The first benefit is that the free-market system allows business owners to come up with their own innovative and creative ideas. The government does not have to scan or approve such ideas, which gives business owners the freedom to improve their products. This not only produces better products, but also creates an environment for competition among businesses.
The second benefit is that it caters to your needs as a consumer. Businesses are geared towards satisfying the customers instead of following whatever the government wants. This means that consumers have more influence and rights in a free-market system.
Additions and Deductions are the terms used for classifying items on the statement of changes in fiduciary net position.
<h3>What is a Fiduciary?</h3>
A fiduciary is a person or organization that has a duty to uphold good faith and trust when acting in another person's best interests while working on their behalf. As a result, in order to be a fiduciary, one must have an ethical and legal duty to act in the other's best interests.
A fiduciary may be accountable for the general welfare of another (such as the legal guardian of a child). Still, frequently the duty involves handling money, such as controlling someone else's or a group of people's assets. Money managers, financial advisors, bankers, insurance agents, accountants, executors, board members, and corporate officers all have fiduciary obligations.
Therefore, the terms used for classifying items on the statement of changes in fiduciary net position are Additions and Deductions.
For more information on Fiduciary Duties refer to the given link:
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Answer:
c. both tended to work and live on land that they owned
Explanation:
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Answer: Ultramares corporation v. Touche established Ultramares doctrine. Hochfelder v. Ernst & Ernst ruled that scienter is required before CPAs can be held liable.
Explanation:
All the options except the above are true. Ultramares corporation v. Touche did establish the Ultramares doctrine.
United States v. Natelli sentenced two CPAs to prison for a year, in addition to fines, for violating the Securities Exchange Act of 1934.
Bily v. Arthur Young did not uphold the restatement doctrine. The restatement doctrine restatement doctrine makes an auditor liable to people who rely on the quality of his work be they his clients or third parties. Two high courts ruled that auditors are not liable to third parties who use their work but only to the party that contracted their work.
However, Hochfelder v. Ernst & Ernst ruled that an allegation of scienter (an intention to deceive) is not required before CPAs can be held liable as long as the actions constitute actual deception.
While rule 10b-5 of the Exchange Act states the presence of scienter as a requirement to commit an offense, the court ruled against the statute by eliminating the Scienter clause from criminal statute and ruled against Ernst & Ernst.
