Singer Thinks That Giving Money to Famine Relief Is Not

question 242

True/False

Singer thinks that giving money to famine relief is not a supererogatory act or an act that is good to do but not wrong not to do.

Understand the role of negligence in product liability and the requirement of cause in fact and proximate cause.

Recognize the significance of quality control and the duty to warn in preventing product liability.

Acknowledge the impact of strict liability on promoting product safety.

Understand the criteria for defining a product as defective and the respective liabilities for manufacturing, design, and warning defects.

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Definitions:

Operating Segments

Components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

Reportable

Pertains to the requirement to disclose or make known certain information to regulatory bodies or in financial statements.

Revenue Test

An accounting principle used to determine when revenue is recognizable in the financial statements based on specified criteria.

Profit or Loss Test

A criterium used to assess the profitability or loss incurred by a business over a specific period.