Business Law for Accountants - WGU D216

Business Law for Accountants - WGU D216 Leave the first rating Students also studied Terms in this set (25) Social SciencesLaw Save Auditing - D215 113 terms hjlaudiePreview CompTIA A+ Core 2 78 terms hjlaudiePreview Principles of Economics - Module 7...Teacher 22 terms WGU_Econ_CI_Team Preview D215 Au 336 term Sav What is a requirement of a private company's code of conduct?It indicates how employees should act.Which source of law is considered primary?Common law doctrines What is a purpose of the Uniform Commercial Code? Reduce difficulties for businesses conducting trade and commerce What is a characteristic of a legal claim?The remedy is usually monetary damages.What is a basic requirement for performance to qualify as substantial?There is a minor omission that can be remedied by monetary damages.Which situation is considered as a perfect tender rule? Conformance of goods When an offeree changes the quantity of items to be exchanged from the offeror's initial offer, what is the likely effect for the parties?The offeree's response is a counteroffer.What is the time period for filing Chapter 7 Schedules after the filing of the petition?Within 45 days after filing the petition in bankruptcy What is the purpose of the means test?To keep upper-income people from abusing the bankruptcy process by filing Chapter 7 Which bankruptcy filing requires a debtor to receive credit counseling?Voluntary filing under Chapter 7 Liquidation

Which type of relief does Chapter 7 of the Bankruptcy Code provide to a debtor?The debtor has an opportunity for a fresh start as most or all debts are discharged on liquidation and distribution to creditors.What is the eligibility requirement for a small-business debtor to avoid the appointment of a creditor's committee?Small-business debtors that do not own or manage real estate with liabilities not exceeding $2.7 million Which bankruptcy filing has the advantage of being the least expensive and complicated?Debtor-initiated filing under Chapter 13 Repayment Plan What is a cramdown provision?Confirmation of the reorganization plan by the court over the objections of a class of creditors What is the last resort when resolving creditor-debtor problems?Bankruptcy How is the liability determined for members of a limited liability company, absent a member's significant contribution to any tortious conduct?Limited to the amount of the member's investment Which type of law primarily governs limited liability companies?State law What is the duty of the principal to the agent in order to terminate an agency at will?To give the agent reasonable notice of the termination of the agency When is the principal liable to the third parties for the actions of the agent?When the agent had authority to enter legally binding contracts on behalf of the principal Which element is being satisfied under the Lanham Act when a business claims false advertisement as the only reason for its harm?Causation What is the entity created by the Sarbanes-Oxley Act of 2002?Public Company Accounting Oversight Board (PCAOB) Who are the members of the audit committee of a public company?Outside directors Which measure of the Sarbanes-Oxley Act ensures corporate accountability for the information in the financial reports?Certification by the CEO and CFO for the accuracy of information in the financial statements What is the standard for violating the Securities Act of 1933?Intentionally defrauding investors by misrepresenting facts in a prospectus What is a written offer that describes the issuer and indicates that more information can be obtained on the Securities and Exchange Commission (SEC) website?Free-writing prospectus