Chan Sold a Business to Scott and in the Process

question 35

True/False

Chan sold a business to Scott and in the process they valued the "good will" at $50 000.In the sale contract,it was agreed that this amount would be paid by Scott giving Chan 15 percent of the business profits until it was paid.This creates a partnership between them.

Identify the liabilities accountants may face for negligence and fraudulent activities.

Realize the role of professional indemnity insurance policies and what they cover.

Comprehend the necessity of due diligence and accurate representation in financial reporting and auditing.

Grasp the concept and applications of attorney-client privilege when working with accountants.

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Definitions:

Urgency Close

A sales technique where the seller creates a sense of urgency to motivate the client to make a purchase decision quickly.

Ironware Accessories

Decorative or functional items made of iron, often used in homes or gardens for aesthetic appeal or utility.

Salesperson

An individual who sells goods or services for a company, often directly interacting with customers to facilitate transactions.

Objection

A reason or argument presented by a customer against purchasing a product or service.