FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Which type of agent is not liable for a breach of contract by his principal:
a. undisclosed agent
b. partially disclosed agent
c. fully disclosed agent
d. all of the above
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- Which of the following is NOT a client protection principle? a. Methods that prevent client of over-indebtedness b. Privacy of client data c. Adequate safeguards to prevent aggressive or abusive treatment of clients d. The number of loans assigned to a loan officerarrow_forwardWhen an entity's management resolves that the entity will offer to repair a defect it has recently discovered in one of its products, even though the nature of the defect is such that purchasers of the product would not expect the entity to do so: it must immediately recognise a liability. it must immediately recognise a liability, if it can be measured reliably. it will never recognise a liability as the offer to repair was not part of the contract of sale. it will only need to recognise a liability when the entity makes the offer public, or commits itself in some other way to make the repairs.arrow_forwardListen When a person claims to have been deceived into signing a negotiable instrument by being told it is something else, the level of his or her intelligence may determine whether he or she should have understood the nature of the deal before signing. True Falsarrow_forward
- Statement I: If an agent acts in his name, the principal shall have a right of action against the persons with whom the agent has contracted. Statement II: Should there be a stipulation that the agent shall advance the necessary funds, he shall be bound to do so even if the principal is insolvent. Only Statement I is true. Only Statement II is true. Both statements are true. Both statements are false.arrow_forwardWhat types of actions may an auditor be liable to a client under common law? Why would the clients prefer to sue the auditor for tort action rather than a breach of contract?arrow_forwardGenerally, the auditor could be legally liable under? Select one: a. contract law but not under the tort of negligence to third parties b. the tort of negligence to the client and contract law c. the tort of negligence but not contract law to the client d. contract law to third parties and to the clientarrow_forward
- Individuals who believe they relied on misstated financial statements to make a decision andhave suffered losses as a result will issue an action known as aa. Breach of contract.b. Tort.c. Securities litigation.d. Constructive fraud.arrow_forwardWhich of the following is NOT a duty owed by an agent to his/her principal? 1) Duty to Obey Instructions. 2) Duty of Care. 3) Duty to Retreat. 4) Duty to Provide Information.arrow_forwardWhich of the following is NOT the correct statements regarding forward contracts? I. contain a commitment to the owner, and are standardized. II. contain a commitment to the owner, and can be tailored to the desire of the owner. III. contain a right but not a commitment to the owner, and can be tailored to the desire of the owner. IV. contain a right but not a commitment to the owner, and are standardized. A. I, III, IV B. II, IV C. I, II, III D. I, IIarrow_forward
- A lawsuit is an example of a contingent liability for the defendant. O True Falsearrow_forwardA promise to grant a license is most likely indistinct if [A] The license is not integral to the functionality of a tangible good. [B] The customer can benefit from the license separate from other related services. [C] This performance obligation is satisfied over the time. [D] The customer can benefit from the license on its own and the license is separately identifiable. [S1] The insurer of an insurance contract becomes the policy holder in a reinsurance contract. [S2] Retrocession is where the insurance risk is transferred from one reinsurer to another reinsurer. [A] both are true [B] both are false [C] S1 is true [D] S2 is true Goods on consignment should be included in the inventory of [A] The consignor but not the consignee, [B] Both the consignor and consignee. [C] The consignee but not the consignor. [D] Neither the consignor nor the consignee. Which of the following is not a criterion required to recognize that a contract with a customer is created? [A] The contracting…arrow_forwardCompare and contrast auditor liability under contract law vs. tort law.arrow_forward
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