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- A CPA’s retention of client records as a means of enforcing payment of an overdueaudit fee is an action that is(1) not addressed by the AICPA Code of Professional Conduct.(2) acceptable if sanctioned by the state laws.(3) prohibited under the AICPA rules of conduct.(4) a violation of generally accepted auditing standards.1a. What are the general principles of consumer protection? 1b. Discuss the nature of and parties in a consumer protection suit. Who can bring a suit and why? 1c. Who is held accountable under the consumer protection laws?The difference between fraud and errors is: a. the timing of the transaction b. the materiality of the value involved. c. intent of those involved. d. whether it affects owners’ equity or not.
- Is it possible to be used partly for public purpose and partly private purpose without violating the limitation that a tax must be for public purpose?A. No, the purpose shall either be private or public. It cannot be bothB. Yes, The purpose is not important as long as the tax of the property can be accounted forC. No, the purpose to be accomplished by taxation need not be exclusively public. To benefit private individuals will be tantamount to deprivation of property of those who paid the tax without due processD. Yes, The purpose to be accomplished by taxation need not be exclusively public. Although private individuals are directly benefited such as the victims of flood victims, the tax will be valid provided such benefit is only incidental4. In the <IR> Framework, it is possible that an entity may not disclose relevant information. Why?3. Ethics refers to A)the practice of obeying applicable business laws and regulations B) the ability to recognize a morally problematic situation C) the ability to know right from wrong and to know when you're practicing one instead of .3 the other D)a series of situations in which an individual must choose between personal interest and the interest of others. 4 .5 4. What is the price at which the quantity of goods demanded, and the quantity of goods supplied are equal .6 .8 A) The going rate B) The margin rates C) The market price D) The optimum price
- As the manager of business development, investigating direct traders, critque the operational manager of office administration who is investigation brokersWhat is the most difficult part of a shell company scheme from the fraudster’s perspective? a. Producing invoices for fictitious goods b. Producing invoices for fictitious services c. Self-approving the fraudulent payments d. Getting the victim company to pay them1. Discuss and compare the functions of regulations, incentive and pricing mechanisms with respect to achieving environmental goals.2. With respect to product safety, what is strict liability, and what older standard does it replace?3. With respect to proprietary information, what is a trade secret, and how does it differ from information that’s patented or copyrighted?4. When employers are gathering information about job applicants or current employees, what is the meaning of informed consent?5. What are the principles of the old system of mercantile capitalism?6. What is a corporation, and what is the principle of limited liability?7. What is an ecosystem, and what is meant by interdependency in an ecosystem?8. List and briefly explain the 4 key features of capitalism.Keep answers short and accurate.
- Ridwaan, a seventeen year old trainee chef, found work at a restaurant. However the restaurant was a little farfrom where he lived. Public transport was available but Ridwaan found it inconvenient. Ridwaan saw apromotion on social media by Fantastic Cycles Pty Ltd with a great deal on e-bikes worth $5000. The businessallowed a payment plan to anyone who purchased an e- bike and had a secure job. Ridwaan decided hewanted a bike to ride to work. He went to Fantastic Cycles and picked out a great looking e-bike. Thesalesperson checked with Ridwaan's employer, Sunset Restaurants Ltd, who confirmed he worked there.Ridwaan entered into an agreement to purchase the bike paying by instalments and signed a written contract.Ridwaan took the bike home but a month later lost his job and told the business he did have to continue topay for the bike because he was under 18 years of age. However Fantastic Cycles disagree and now wish tosue Ridwaan to recover payments for the e-bike. A. Discuss whether…true or false 1. Captive insurer may be used to insure loss exposures that the parent firm finds it difficult to insure with private insurers. 2. Ali incorporated his business so that he has unlimited liability to shield him against personal liability claim by the creditors 3. For the safety of the residents of the apartment, a barrier is installed at the entrance of the apartment. Only the vehicles belong to the residents are allowed to pass through. This physical barrier system is a risk management technique called loss prevention 4. Applying first-aids to an injured worker while waiting for an ambulance to send him to hospital is a risk management technique called salvage.homas Persson and Jon Nokes founded Smart Inventions, Inc., to market household consumer products. The success of their first product, the Smart Mop, continued with later products, which were sold through infomercials and other means. Persson and Nokes were the firm’s officers and equal shareholders. Persson was responsible for product development, and Nokes was in charge of day-to-day operations. In time, they became dissatisfied with each other’s efforts. Nokes represented the firm as financially “dying,” “in a grim state, . . . worse than ever,” and offered to buy all of Persson’s shares for $1.6 million. Persson accepted.On the day that they signed the agreement to transfer the shares, Smart Inventions began marketing a new product—the Tap Light. It was an instant success, generating millions of dollars in revenues. In negotiating with Persson, Nokes had intentionally kept the Tap Light a secret. Persson sued Smart Inventions, asserting fraud and other claims. Under what principle…