CPAs Should Not Be Liable to Any Party If They

question 61

Multiple Choice

CPAs should not be liable to any party if they perform their services with:

• A)Ordinary negligence.
• B)Regulatory providence.
• C)Due professional care.
• D)Good faith.

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Definitions:

Kilos

A unit of measurement equivalent to one thousand grams, used commonly across the world to denote mass in the metric system.

Raw Material

Basic substances in their natural, modified, or semi-processed states used as an input for a manufacturing process.

Standard Costs

Predetermined costs for materials, labor, and overhead that are used as benchmarks for measuring actual performance and cost control.

Cost System

A method of accumulating, assigning, and absorbing costs in an organization, used for financial reporting and decision-making.