not their employer this can only represent a breach of the CFA Standards if the gift or benefit has a value of less than $300
Consider the following independent situations. For each of the situations described, suggest the appropriate accounting treatment for recording the liability. Back-up your answer with reference to the appropriate recognition criteria and disclosure requirements for liabilities, as per AASB 137. a)A manufacturing company is being sued by a customer group for losses sustained due to a faulty product design. The company’s lawyers feel the suit will likely succeed, but they cannot estimate the potential amount of damages that will be awarded. B)A resource company is obligated by municipal regulations to clean up the site of an active drilling operation in 10 years’ time when the resource has been fully extracted. The company is in its first year of operations and has no previous experience in cleaning up drilling sites C) A mining company has determined that it will cost approximately $10 million to restore a site that it previously mined
16. If you file a harassment claim against your employer: A. The employer does not have to legally follow up on your complaint B. Tell coworkers what is occurring so that if they are called into the investigation they can support your story C. Remember that the accused employee does not have rights in the investigation process D. None of these 17. Retaliation: A. Should be avoided if your company has an anti-retaliation policy B. Is recommended when dealing with conflict C. Is not acceptable workplace behavior D. Is necessary when working with others 18. Names such as "honey," "sweetie," and "sexy": A. Are acceptable if the receiver is not offended B. Cannot be considered harassment C. Are commonly used, but inappropriate for the workplace D. Are not considered offensive
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
Individuals who believe they relied on misstated financial statements to make a decision andhave suffered losses as a result will issue an action known as aa. Breach of contract.b. Tort.c. Securities litigation.d. Constructive fraud.
The restriction that manufacturers should not market a new product that is legally similar to that of another company's product is due to which public policy instrument? a. Copywrite b. Minimum standards for product warranties c. Anti- merger laws d. Patent laws