Legal Liabilities of Professional Accountants Arise Only from Lawsuits Brought

question 39

True/False

Legal liabilities of professional accountants arise only from lawsuits brought on the basis of the law of contracts.

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Definitions:

Reciprocity Principle

A social norm suggesting that people should return the favor or kindness that others have shown to them.

Egalitarian Principle

The belief in the equality of all people, particularly in political, social, or economic life.

Social Responsibility Norm

A societal rule that people should help those who need assistance and contribute to the greater good.

Tangible Support

Physical or material assistance offered to someone in need, such as financial help, goods, or services.