Question

Answer each elaborately. thanks

1. How does the burden of proof differ in a case involving a breach of duty of care and in a criminal case?

2. List five categories of action to take with a view to minimizing or avoiding liability and explain each

3. What are the two main accounting standards used for corporate accounting?

Answer 1

1) .Burden of proof is about proving the fact or truth in the tribunal by the plaintiff or defendants.

Burden proof differs in both cases i.e in criminal case and civil case.In criminal case burden of proving the defendants guilt is on the prosecution and they must establish that fact beyond a reasonable doubt.

In civil cases plaintiff has the burden of proving his case.

2). Five actions which should be taken to minimize the liability is:

a.Structure your bussiness properly,which means a how structure your bussiness is will decide the liability.A limited liability organization will reduce the risk of liability.

b.Purchase insurance: Taking an insurance policy will mitigate the losses by getting reimbursed.

c.Identify risk and implement procedures to minimize it;

d. Improve your risk management with trembly law.

3).The two most used accounting standards are GAAP and IFRS.