Which of the Following Is True Regarding Negligence Under South

question 87

Multiple Choice

Which of the following is true regarding negligence under South African Law?

• A)South Africa's legal system is a combination of selected legal traditions involving Roman,Dutch,and French law,but not German law.
• B)South African law refuses to recognize sudden emergency as a standard for determining negligence in crisis situations.
• C)Under South African law,individuals can be found negligent in only one way,through failing to exercise reasonable care.
• D)South African law models the law of the U.S.and is substantially the same.
• E)South African law recognizes that one way to determine negligence is by determining whether the defendant could have prevented the consequent damages.

Know the differences in revenue recognition methods (percentage of completion, cost recovery, and completed contract) and their application under GAAP and IFRS.

Calculate revenue recognition for contracts permitting multiple service uses based on usage and associated costs.

Distinguish between installment sales contracts and the installment method of revenue recognition.

Understand the specific industry guidance on revenue recognition under GAAP and IFRS.

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Definitions:

Incremental Bad Debt

Additional losses expected from non-payment or default by borrowers beyond what was originally anticipated.

Bad Debt Losses

Financial losses a company incurs when it cannot collect payment from a borrower or customer.

Decline

A decrease in the value or quantity of something.

EOQ Model

The Economic Order Quantity model is a formula used by businesses to determine the optimal order size that minimizes the total costs of holding and ordering inventory.