Which of the following is an objective of workers' compensation law:
a. to increase the number of injured workers who sue for compensation when injured on the job
b. to increase court costs and time delays associated with tort litigation to deter workers from suing for minor injuries
c. allow people to sued private charities for accidents related to the charity's function
d. encourage employer interest in safety and rehabilitation of workers through an insurance scheme that bases rates on the accident rating of the employer
e. all of the other specific choices are correct
d
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Neil and Paul formed a partnership. During the year, Neil and Paul withdrew $13,000 and $6,000, respectively. Provide the journal entry to close the withdrawal accounts. Omit explanation.
What will be an ideal response?
Which of the following actions can distort company records and result in fraudulent financial reporting?
a. Prepaying an expense and recording it as an asset b. Collecting revenue in advance of earning it c. Recording income that has not yet been earned d. Recording an expense that has been incurred but has not yet been paid
Which of the following is a true statement regarding Moonitz’s approach to ARS 1?
a. He initially rejected an inductive type of approach. b. He used symbolic terminology and formal methods. c. He rejected a deductive approach rooted in reasoning alone. d. He was unconcerned about the experiential and empirical aspects of accounting.
Which of the following can be used as a defense in a negligence case?
A) assumption of the risk B) disparagement C) appropriation D) conversion