In a common law action against an accountant, lack of privity is a viable defence if the plaintiff ________.
A) is the accountant's client
B) bases the action upon fraud
C) can prove the presence of gross negligence that amounts to a reckless disregard for
the truth
D) is the client's creditor who sues the accountant for negligence
D) is the client's creditor who sues the accountant for negligence
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The Yellow Canoe Company made year-end adjusting entries affecting each of the following accounts: Interest Revenue (credited); Depreciation Expense (debited); Unearned Rental Revenue (debited); and Prepaid Insurance (credited). Which account is likely to appear in Yellow Canoe's reversing entries?
A) Prepaid Insurance B) Interest Revenue C) Depreciation Expense D) None of these answer choices is correct.
The breakeven point is the point at which
A) fixed costs equal variable costs. B) total revenues equal total costs. C) sales equal variable costs. D) fixed costs equal sales.
Under the modern-traditional theory, what condition is placed on exercising the right to nationalize?
a. A public purpose. b. The process must be nondiscriminatory. c. The process must be accompanied by prompt, adequate and effective compensation. d. All of the above
Finance is any transaction where money is exchanged for money or a money-like instrument
Indicate whether the statement is true or false