In a Common Law Action Against an Accountant,lack of Privity

question 54

Multiple Choice

In a common law action against an accountant,lack of privity is a viable defense if the plaintiff:

• A)Is the client's creditor who sues the accountant for negligence.
• B)Can prove the presence of gross negligence that amounts to a reckless disregard for the truth.
• C)Is the accountant's client.
• D)Bases the action upon fraud.

Understand the concept of corporate philanthropy and its relation to corporate social responsibility.

Recognize the role of ethical considerations within the realm of business decisions and strategies.

Understand the importance and impact of individual actions within a corporation on its ethical standing and social responsibility.

Learn about the potential benefits and challenges of being a socially responsible organization.

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Definitions:

Depletion

The allocation of the cost of natural resources over the period they are consumed or sold.

Residual Value

The estimated value that an asset will realize upon its sale at the end of its useful life, after deducting the cost of disposal.

Service Life

The expected duration or period an asset is considered useful and productive for its intended purpose.