Arthur Andersen, Once a Major International Accounting Firm, Was Indicted

question 82

Multiple Choice

Arthur Andersen, once a major international accounting firm, was indicted for obstruction of justice, lost its auditing license, and eventually closed its U.S. offices based on the actions of a few employees even though they were performing in a manner contrary to corporate policy and their employer's directions. This is an example of the principle called respondeat superior or ____.

• A) "let the buyer beware."
• B) "let the punishment match the crime."
• C) "the die is cast"
• D) "let the master answer."

Describe the evolution and current state of the U.S. economy in relation to global powers.

Relate historical agricultural and industrial policies to contemporary economic structures and conditions.

Understand the principles of disposal, including depreciation recording and impact on financial statements.

Calculate gain or loss on the disposal of an asset.