People who do not conform to a statute are sometimes considered to be negligent per se. This means that:
A. statutes can create the legal duty required to establish negligence.
B. the defendant should be penalized even if the negligence did not cause the plaintiff any harm.
C. not knowing about a statutory requirement is not as bad as intending to do something wrong.
D. negligence and breaking a law should be penalized equally.
Answer: A
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The FASB has set a hierarchy of inputs to consider in assessing fair value. Which of the following relates to Level 3?
a. Quoted prices for identical items in active, liquid, and visible markets. b. Unobservable inputs to be used in illiquid situations. c. Observable information for similar items in active or inactive markets. d. Unobservable inputs to be used in situations where markets do not exist.
Which of the following was an accomplishment of the American Association of Public Accountants?
a.The passage of a law in 1896 that created the professional designation of “Certified Public Accountant” b.The founding of The Journal of Accountancy in 1905 c.The development of a list of terms and definitions in 1915 d.All of the above
If an agent commits a crime of which the principal is unaware,
a. the principal can be held liable. b. the agent can be held liable. c. both the agent and the principal can be held liable. d. none of these.
Life insurance may not be necessary if
A) you're single and don't have any dependents. B) you're married, a double-income couple, with no children. C) you're married but aren't employed. D) you're retired. E) all of the above.