An Accountant Normally Will Be Held Liable to the Client

question 25

True/False

An accountant normally will be held liable to the client for a mistake in judgment.

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Definitions:

Offer and Acceptance

The essential components of a valid contract, where an offer is made and then accepted by the other party.

Sustainability Performance

The assessment of an organization's impact on the environment, society, and economy in a way that aims to ensure long-term ecological balance and resource efficiency.

Compliance

Involves adhering to laws, regulations, guidelines, and specifications relevant to an organization's business activities, often to avoid legal penalties and maintain integrity.

Environmental Regulations

Laws and rules governing how businesses can interact with the environment, aimed at reducing pollution and protecting natural resources.