Contingent liability - Study guides, Class notes & Summaries
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FAC1601 Assignment 2 Semester 1 2023/2024 Update
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FAC1601 Assignment 2 Semester 1 2023/2024 Update 
FAC1601 Assignment 2 Semester 1 2023/2024 Update 
 
Question 1 
 Which of the following statements is correct: 
1. When revaluing an asset or liability in terms of a change in ownership structure, the current account is used. The current account is then closed off to the accounts of theexisting partners according to their existing profit-sharing ratio. 
2. The selling price of a partnership is determined by the cost price of the partnership. 
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CIC Commercial Casualty Institute actual exam with 100% correct answers(latest update)
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What are 4 major loss exposures covered by CGL Form? 
 
LO1 
1. Premises Liability (slip and fall due to water on the floor) 
 
2. Operations Liability 
(Tree trimmer causes damage to power lines by removing fallen limbs) 
 
3. Product Liability (ladder collapses when being used as intended) 
 
4. Completed Operations 
A contractor installs a hot water heater and leaves the home, 2 days later, water overflows onto the floor causing damage because the hot water heater was improperly installed. 
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CIC - Commercial Casualty Questions And Verified Correct Answers
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CIC - Commercial Casualty Questions And 
Verified Correct Answers 
What are the three basic parts of a CGL policy? - ANSWER Declarations, 
Coverage Form, & Endorsements 
What are the four parts of the CGL declarations? - ANSWER Named 
insured, mailing address, policy period; limits; form of business; business 
description 
What are the five sections of the CGL coverage form? - ANSWER 
Coverages, Who Is an Insured, Limits, Conditions, & Definitions 
What are the three CGL coverages? - ANSWER...
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OREGON STATE PROPERTY AND CASUALTY EXAM PREP QUESTIONS AND ANSWERS 2024
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The Occurrence form 
it doesn't matter when the loss is reported, but the date the loss occurred must be during the policy period. 
 
 
 
The Supplemental Extended Reporting Period 
The cost of the endorsement may be up to 200% of the CGL's annual premium. This is a one-time charge and is fully earned at issuance. 
 
 
 
Product liability would cover 
Product liability applies to bodily injury the product causes away from the insured's premises. A customer contracting food poisoning is a perf...
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Life and Disability Producer Combo Practice Questions with Certified Answers
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Life and Disability Producer Combo 
Practice Questions with Certified 
 
Answers 
 
The premium payment mode that results in the highest overall cost would be Monthly 
 
A policyowner is prohibited from making any changes to the policy without the beneficiary's 
written consent under which beneficiary designation? Irrevocable beneficiary 
 
Over the course of a year, which premium payment mode is most expensive? Monthly 
 
Purchasing a life insurance policy in order to avoid the forced sale of ...
And that's how you make extra money
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CIC Commercial Casualty CGL Exam Questions and Answer
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CIC Commercial Casualty CGL Exam 
Questions and Answer 
6 Casualty exposures covered by CGL policy - Answer ️️ Premises, Business 
operations, Products, Completed operations, Contractual, Contingent/vicarious 
Premises types in CGL - Answer ️️ Any location owned, rented, leased, 
borrowed, or used for business 
Locations of business operations CGL - Answer ️️ On premises or away from 
premises 
Types of products covered by CGL - Answer ️️ Retail, wholesale, distributed, or 
manuf...
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WGU D249 Financial ACCT 2 Questions & Answers | Latest 2023/24 | Updated & Verified | Guaranteed Success
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What defines liabilities? - Obligations arising from past transactions and payable in assets or 
services in the future 
90-day notes, renewable for another 90-day period are classified on the BS as - - Current liabilities 
For what purpose is the current liability section of the balance sheet of primary importance to bankers - 
To assist in understanding the entity's liquidity 
What, if any, is the relationship between current liabilities and a company's operating cycle? - In 
order be classi...
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LSB 3213 Exam 1 (Okstate) Questions With Answers Graded A+ Assured Success
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discovery includes - interrogatories, requests for admission, requests for documents, subpoenas, 
depositions 
discovery rules - discovery is allowed regarding any matter that is relevant to the claim or defense 
of any party 
define a controlling precedent - a binding authority that requires a court to follow prior court 
decisions in its jurisdiction 
a party may appeal 4 things - a verdict, legal issue, motion, adverse court ruling 
a trial just by a judge is a - bench trial 
action of law/eq...
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Purdue MGMT 200 Final Exam Questions and Answers Rated A+
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Purdue MGMT 200 Final Exam Questions and Answers Rated A+ 
Woodcrest, Inc. borrowed $50,000 from a local bank and signed a promissory note. What entry should Woodcrest record? Debit Cash, $50,000; Credit Notes Payable, $50,000. 
We record interest expense in the period in which we pay it, rather than in the period we incur it False. Interest expense is recorded in the period incurred, not in the period in which we pay it. 
On November 1, 2018, Knomark, Inc. signed a $100,000, 6%, six‐month not...
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Solutions for Auditing: A Practical Approach, 4th Canadian Edition by Moroney
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Complete Solutions Manual for Auditing: A Practical Approach, 4th Canadian Edition 4ce by Robyn Moroney, Fiona Campbell, Jane Hamilton, Valerie Warren. ISBN-13: 9480 
 
1 Introduction and Overview of Audit and Assurance 1-1 
 
1.1 Auditing and Assurance Defined 1-4 
 
1.2 Demand for Audit and Assurance Services 1-6 
 
1.2.1 Financial Statement Users 1-6 
 
1.2.2 Sources of Demand for Audit and Assurance Services 1-7 
 
1.2.3 Theoretical Frameworks 1-8 
 
1.2.4 Demand in a Voluntary Setting 1-9 
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