Claims are _______ only for that part of the loss, that is over 4%.
A.chargeable
B.raised
C.lodged
D.payable
A.chargeable
B.raised
C.lodged
D.payable
Many g!rls,the passage claims,are now likely to__________ .
A.give up their jobs for good after they are married
B.leave school as soon as they can
C.marry so that they can get a job
D.continue working until they are going to have a baby
A.Right
B.Wrong
C.Doesn't say
The equity amount of a balance sheet is the creditor's claims on the firm.
A.Right
B.Wrong
C.Doesn't say
Which of the following does not contribute to increased Schedule Risk?
A labor shortage
B contractor claims
C lack of access
D sponsor scope changes
E all may increase schedule risk
A.Both parties must owe obligations towards each other
B.There must be an order of performance
C.The party who claims this right must at first suspend its performance
year ended 31 December 2004.
The following material matters are under discussion:
(a) During the year the company has begun selling a product with a one-year warranty under which manufacturing
defects are remedied without charge. Some claims have already arisen under the warranty. (2 marks)
Required:
Advise the directors on the correct treatment of these matters, stating the relevant accounting standard which
justifies your answer in each case.
NOTE: The mark allocation is shown against each of the three matters
(46)
A.debt instrument
B.letter of credit
C.letter of guarantee
D.certificate of deposit
met to discuss how the company might respond to a number of problems that have arisen with Product 2. After a
number of incidents in which Product 2 had failed whilst being used by customers, Chen Products had been presented
with compensation claims from customers injured and inconvenienced by the product failure. It was decided that the
risk committee should meet to discuss the options.
When the discussion of Product 2 began, committee chairman Anne Ricardo reminded her colleagues that, apart from
the compensation claims, Product 2 was a highly profitable product.
Chen’s risk management committee comprised four non-executive directors who each had different backgrounds and
areas of expertise. None of them had direct experience of Chen’s industry or products. It was noted that it was
common for them to disagree among themselves as to how risks should be managed and that in some situations,
each member proposed a quite different strategy to manage a given risk. This was the case when they discussed
which risk management strategy to adopt with regard to Product 2.
Required:
(a) Describe the typical roles of a risk management committee. (6 marks)