Which of the following criteria is not required for the recognition of a liability for compensated absences under FASB ASC Topic 710?
a. The amount of the obligation must be estimable.
b. Payment of the obligation must be probable.
c. Payment of the obligation will require the use of current assets.
d. The compensation either vests with the employee or can be carried forward to subsequent years.
C
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Which of the following statements is true of ethical principles?
A. Ethics remain the same irrespective of the country or industry. B. The personal code of ethics does not play a role in business decisions. C. Most people have common views on ethical and unethical practices. D. Ethical principles are often easy to determine. E. Ethical principles can change over time.
The Modified Accelerated Cost Recovery System (MACRS) is part of the U.S. federal income tax laws and may be used for financial reporting.
Answer the following statement true (T) or false (F)
Which of the following is true of adopting the Restatement (Third) of Torts: Product Liability?
A) The seller's liability differed depending on whether the defect was a manufacturing defect, a design defect, or a defective warning. B) The seller's liability differed depending on whether the plaintiff was a merchant, a consumer, or a minor. C) The privity limitation was reinstated as a defense to product liability lawsuits. D) The state-of-the-art defense is permitted by courts in most strict liability cases.
Arthur fired a gun in the middle of the desert. He intended to fire the gun, but had no reason to believe anyone else was in the area. The bullet hit Bob, who happened to be riding his ATV across the desert. In this case:
a. Arthur has committed the tort of assault. b. Arthur has committed the tort of battery. c. it is unlikely that Arthur has the necessary intent to commit a tort. d. Arthur has committed the tort of intentional infliction of emotional distress.