When the Injured Party Had Reason to Know That There

question 27

True/False

When the injured party had reason to know that there was the possibility of harm from defendant's negligence and decided to do an act anyway, the defendant can avoid liability by using the defense of contributory negligence.

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Definitions:

Accrued Revenue

Revenue that has been earned through sales or services provided but not yet received by the company.

Adjusting Entry

A journal entry made at the end of an accounting period to record unrecorded income or expenses to ensure that the financial statements comply with the accrual basis of accounting.

Straight-Line Depreciation

A method of allocating the cost of an asset evenly over its useful life.

Accumulated Depreciation

The total depreciation of an asset up to a single point in its life, showing how much value has been diminished over time.