Part of the Rationale for the Doctrine of Respondeat Superior

question 99

Multiple Choice

Part of the rationale for the doctrine of respondeat superior is that an injured person should be afforded effective relief, which is usually best provided by a business because

• A)employers today are not the masters of their employees.
• B)employees are normally classified as independent contractors.
• C)agents and other personnel typically execute liability waivers.
• D)the cost of risk can be spread over an entire business enterprise.

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Definitions:

Periodic Inventory

An inventory system where the inventory level is updated at specific intervals.

Ending Inventory

Ending inventory is the total value of inventory still on hand at the end of an accounting period, calculated by adding new purchases to beginning inventory and subtracting the goods sold.

LIFO

Last In, First Out (LIFO) is an inventory valuation method which assumes that the most recently produced items are the first to be sold.

Units

In accounting and finance, refers to a measure of quantity or volume of production or inventory.