What Elements Must A Client Prove To Maintain An Action Against An Auditor For Negligence? Under common law, in general, the client must prove the following to establish CPA liability: • Duty—the CPA accepted a duty to exercise skill, prudence, and diligence. Breach of duty—the CPA breached that duty. Loss—the client suffered a loss. Causation—the
Where Was The Theatre Of Dionysus Built? Athens Who created Greek Theatre? Thespis Who created theater? In the 6th century BC a priest of Dionysus, by the name of Thespis, introduces a new element which can validly be seen as the birth of theatre. What is the strongest asset of a theater person? Passion and
Which Statement Is True About Dante’s Assets And Liabilities? It would be the accumulation of assets and Liabilities would be the equal to the amount of Dante’s capital. Which statement is true about the total assets and the total liabilities? Which statement is true about the total assets and the total liabilities? The total of
What Are The Advantages Of A Limited Liability Company? Fewer corporate formalities. … No ownership restrictions. … Ability to use the cash method of accounting. … Ability to place membership interests in a living trust. … Ability to deduct losses. What is the advantage to having an LLC limited liability company over an unlimited liability
What Is Going Concern Value? Going concern value is a value that assumes the company will remain in business indefinitely and continue to be profitable. Going concern value is also known as total value. … A company should always be considered a going concern unless there is a good reason to believe that it will
Can Creditors Come After LLC For Personal Debt? Just as with corporations, an LLC’s money or property cannot be taken by personal creditors of the LLC’s owners to satisfy personal debts against the owner. Is my LLC protected from my personal debts? Just as with corporations, an LLC’s money or property cannot be taken by
Which Of The Following Have Unlimited Liability For A Company’s Debts? Unlimited liability means liability that’s not restricted by law or a contract. When business owners have unlimited liability, their personal assets can be used to pay the company’s debts. Sole proprietors and general partners have unlimited liability for their company’s financial obligations. Are unlimited
Can A Partner Have A Negative Capital Account? A partner’s capital account cannot begin with a negative balance. However, a partner can have a negative capital account after accounting for the partner’s distributive share of losses and/or distributions. A partner’s outside basis should never have a negative balance. What happens when a partner’s capital account
When The Hybrid Method Is Used To Record The Withdrawal? Transcribed image text: When the hybrid method is used to record the withdrawal of a partner, the partnership Multiple Choice revalues assets and liabilities and records goodwill to the continuing partner but not to the withdrawing partner. revalues liabilities but not assets, and no goodwill
How Do You Overcome Adverse Selection? To fight adverse selection, insurance companies reduce exposure to large claims by limiting coverage or raising premiums. How can we overcome or reduce the problem of asymmetric information? Solutions include the introduction of regulations, offering warranties or guarantees on items sold, insurance, and bottom-up efforts to inform consumers of