Answer:
win based on strict liability
Explanation:
Strict liability is a liability that is imposed on party by the claimant that proves that an action occurred and the defendant is responsible for it.
This provision does not require the claimant to prove a fault by the defendant. It is mostly used when an action is considered dangerous.
In this scenario Mike was blasting some holes in rocks. This is a dangerous activity that can cause harm.
Myra who broke her legs in the explosion only needs to prove Mike was responsible for the explosion that occurred for her to win based on strict liability provision.
Answer:
Accounting profit is the difference between total revenue and accounting cost in which the accounting cost is containing only the explicit cost incurred. Economic profit is the difference between total revenue and total opportunity cost, the latter containing both the explicit cost and the implicit cost incurred.
Accounting profit = revenue - explicit cost
Accounting profit = 125,000 - (10000 + 20000)
Accounting profit = 95,000
Economic profit = accounting profit - implicit cost
Economic profit = 95,000 - (75000 + 5000)
Economic profit = 15,000
This implies that while accounting profit does not undertake implicit cost of economic activity (cost for which no explicit payment is made separately), economic profit does deduct them. Now economic profit is positive, Jolene should open Little Barks.
Answer:
a. Examination
b. Review
c. Agreed upon procedures
d. Examination
e. Reviews
f. None
g. Reviews
h. Agreed upon procedures
i. Examination
j. None
Explanation:
Examinations are meant to provide higher level of assurance in audits, in order to provide detailed view and opinion on the audit area.
Reviews are meant to provide the certificate of approval that financial reporting framework is followed or not, or whether their is no material change in the financial statements etc:
Under agreed upon procedures the CPA is to report on some specific areas agreed with the management to report upon rather than complete financial statements.
Remaining explanation:
In f. absolute assurance can never be provided as even in examination there are certain limitations which are inherent in the procedure.
In j the statement provides no independence which is not available condition in any engagement.
<span>The accounting principles and practices as they relate to inventory can be used in unethical ways. For example in my industry many teachers have to collect inventory and check it in but they steal the inventory for themselves. One way to reduce the risk is to have 2 people check off on the inventory.</span>
