Trisha was injured when the delivery truck for a local furniture store struck her. The delivery driver claimed the brakes of the delivery truck failed, causing the accident. Trisha filed suit, and in her lawsuit named the delivery driver, the furniture store, the service station responsible for vehicle maintenance, and the manufacturer of the vehicle. Even though the manufacturer of the vehicle may be only 1 percent responsible for the accident, it may be required to pay a large percentage of the damages under the
A) collateral source rule.
B) assumption of risk rule.
C) joint and several liability rule.
D) last clear chance rule.
Answer: C
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___ is a method for determining the estimated annual costs and benefits for a project and the resulting annual cash flow.
a. Life cycle costing b. Profit margin analysis c. Cost estimating d. Cash flow analysis
On January 2, Year 2, the Retail Auto Parts Co. received a notice from its primary suppliers the effective immediately all wholesale prices would be increased 10%. On the basis of the notice, Retail Auto Parts Co. revolved its December 31, Year 1, inventory to reflect higher costs. The inventory constituted a material proportion total assets. However, the effect of the revaluation was material to current assets but not to total assets or net income. In reporting on the company's financial statements for the year ended December 31, Year 1, in which inventory is valued at the adjusted amounts, the auditor would most likely
a. Express an unmodified opinion provided the nature of the adjustment and the amounts involved are disclosed in notes. b. Express a qualified opinion. c. Disclaim an opinion. d. Express and adverse opinion.