Vicarious Liability Is Also Called as

question 13

Multiple Choice

Vicarious liability is also called as

• A)indirect liability.
• B)contractual liability.
• C)direct liability.
• D)personal injury liability.

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Definitions:

Net Fair Value

The amount that an asset could be bought or sold for in a current transaction between willing parties, minus any selling costs.

Unrecorded Goodwill

Goodwill that has arisen through operations but has not been formalized in the financial statements because it has not been acquired through a business combination.

Business Combination

The process of merging two or more entities into one, typically to achieve operational synergies or market expansion.

Useful Life

The period over which an asset is expected to be usable by an entity for its intended purpose.