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Course: BLW 474, Spring 2010

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Ch 51 1. The liability of professionals is based on solely on statutory law 2. With respect to negligence, an accountant is subject to no greater standard of care than the average reasonable person 3. An accountants violation of GAAP and GAAS is prima facie evidence of negligence 4. Compliance with GAAP and GAAS relieves an accountant of liability for negligence. 5. If an accountant is hired to prepare an...

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51 Ch 1. The liability of professionals is based on solely on statutory law 2. With respect to negligence, an accountant is subject to no greater standard of care than the average reasonable person 3. An accountants violation of GAAP and GAAS is prima facie evidence of negligence 4. Compliance with GAAP and GAAS relieves an accountant of liability for negligence. 5. If an accountant is hired to prepare an unaudited financial statement, he or she may be liable for failing to delineate the statements as unaudited. 6. A professionals failure to perform a duty, with reckless disregard of the consequences, constitutes actual fraud 7. A professional who intentionally misstates a material fact to mislead a client may be liable for actual fraud 8. A professional whose client justifiably relies on the professionals misstatement may be liable for constructive fraud. 9. An accountant who prepares a financial statement for a client, knowing that the client will use the statement to obtain a loan, can be liable to the lender 10. Some jurisdictions hold accountants liable to users whose reliance on the accountants statement was reasonably foreseeable 11. An accountants liability under the Securities Act of 1933 does not require privity of contract with the purchaser of a security. 12. A failure to follow GAAP and GAAS is proof of a lack of due diligence 13. a lack of scienter is a lack of an intent to deceive 14. An accountant who prepares a financial statement in good faith may avoid liability under Section 18 of the SEA. 15. The only professional-client communications that are privileged under federal law are those between an accountant and his or her client Ch31 1. Agents are fiduciaries of their principals 2. An officer of a corporation cannot possess the power to bind the corporation. 3. Employees who deal with third parties are agents of their employers. 4. Agency relationships do not exist outside employment relationships. 5. There must be a written agreement between two parties to create an agency relationship. 6. A minor can be an agent but cannot normally be a principal appointing an agent. 7. A principal who places an agent in a situation in which he or she may be presumed to have authority to act is stopped as against third persons from denying the agents apparent authority. 8. An agent owes his or her principal a duty to act in good faith 9. An agent must notify the principal of all material matters that come to his or her attention regarding the subject matter of the 10. agency An agent can take advantage of an agency relationship to obtain goods or property that the principal wants to buy 11. In a principal-agent relationship, the agent is authorized to act on behalf of and in place of the principal in negotiating and transacting business with third parties. 12. In a standard principal-agent relationship, the principal has the right to control the actions of the agent. 13. A principal cannot ratify an agreement made without authorization on his or her behalf by one who is not his or her agent. 14. All agency relationships are based on contract. Ch32 1. If a contract is or must be in writing, the agents authority must be in writing. 2. An agents authority must be express or implied for the agents act to bind 3. A principals liability in a contract with a third party may arise from the authority given to the agent to enter into the contract. 4. An agents authority to act stems exclusively from his or her express or implied authority to act on behalf of a principal 5. In considering the scope of an agents implied authority, the test is whether the agent reasonably believed that he or she had the authority 6. An agents implied authority may be conferred by custom 7. A principal can ratify a contract signed by his or her purported agent either expressly or by implication 8. If a principal ratifies an agents unauthorized contract, the contract is viewed as having been authorized by the principal from the outset. 9. A partially disclosed principal is one whose identity is not known by a third party, even though the third party knows that the agent is or may be acting for a principal. 10. If an agent acts within the scope of his or her authority, a disclosed principal is liable to a third party for contracts made by the agent. 11. If an agent acts within the scope of his or her authority, a partially disclosed principal is liable to a third party for contracts made by the agent. 12. An undisclosed principal is not liable to a third party for contracts made by the agent acting within the scope of his or her authority. 13. A disclosed principal is liable to a third party for contracts made by the agent acting outside the scope of his or her authority. 14. A partially disclosed principal is liable to a third party for contracts made by the agent acting outside the scope of his or her authority. 15. A principal is liable for harm caused to a third party by an agent who commits a tort while acting in the scope of his or her employment.

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