Under the Ultramares rule, to which of the following parties will an accountant be liable for ordinary negligence?   Parties in privity and/or Foreseen parties

Which of the following in NOT a legal element of proof required to recover for defamation? A. The defendant made a true statement of fact. B. The statement was communicated (published) to a third party or parties. C. The statement was made on an unprivileged occasion. D. The statement damaged the reputation of the subject

What are the concepts of legal responsibility applicable to the accountant in his audit functions and other related services? and mention five (5) recommendations so that the auditor can prevent or protect himself from his legal responsibility.

Management can estimate the amount of loss that will occur due to litigation against the company. If the likelihood of loss is reasonably likely, a contingent liability should be: A) Disclosed but not reported B) Neither disclosed or reported as a liability C) Disclosed and reported as a liability D) Reported as a liability but not disclosed

1. Assume that your friend Jackie Chan, who is a Literature major, asks you to define and discuss the nature of a liability. Assist him by preparing a definition of a liability and by explaining to him what you believe are the elements or factors inherent in the concept of a liability. 2. How are the terms “probable” and “virtually certain” related to provisions and contingencies? 3. Explain the difference between a legal obligation and a constructive obligation. 4. The following are selected 2019 transactions of Kelly Company a. October 1: Purchased inventory from Sid Corporation on account $100,000. Kelly records purchases gross and uses a periodic system. b. November 1: Issued a $60,000 6-month 10% note to Sid in payment of account. c. November 1: Borrowed $80,000 from FCB Bank by signing a 15 month, zero interest bearing $110,000 note. Required: 1. Prepare the journal entries for the transactions above. 2. Prepare the adjusting entries as at December 2019

A number of cases have considered the auditor’s liability in relation to persons other than the immediate client. Even so, the AWA case established that:    Select one: a. Duty of care and skill means following the accounting standards b.auditors have a contractual duty to oversee and review the work of inexperienced audit staff c.Auditors are only liable for the proportion of damages attributable to their actions d.Auditors have a duty of care only to the shareholders.

3.An important development in the area of breach of contract by an auditor is contributory negligence.Required:Define contributory negligence. Discuss the concept of contributory negligence as it applies to auditing using the example of the AWA case.

An attorney may impeach an opposing party’s witness by showing/proving that the witness: A. Has been convicted of a misdemeanor. B. Made prior consistent statements. C. Has a reputation for truthfulness. D. Is influence by bias or self-interest.

The Saint Louis Corporation is trying to determine whether a liability needs to be recognized in connection with an event that recently took place. What characteristics must be present before a liability has to be reported?

What needs to be proven in order to find an accountant liable for negligence? Explain the four elements.