What is meant by "privity?"
What will be an ideal response?
The relationship of direct involvement between parties to a contract is known as privity. When privity exists, a plaintiff usually needs only to show that the defendant accountant was negligent, and showed a lack of reasonable care in the performance of professional accounting tasks.
You might also like to view...
Assertions with high inherent risk are least likely to involve:
A. Routine transactions. B. Significant judgment by management. C. Complex calculations. D. Difficult accounting issues.
Value generated by a project is ______.
a. the product of planned expenditures and percentage of tasks completed b. the ratio of planned expenditures to percentage of tasks completed c. the sum of planned expenditures divided by number of tasks scheduled for completion d. the ratio of actual expenditures and percentage of tasks scheduled for completion
Many individuals tend to ________ their cash inflows and ________ their outflows
A) underestimate; overestimate B) overestimate; underestimate C) minimize; maximize D) not know; accurately know
Which of the following is declared correctly and will not result in an error assuming x = 2 and y = 30?
a) for ( var j = 10; j <= 80; j-- ) b) for ( var j = x, j <= y, j += 5 ) c) for ( var j = x; j <= 80 * y; j += 5 / x ) d) for ( var j = x; j <= 80 * y; j -= 5 )