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2 years ago

When courts find accountants liable for constructive fraud, the implication is that:______.

Business

1 answer:

barxatty [35]2 years ago

7 0

Even if they were unaware of the fraud, accountants may be held accountable for it.

<h3>How does constructive fraud work?</h3>

A legal fable known as "constructive fraud" describes a circumstance in which a person or organization obtained an unfair advantage over another using dishonest or unjust means. As opposed to true fraud, no proof of intent is required. The failure to inform clients of product flaws is one example of unfair practices.

The elements are:

1) a duty owed by the party to be charged to the complaining party due to their relationship;

2) violation of that duty by making deceptive material misrepresentations of past or current facts or remaining silent when a duty to speak exists; and

3) reliance on such statements by the complaining party.

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Lillypad Toys is a manufacturer of educational toys for children. Six months ago, the company's research and development divisio

lakkis [162]

Answer:

True

Explanation:

Lilypad Toys should be vary of the imitators. Since they introduced a new technology in the market, it is bound to be copied by other manufacturers who will try to sell it in the same market for cheaper rates.

Lilypad Toys should come up with a patent for their technology to earn profit off of this technology and also save themselves from the raging competition from the imitating companies.

I hope the answer was helpful.

Thanks for asking.

4 0

3 years ago

Both the Government and the contractor have the option of going to court to resolve disputes between them. True False

julia-pushkina [17]

Answer:

True

Explanation:

A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.

A contractor can be defined as a self employed individual or business entity that provides services or work for another for an agreed fee.

This ultimately implies that, a contractor is a non-employee of the organization he provides services or work for. Some examples of a contractor are consultants, engineers, lawyers, accountants, auditors, doctors etc.

Basically, the government of a country usually employs the services of contractors for the execution of public projects and works.

Hence, both the Government and the contractor have the option of going to court to resolve disputes between them.

7 0

3 years ago

At the end of the recent year, The Gap, Inc., reported total assets of $7,610 million, current assets of $4,315 million, total l

borishaifa [10]

Explanation:

The formula to compute the current ratio is shown below:

Current ratio = Total Current assets ÷ total current liabilities

where,

Total current assets = $4,315 million

And, the total current liabilities is $2,453 million

So, the current ratio is

= $4,315 million ÷ $2,453 million

= 1.76 times

Since the current ratio is greater than the 1.76 times that reflects that company have a liquidity position and it is able to pay its short term obligations

3 0

3 years ago

Chace is a manager at Westwick Inc., an advertising company. He regularly holds meetings with his subordinates to track their wo

natita [175]

Answer:

concurrent control

Explanation:

Concurrent control (also known as steering or preventive control) is the process of monitoring activities in real time so as to identify and preventing problems from happening thereby producing the desired result and completion of activity in time. This involves applying regulations on the ongoing process based on standards, rules, codes, and policies so that they conform to the organization or company standards

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3 years ago

Shareholders' equity is equal to: Group of answer choices total assets plus total liabilities. net fixed assets minus total liab

faust18 [17]

Shareholders' equity is equal to net fixed assets minus long-term debt plus net working capital.

Shareholders' equity refers to the amount owners of a company have invested in the said company:

Shareholders' equity includes the money they've directly invested and the accumulation of income that has been accrued in the name of the company as earned since the start of the investment and reinvestment.
It refers to the ownership of assets that may have liabilities or debts connected to them.
Shareholder's equity is equal to the net fixed assets of the company subtracted from the long-term debt and added to the net working capital.
Another way to ascertain shareholders' equity is by subtracting total assets from total liabilities.

Therefore, shareholders' equity is equal to net fixed assets minus long-term debt plus net working capital.

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3 0

2 years ago