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alexgriva [62]
4 years ago
12

Assume that a client has encountered a $800,000 fraud and that the CPA's percentage of responsibility established at 20%, while

the company itself was responsible for the other 80%. Under which approach to liability is the CPA most likely to avoid liability entirely?a. Contributory negligence.b. Comparative negligence.c. Joint Negligence.d. Absolute negligence
Business
1 answer:
kykrilka [37]4 years ago
5 0

Answer:

The correct answer to the following question is option A) contributory negligence .

Explanation:

The given above case where the CPA has responsibility of 20% in the fraud and company has 80% of the responsibility , then with the help of contributory negligence approach to liability , CPA would be able to avoid the liability completely .

Contributory negligence can be termed as the failure on the part of accuser ( plaintiffs ) to exercise a reasonable care of their safety. Here as per the universal law, the amount of compensation that plaintiff might receive would decrease if their actions have led to the increase in the likelihood of the incident .

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creamy

Explanation:

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3 years ago
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What is the future value of 25 periodic payments of $5,440 each made at the beginning of each period and compounded at 8%? (Roun
artcher [175]

Answer:

Explanation:

We would plug the following values in a financial calculator in order to compute the future value,

N = 25

I/Y = = r = 8

PMT = 5440

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Fv = ??

FV =  PMT x (1 + r )(  \frac{(1+r)^{N} -1}{r} )

https://www.calculator.net/finance-calculator.html?ctype=endamount&ctargetamountv=1000000&cyearsv=25&cstartingprinciplev=0&cinterestratev=8&ccontributeamountv=5440&ciadditionat1=beginning&printit=0&x=0&y=0

^ Using the financial calculator, FV = $429,512

4 0
4 years ago
A company received an order from a customer in June
asambeis [7]

Answer:

b. July

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According to the revenue recognition principle, the revenue has to be recognised in the period the services are provided.

In the question, the services were provided in July, so the revenue needs to be recognised in July,

The fact that the order was received in June or that the payment from the customer was received in August is not relevant for purposes of revenue recognition.

8 0
3 years ago
Marigold Company owns equipment that cost $936,000 and has accumulated depreciation of $395,200. The expected future net cash fl
DanielleElmas [232]

Answer:

Dr Impairment expense (p/l)   $20,800

Cr Accumulated depreciation   $20,800

Being entries to recognize the impairment of asset.

Explanation:

An asset is said to be impaired when the carrying amount is higher than the recoverable amount. The recoverable amount is the higher of the value in use (the expected future net cash flows from the use of the asset) and the  fair value less cost to sell.

Given;

Cost = $936,000

Accumulated depreciation = $395,200

Carrying amount = $936,000 - $395,200

= $540,800

The recoverable amount is the expected future net cash flows from the use of the asset $520,000 as this is higher than the fair value of the equipment which is $416,000.

Since the carrying amount is higher than the recoverable amount, the asset is impaired.

Impairment = $540,800 - $520,000

= $20,800

The journal entries,

Dr Impairment expense (p/l)   $20,800

Cr Accumulated depreciation   $20,800

Being entries to recognize the impairment of asset.

3 0
4 years ago
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You have bouncy balls? Lol
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