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Omission to do something which a reasonable man, guided by those ordinary considerations that ordinarily regulate human affairs, would do or doing of something that a reasonable and prudent man wouldn't do. Negligence is the failure to use such care as areasonably prudent and careful person will use under similar circumstances; it's the doing of some act that a person of ordinary prudence wouldn't have done under similar circumstances or failure to do what a person of ordinary prudence would have done under similar circumstances.
The term denotes only to that legal delinquency that results whenever a man fails to exhibit the care which he ought to exhibit, whether it be slight, ordinary or great. It's characterized chiefly by inadvertence, thoughtlessness, inattention, and like, while ‘wantonness' or ‘recklessness' is characterized by wilfulness. Law of negligence is founded on reasonable conduct or reasonable care under all circumstances of particular care. Doctrine of negligence rests on duty of each person to exercise due care in his conduct toward others from which injury may result.
Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statemnents. Let's start by getting an understanding of w
Time tickets for factory employees during the month of August are summarized as follows. Prepare a journal entry to record the total factory payroll, the indirect payroll and the d
1.) The Garcia Company's bonds have a face value of $1000, will mature in ten years, and carry a coupon rate of 16 percent. Assume interest rates are made semi-annually. A.) Det
Consolidated acccounts 1AS 27 therefore requires that the holding a company should include the financial results of the subsidiary company in its own financial statements. The
US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and how it compares to the standards used in the reporting of Long-Term
Promissory Note - Evidence of a DEBT with specific amount due and interest rate. Note may specify a maturity date or it may be payable on demand. Promissory note may or may not acc
You are considering whether to replace an existing flow meter in an ongoing operation. A change in the meter will have not affect revenues but will reduce costs. The existing meter
what is the implication of applying accounting concepts wrongly
VK Ltd a multi-product Company, furnishes you the following data relating to the year 2000. First Half of the year Second Half of the year Sales Rs. 4
fimnancial accounting system
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