Prima Facie Duties Are Different from Categorical Duties in That

question 16

Multiple Choice

Prima facie duties are different from categorical duties in that:

• A)They can be overridden by more important duties in a given situation.
• B)They only need to be followed if doing so brings the best consequences.
• C)They only apply to some people.
• D)They only apply to face-to-face interactions.

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Definitions:

Notes Payable

Written promises to pay a specified sum of money, typically to a lender, by a certain date.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity, typically including the balance sheet, income statement, and cash flow statement.

Normal Balance

The usual balance side (debit or credit) of an account, determined by the type of account, which helps in maintaining the double-entry accounting system.

Temporary/Permanent

Refers to the nature of differences affecting financial reporting; temporary differences resolve over time, whereas permanent differences do not.