Which of the Following Statements Describes the Applicable Standard Used

question 41

Multiple Choice

Which of the following statements describes the applicable standard used in determining the liability of a common carrier when harm befalls property that is the subject of a bailment placed in the care of the carrier?

• A) The carrier is liable only if ordinary or gross negligence can be proven.
• B) The carrier is liable only if gross negligence can be proven.
• C) The carrier is liable only if it can be proven that the carrier acted in a reckless manner.
• D) The carrier is generally strictly liable for harm to the bailed property.
• E) Because of the doctrine of assumption of risk, the carrier is not liable for harm to the bailed property.

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Definitions:

Trial Balance

A financial report that lists the balances of all ledgers accounts on a specified date, used to verify that the total debits equal total credits in the accounting system.

Account Balance

The difference between the total debits and total credits in an account, representing the current amount in that account.

Debits

Entries that increase asset or expense accounts, or decrease equity, liability, or revenue accounts, typically noted on the left side of an accounting ledger.

Credits

In accounting, credits refer to an entry on the right side of a double-entry bookkeeping system that increases liabilities, equity, or revenue or decreases an asset or expense account.