Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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- 24. what is an example of controlled business a. Insurance contracts covering an agent's family members b. Insurance contract covering an agent's friends a neighbor c. noncontributory group insurance plans d. self-insured group insurance plansarrow_forwardSECTION D Read the following extract and then answer the question belowA client is interested in setting up a business and does not know which form of business to use. He has been told that he can form a sole proprietorship, or partnership, or a limited liability company. He comes seeking for business advises on the advantages and disadvantages of a registered company. Make a comparison between a sole proprietorship, partnership, and a limited liability company.arrow_forwardWhat are the steps an accountant might go through in making the decision of whether and how to be a 'whistleblower' regarding a perceived unethical practice of his or her employer, which is a reputable accounting firm.arrow_forward
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- 11arrow_forwardA sales associate prepares a BPO but they can't remember if they can charge the client for this service. You inform the sales associate that in Florida: "You can't charge for the BPO, that's illegal." "You can charge for the BPO as long as you only do so under the supervision of your employing broker." "You can't charge for the BPO unless you run it by a certified appraiser." "You can charge for the BPO, but refer to it as an appraisal toarrow_forwardQ1. To prevail in an action brought under common law, the plaintiff must show all of the following except: (in your response, explain the burdens of proof for a third-party plaintiff under common law). Q2. Kerry CPA is the auditor for Sammy Corp. During the audit, Kerry discovers a material misstatement in Sammy's financial statements. Sammy's management tells Kerry that if the misstatement is corrected or if Kerry issues an opinion that indicates there is a material misstatement, Sammy Corp. will likely have to declare bankruptcy and thousands of employees will lose their jobs. Which of the following statements is true if the misstatement is not corrected and Kerry issues an unqualified opinion on Sammy's financial statements? (in your response, identify the court case that makes Kerry liable to any person who suffered a loss as a result of the fraud).arrow_forward
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