Failure to provide any level of care in fulfilling a duty owed to another party, including reckless disregard for the truth, is called 1. breach of contract. 2. ordinary negligence. 3. privity. 4. constructive fraud. O 4 O 2 O 1

Failure to provide any level of care in fulfilling a duty owed to another party, including reckless disregard for the truth, is called 1. breach of contract. 2. ordinary negligence. 3. privity. 4. constructive fraud. O 4 O 2 O 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Giving a gift to someone else is a show of kindness or generosity to express your appreciation.…

A: Gift is referred to as a contribution which is made to another person or business in order to…

Q: The agent has a duty to act only for the benefit of the principal, and not for their own, personal…

A: Personal benefit refers to an advantage or gain that an individual receives, typically in the form…

Q: Which type of agent is not liable for a breach of contract by his principal: a. undisclosed…

A: Contract: It is an agreement between two or more parties which describes the rights and duties of…

Q: Does the coverage of the Statute of Frauds make sense as it currently stands? Would it be better to…

A: Introduction:- Fraud is defined as intentional deception with the intent of gaining an unfair or…

Q: 4. Which of the following is truè õf a Olt is a potential liability that depends on a future event.…

A: Solution: A contingent liability is a potential liability that may result in outflow of resources in…

Q: Non-compliance does not include: a. Professional misconduct b. Personal misconduct c. Intentional…

A: Non compliance include: Professional misconduct Intentional errors and omissions by entity…

Q: ndicate which of the following claims is true and which is untrue. Distinguishing responsibility for…

A: An invoice is an instrument that is used to record a transaction between the buyer and the seller.

Q: Strict Liability can be simply defined as: OA) dram shop laws. B) extreme negligence. C) liability…

A: Liability can be understood as a responsibility or obligation that one has towards others, often…

Q: Incompatible duties exist when an employee is in a position tlo penetrate and conceal errors of…

A: Fraud means intentional concealment of facts or wrongful action resulting in financial or personal…

Q: True or False. The tort of defamation occurs when a person makes any statement that injures…

A: Given: The tort of deformation takes place when the reputation of one is injured by the other.

Q: subject accounting :- QUESTION 1 With reference to statutory provisions and decided cases,…

A: Question 1:Consideration is a crucial element in the formation of a valid contract. It refers to…

Q: Which of the following elements is not a requirement for a plaintiff to recover damages under the…

A: A tort is an act or omission that causes hurt or harm to another person and is treated as a civil…

Q: Which of the following is NOT an element required to recover to establish liability for negligent…

A: Introduction:- A liability is classified as financial assets that an entity has given up to other…

Q: Non-compliance does not include a. Professional misconduct b. Personal misconduct c. Unintentional…

A: Non-compliance means failure to comply with a rule.

Q: A CPA's duty of due care to a client most likely be breached when a CPA

A: Professional competence & due care means to maintain Secrecy & have knowledge about the…

Q: If the agency relationship is undisclosed, the agent is liable to the third party if they fail to…

A: A fiduciary relationship in which one person, referred to as the principal, authorizes another…

Q: The duty owed under the mitigation of damages doctrine depends on the nature of the breached…

A: A breach of contract occurs when one party in a binding agreement fails to deliver according to the…

Q: Whichever of the below is NOT a need for establishing responsibility for negligent infliction of…

A: An obligation is defined as financial assets that a business has given up to other entities as a…

Q: Under the Ultramares rule, to which of the following parties will an accountant be liable for…

A: The ultramares doctrine represents the ordinary negligence for liability to third party. It is…

Q: What are the main parts of an insurance contract and what are they designed to accomplish? How are…

A: Insurance is a contract between an individual or entity (the insured) and an insurance company (the…

Q: Which of the following is not an element necessary to prove professional negligence? a. There must…

A: Professional negligence is defined as the result of breach of duty of diligence occurred between a…

Q: Which common law approach leads to increased CPA liability to "foreseeable" third parties for…

A: CPA is liable to conduct the professional accounting work. He would be responsible for any…

Q: Similar to a like-kind exchange, the receipt of “boot” under Sec. 351 can cause loss to be…

A: A like-kind exchange refers to a transaction in which one asset is disposed of and another asset is…

Q: Safety regulations are superior when an Injurer can escape paying damages by filing bankruptcy. True…

A: Bankruptcy Bankruptcy refers to the legal process where people who become insolvent or are not able…

Q: Which of the following is not an issue that must be considered in determining transaction price?

A: The transaction price is the amount of money a seller anticipates receiving in exchange for…

Q: The drawee of a check is not liable on the instrument until the check is _______. a.) Accepted.…

A: Check is the document that authorizes the bank to make the payment from one person’s account to…

Q: Which of the following in NOT a legal element of proof required to recover for defamation? A. The…

A: Defamation is a statement that injures a third party's reputation. It is a false and unprivileged…

Q: If either party fails to perform their contractual obligations according to the contract terms, it…

A: Auditing refers to the examination of the financial records of a business organization to verify the…

Q: A lack of reasonable care that may be characterized by the failure of auditors to followGAAS in the…

A: Generally Accepted Auditing Standards (GAAS): Generally accepted auditing standards (GAAS) states…

Q: 3.An important development in the area of breach of contract by an auditor is contributory…

A: Contributory Negligence In simple contributory Negligence which describes as negligence in the part…

Q: Fraud exists when a person represents as a fact something he or she knows (or should know) is…

A: Fraud is a deceptive practice involving the presentation of false information as a fact. In legal…

Q: er's original wor ents, or ideas a ere your own, e done in good fa

A: Explanation : In simple words, Plagiarism can be described as the act of passing off someone else's…

Q: 26-is an act of willfully making misrepresentation of financial information by one or more…

A: The question is multiple choice question. Required ..............Is an act of willfully making…

Q: An attorney may impeach an opposing party’s witness by showing/proving that the witness: A. Has been…

A: An attorney may impeach an opposing party’s witness by 5 ways: 1. witness has made prior…

Q: True False 1. Contracts involve at least two parties. 2. Meeting of the minds could happen…

A: Answer:- 1) true 2)false 3)true 4)true 5)true

Q: 37. Which of the following is accurate with respect to litigation involving CPAs? a. A CPA will not…

A: Litigation involving CPAs can arise from a variety of situations, including alleged negligence,…

Q: whar are the three factors that must exist for a person to commit fraud include

A: Fraud: Fraud can be defined as an act of dishonesty that can be performed by a worker or an…

Q: consequential damag

A: Civil liability refers to the liability or obligation in legal firm which requires the party to pay…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

TRUE OR FALSE An instrument payable out of a contingency is not negotiable even if the contingency happened. The drawee in a promissory note must be named or otherwise indicated therein with reasonable certainty. An endorsement cannot be stricken out. A person who signed an instrument without indicating in what capacity he signs shall be considered an endorser. The defense that the instrument is undelivered and was completed without authority is a real defense.
What 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?
Generally, 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 client
Which 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.
3. Fraud is an _____________ misstatement of which any amount found during the audit will be considered material. Question 3 options: a) Unintentional b) Planned c) Proposed d) Intentional
True/False Question 1 Causation is not required for an intentional tort. Select one: O True O False True/False Question 2 Public disclosure of private facts is a form of invasion of privacy. Select one: O True O False True/False Question 3 One of the elements of negligence is the duty to exercise reasonable care. Select one: O True O False True/False Question 4 Strict liability is not imposed in product liability. Select one: O True O False
im.3
A lawsuit is an example of a contingent liability for the defendant. O True False
SOX, whistleblower awards is apparently wrong. Which else could be the right answer?
47-is an act of non-deliberately making misstatement in the financial statements O a. Illegal act O b. None of the options O c. Fraud O d. Mistake
Describe the liability of a minor who (1) disaffirms a contract or (2) misrepresents his age.
In defamation law, a claim which is not expressly stated but may be reasonably inferred from other statements made is described as an implied term Ob. b. a privileged statement OC. an imputation O d. fair comment