When Liability Is Imposed on an Employer for a Tort

question 152

Multiple Choice

When liability is imposed on an employer for a tort committed by an employee, the liability is based on the rule of law known as:

• A) contractor liability
• B) tortious liabilitius
• C) respondeat superior
• D) principal duty
• E) there is no such rule as the employee only is responsible

Calculate budgeted accounts receivable based on sales and collection patterns.

Understand the formula and process for budgeting merchandise purchases.

Calculate budgeted accounts payable based on purchase and payment patterns.

Understand the impact of credit terms and cash flow timing on budgeted cash inflows and outflows.

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Definitions:

Unit Costs

The expense associated with manufacturing, storing, or acquiring a single unit of a good or service.

Process Cost System

An accounting method used to apply costs to similar products that are mass-produced in a continuous fashion.

Natural Gas Refinery

A facility that processes natural gas to remove impurities and possibly extract valuable hydrocarbons and fluids.

Process Cost System

An accounting method used to track production costs for large quantities of identical items by accumulating costs across processes or departments.