Quinn Is an Accountant Employed by CCDL Enterprises

question 13

Multiple Choice

Quinn is an accountant employed by CCDL Enterprises. Recently, she has spent much of her time working on defining measures of costs for the production department and checking to ensure that various departments are staying within their budgets. Quinn is a

• A) public accountant whose work is mainly concerned with auditing.
• B) public accountant whose work is mainly concerned with financial accounting.
• C) private accountant whose work is mainly concerned with managerial accounting.
• D) private accountant whose work is mainly concerned with financial accounting.

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Definitions:

Unilateral Mistake

The result of an error by one party about a material fact, that is, one that is important in the context of a particular contract.

Genuine Assent

An agreement to enter into a contract that is not clouded by factors such as fraud, duress, or mistake, indicating true and voluntary agreement.

Misrepresentation

A false statement of fact made by one party to another party, which has the effect of inducing that party into a contract.

Undue Influence

The situation in which one person has taken advantage of his or her dominant position in a relationship to persuade the other person unduly to the extent that the dominant person’s persuasive efforts have interfered with the other person’s ability to make his or her own decision.