Strict Liability Is Imposed Only for an Act That Departs

question 24

True/False

Strict liability is imposed only for an act that departs from a reasonable standard of care to cause an injury.

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Definitions:

Accounting System

A systematic process used by entities to track financial transactions and summarize financial data.

Cost Effectiveness

An assessment that compares the relative costs and outcomes (effects) of different courses of action.

Useful Information

Data or facts that are relevant and beneficial to decision-making processes, ensuring accuracy and timeliness.

Subsidiary Ledgers

Detailed ledgers that contain information about transactions for individual components, such as customers or suppliers, which are then summarized in the general ledger.