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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.
Q.2 Explain different methods of costing. Your answer should be studded with examples (preferably firm name and product) for each method of costing.
Q. Show the Capitalized Cost? Capitalized Cost - Expenditure identified with services or goods acquired and measured by theamount of cash paid or market value of other property
A gift of residue Where property is not given by a specific legacy nor by a general legacy, it makes up the residue of the testator's estate. If the testator fails to make a g
Relationship between these aspects is set out in Figure. Figure: The accounting information system There are four sequential stages of an
BREACH OF TRUST Remedies available to beneficiary: Injunction, Personal action, Criminal liability. Defence of trusts: He may be relieved from liability if, in the opini
Deferred taxation is caused by timing differences that arise when a transaction is recognized differently for accounting and tax purposes; for i.e, capital expenditure, that invol
how to prepare a overhead analaysis
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
The comparative balance sheet of Portable Luggage Company at December 31, 2008 and 2007, is as follows An examination of the income statement and the accounting records revealed th
A village ordered supplies for its Fire Department at an estimated cost of $16,700. The supplies were received with an invoice for $16,800. The village accepted the shipment and th
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