An accounting firm was sued for negligently preparing a financial report for a company. It causes losses to occur and the firm was found to have been negligent in its work. This meant that the firm would likely be:
a. not liable for damages since the problem was negligence, not intentional mistakes
b. responsible for losses not to exceed 1 million, the statutory limit on accountant liability in that state c. not responsible for damages despite negligence, since reliance could not be shown
d. not responsible for damages despite negligence because of a lack of proximate cause e. none of the other choices
Question 2
The power of eminent domain means:
a. the government must build housing for the poor b. the use of property is controlled by zoning
c. owners of other property make a legal claim against public land d. land is registered to its private owner
e. none of the other choices
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MANAGEMENT ACCOUNTING
Jia's Fashions recently paid a $2 annual dividend. The company is projecting that its ...