Yves Is an Accountant Charged with Negli?gence by Zesty Soup

question 10

Multiple Choice

Yves is an accountant charged with negli?gence by Zesty Soup Company,a client.Yves may successfully defend against the claim if he can show that

• A)scienter was lacking.
• B)he complied with all International Financial Reporting Standards.
• C)the negligence was not the proximate cause of the client's losses.
• D)the negligence was only contributory.

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Definitions:

Ending Inventory

The total value of goods available for sale at the end of an accounting period, after all purchases and sales have been accounted for.

Beginning Inventory

The value of goods available for sale at the start of an accounting period, before any purchases are added or sales are subtracted.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material and labor costs.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated before the next period's inventory is added.