BUSFIN 4510 Exam 1 Questions with Correct
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Test for negligence failure to warn
Weight degree of danger to be avoided with ease of warning
Choose an answer
1 Malpractice action 2 Balancing test
Accountant owns working papers,
3 4 Engagement Letter
but client owns information
Don't know?
, Terms in this set (129)
Common Law Accountant Liability
Malpractice action
actions brought against attorneys, lawyers, real estate
brokers, doctors, architects, and other professionals
Negligence, Breach of What are the causes of action for Accountant Liability
contract, Fraud under Common Law?
1. Duty of reasonable care What are the elements of Negligence plaintiff must
2. Breach of duty prove?
3. Causation
4. Damages
- Deny failing to meet professional standards
Defenses against
- Argue failure not cause of client loss
negligence in Accountant
- Contributory/Comparative negligence
Liability cases
- Qualified Opinion
Engagement Letter In what form is the Accountant-Client contract?
Damages, including cost In Accountant Liability for Breach of Contract, what is
of obtaining new client entitled to recover?
accountant
1. Misrepresentation of material fact
Elements to prove Actual 2. Intent to deceive
Fraud 3. Reliance on misrepresentation
4. Injury by reliance
Constructive fraud fraud without fraudulent intent
1. Privity or near privity (Ultramares Rule)
Accountant liability to 2. Foreseen users and classes of users (Restatement
third parties Rule)
3. Reasonably foreseen users
Answers
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Test for negligence failure to warn
Weight degree of danger to be avoided with ease of warning
Choose an answer
1 Malpractice action 2 Balancing test
Accountant owns working papers,
3 4 Engagement Letter
but client owns information
Don't know?
, Terms in this set (129)
Common Law Accountant Liability
Malpractice action
actions brought against attorneys, lawyers, real estate
brokers, doctors, architects, and other professionals
Negligence, Breach of What are the causes of action for Accountant Liability
contract, Fraud under Common Law?
1. Duty of reasonable care What are the elements of Negligence plaintiff must
2. Breach of duty prove?
3. Causation
4. Damages
- Deny failing to meet professional standards
Defenses against
- Argue failure not cause of client loss
negligence in Accountant
- Contributory/Comparative negligence
Liability cases
- Qualified Opinion
Engagement Letter In what form is the Accountant-Client contract?
Damages, including cost In Accountant Liability for Breach of Contract, what is
of obtaining new client entitled to recover?
accountant
1. Misrepresentation of material fact
Elements to prove Actual 2. Intent to deceive
Fraud 3. Reliance on misrepresentation
4. Injury by reliance
Constructive fraud fraud without fraudulent intent
1. Privity or near privity (Ultramares Rule)
Accountant liability to 2. Foreseen users and classes of users (Restatement
third parties Rule)
3. Reasonably foreseen users
