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Study Resources (Business Law)

Question Aaron, a resident of Minnesota, has been a driver for GreenDelivery Service for the past six years. For this purpose, he leases a truck fromGreen, and his compensation is based on a percentage of the income resulting fromhis pickup and delivery services. Green allows its drivers to choose their 10-hour.
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Question Citation Builders, Inc., builds office buildings and single-family homes. The office buildings are constructed under contract with reputable buyers. The homes are constructed in developments ranging from 10–20 homes and are typically sold during construction or soon after. To secure the home upon completion, buyers must pay a deposit of.
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Question Business Law for the CPA: Imported Carpets Store and Jill enter into a contract for a sale of an Oriental rug. Imported Carpets, a merchant who deals in goods of the kind sold, generally describes the carpet, gives detailed technical specifications, and shows a sample. Under the UCC, if these are inconsistent A.)   The general.
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Question Assume that a taxpayer wants to maximize business deductions for the current year. The taxpayer purchased several items of depreciable personal property that are eligible for the Section 179 deduction. Some of the items of depreciable personal property are 5-year property under MACRS and such items are 7-year property under.
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Question 1. Regulation is more likely to be effective than litigation at deterring a company's harmful (negligent) behavior if: Question 1 options: The company is judgment proof. The harms caused by the company are small and widely dispersed. The risks at issue at largely hidden from the view of consumers and their agents. All of the above Save Question.
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Question Cynthia and some associates want to form a corporation todevelop and operate an industrial park. Cynthia is to contributethe land, which has significantly appreciated in value. She wouldlike to recognize some of this gain to offset losses from othersources. In view of the rules governing the application of § 351,what.
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Question Accounting/Business Law 13. A director may make business decisions inreliance on information provided to him by legal counsel or publicaccountants without incurring liability for negligence as long ashe: a.notifies the preparer of the information. b.reasonably believes that the matters are within the person’sprofessional competence. c.conducts his own independent investigation. d.is given a sworn affidavit by.
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Question Burger King, the national franchise, is banned from opening a restaurant within 20 miles of Mattoon, Illinois. So, there is not a Burger King there; no problem, right? Not so fast! In the late 1950s, Gene and Betty Hoots trademarked the iconic name. Well, they trademarked it in Illinois at.
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Question You are an entry-level associate at a U.S. firm. Your supervisor has explained to you that the firm is in the process of negotiating two contracts with foreign entities for two different projects that will be performed in-country. The first contract is with a small NGO located in Malaysia; the.
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Question Claude, an attorney. was hired by Julie to prepare a partnership agreement. Claude delegated the work to Sue, another attorney. Which of the following is correct? Claude's duly to perform is delegable without Sue's approval. If Julie refuses to let Sue perform the work. Julie will be liable for breach.
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Question Barnes agrees with Morgan to enter into the management of a new subdivision of residential housing. Morgan appoints Barnes as his manager for the duration of the development program. During the course of the construction, Barnes decides to use funds specified for the subdivision for an office-space project that Barnes.
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Question Dickinson orders one thousand widgets at $5 per widget from International Widget to be delivered within sixty days. After the contract is consummated and signed, Dickison orally requests that International deliver the widgets within thirty days rather than sixty days. International agrees. Is the contractual modification binding? 2) In question 1,.
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Question Business law Agency and partnership 1.The creation of an agencyalways required a written document authorizing the agent to act forthe principal and signed by both the principal and the agent.T/F 2.No consideration is required to create an agency relationship.T/F 3.Failure to notify partner with whom an agent has dealt of hertermination can.
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Question Business Law for the CPA: Fresher Foods, Inc. orally agreed to purchase 1000 bushels of corn for $1.25 per bushel from Vernon, a farmer. Fresher paid $125 down and agreed to pay the remainder of the purchase price on delivery, which was scheduled for one week later. When Fresher tendered the.
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Question Business law quesiton Problem Twov Hiram is a CPA, licensed in the state of Virginia. He performs tax services for his clients. He works on a large IRS audit for his client Jeremy, whose business is in DC and successfully resolves the case, saving Jeremy a lot of money. Hiram sends.
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Question Business Ethic subject The Commercialism versus Professionalism case raises issues about: The future of the accounting profession Low-ball bidding for audit services Pressures to compromise ethical values that exist in alternative practice structures Opinion shopping .
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Question CPA Regulation 1. The Federal Sentencing Guidelines apply only to publicly held corporations the stocks of which are listed on the American stock exchanges and they, therefore, do not apply to start-up, entrepreneurial businesses. True/False? 2. The DOJ considers whether a company has an effective compliance and ethics program when it considers.
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Question Business Law for the CPA: Sunny Glass Company and Collision Repair Center enter into a contract under which Sunny agrees to deliver a certain quantity of auto glass to Collision Repair each month. The contract does not include a price term. In a suit between the par­ties over the price, a.
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Question You are barganing coordinator for Sun Car Manufacturers. At present you are renegotiating the labor contract with the union representative. You are bargaining over an expected 20% increase in earnings over the next three-year contract period. You are trying to decide whether to offer one-third, one-half, or all of the.
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Question BUSINESS LAW QUESTION You purchased a new lawn mower from a big box store, and it saidthat the lawn mower came with “no warranties whatsoever”, becausethis was a closeout sale and there was also a sign that said “asis”. You have now used the lawnmower for the first time and due.
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Question By law, the setting of accounting standards is the responsibility of the _______(1)________ and in practice the setting of accounting standards is the responsibility of the ________(2)__________ (Points : 2) Financial Accounting Standards Board; (2) PCAOB New York Stock Exchange; (2) Accounting Principles Board Securities and Exchange Commission; (2) AICPA.
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Question BUSINESS LAW QUESTION Answer with a complete IRAC analysis. IRAC is Issue, Rule, Analysis, Conclusion. Issue: Will Johns wife get the check back? Rule: (include every rule of law that applies) Analysis: (Explain how the rules apply and why) Conclusion: (Say how the court would rule the problem) You can assume that the check is a.
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Question All the businesses operating in the United States are subject to: a. State laws and state taxes b. Federal laws and federal taxes c. State laws and state taxes and federal laws and federal taxes d. State laws and federal taxes e. Federal laws and states taxes f. State laws and state taxes and federal laws .
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Question Dirty Harry met Indiana Jones at the local tavern. While they were enjoying there drinks they started talking about guns. Indiana told Harry that he needed to purchase some rifles for his country. Harry informed Indiana that he would be able to provide the country with these rifles. Subsequently, Harry.
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Question Classifying Relevant and Irrelevant Items The law firm of Taylor, Taylor, and Tower has been asked to represent a local client. All legal proceedings will be held out of town in Chicago. Required The law firm's accountant has asked you to help determine the incremental cost of accepting this client..
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Question CIT entered into a sale/leaseback contract with Condere TireCorporation for 11 tire presses at Condere's tire plant in Natchez,Mississippi. Condere ceased making payments on these presses ownedby CIT, and Condere filed for Chapter 11 bankruptcy. CIT thereaftercontracted to sell the presses to Specialty Tires Inc., for$250,000. When the contract was.
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Question ZooM+ 1. True or False. Explain why The success of a fraud investigation hinges on the fraud examiner's activities related to following the proper legal procedures, whether dealing with the suspect's rights, collecting documents, or interviewing witnesses 2. Discuss the following types of law: a. U.S. Constitutional Law b. Statutory.
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Question 1. for each of the following situations, explain what law was (or may have been) broken and whether the auditor is liable and what defenses may be used by the auditor in his defense: a. Scott audited Dima Corporation and gave an unqualified opinion on the financial statements. Using the audited.
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Question Copper Limited (a precious metal mining company) entered into an employment agreement with Joe under which Joe agreed not to set up a competing business within one year after the termination of his employment. Joe’s employment was terminated on 3 Oct 2012. He then established a company called Metals Limited on.
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