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WGU D216 - Business Law Leave the first rating Students also studied Terms in this set (207) Western Governors UniversityD 216 Save D216 Business Law for Accountings (...87 terms hbev04Preview D101 Managerial and Cost Accountin...47 terms gxhsjr8r8qPreview WGU D101 Cost and Managerial Acc...109 terms mallory_pearce5 Preview D215 Au 336 term Sav Which statement describes cyberlaw?It is a formal legal term.It is a new type of law.It governs transactions conducted via email.It modifies traditional laws in relation to the online environment.It modifies traditional laws in relation to the online environment
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Which statement accurately describes common law? It is a body of law established by court decisions.
A buyer enters a contract to buy a new house. The seller breaches the agreement after the buyer made a deposit.The seller offers to return the deposit, but the buyer wants to buy the house.Which type of remedy will this buyer seek?Equitable
What happens when a state law is in conflict with a federal law?The federal law displaces state law.
When confirming accounts receivable balances during an audit, the accountant realized that several of the accounts were fictitious. The accountant asked the company's chief financial officer (CFO) to remove those accounts, but he insisted on keeping them in the balance sheet. One morning, the CFO called the accountant and ended the audit client relationship over the phone, before the audit was even completed. Months later, the accountant received a call from the CPA firm asking about why the relationship with the company had ended.What should this accountant tell the CPA firm about the audit client relationship with the company?That the CFO refused to remove the fictitious account
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A public company has established sound internal controls. The internal audit department is always on the lookout for fraud, collusion, and the possibility of management override of controls.Which behavior may contribute to unethical behavior among employees?Performance bonuses are solely based on products sold.
A manufacturing company is deeply concerned about its new expansion. While it is true that its main operations are located in a poor country, where it is the biggest employer, this new expansion will generate more pollutants. The CEO has advised continuing the expansion because it will create more jobs than it will generate pollutants.Which doctrine is this CEO's analysis approaching?The doctrine that maximizes benefits and minimizes harm.
The accounting department needs to decide on how to classify some transactions but due to their nature, the literature appears to be in conflict. Besides the classification issue, there are some ethical implications as well. The controller is researching how to approach a situation like this from an ethical standpoint.What is a framework used to help in the decision-making process?Systematic approach
The accounts receivable manager of a manufacturing company loves to travel and is planning a once-in-a- lifetime trip to a beach. The accounts receivable manager usually receives a performance bonus at year-end and is planning on using the money to pay for the trip. The accounts receivable manager thought it would be a good idea to extend terms to the customers without asking for approval. This would improve the metrics in the evaluation. Thanks to the extended terms, the accounts receivable manager received a nice bonus and was able to go on the trip.Were the accounts receivable manager's actions ethical?No, because the manager manipulated policy to improve performance.
A public company's CEO and CFO certified the 10-K pursuant to the Sarbanes-Oxley Act of 2002 (SOX).However, only the CEO certified the public company's 10- Q.Has this public company complied with SOX?No, because the CFO did not certify the quarterly filing.
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What happens when a state law is in conflict with a federal law?The federal law displaces state law.
When deciding a case, which source of law are judges most likely to take into consideration?Stare decisis
What describes the content of the Code of Federal Regulations?Codification of the general rules and regulations adopted by administrative agencies
A buyer enters a contract to buy a new house. The seller breaches the agreement after the buyer made a deposit.The buyer now wants the deposit back.Which type of remedy will this buyer seek?Legal
An internal auditor is concerned with the results of performance reviews. The internal auditor believes this is happening because the company has not adopted a written code of conduct. The chief audit executive (CAE) differs and believes that the reason for this is that the company does not hold employees accountable for their actions.Does this CAE's expressions have merit?Yes, because an important part of leadership setting the tone is holding employees accountable for their actions.
The CEO received an organization's credit card meant to be used for emergency purposes only. The controller of the organization is responsible for approving the credit card expenses.While paying the monthly bills, the controller realized a credit card bill was for $4,595.95. This was highly unusual especially because expenditures of $3,000.00 or more require the board of directors' approval. The controller went to the CEO office to ask about this expense and noticed that all furniture was replaced with brand new furniture of similar quality. The CEO told the controller that the charge was for a miscellaneous office expense and that he should just approve it as an emergency expenditure. The controller felt angry, as he knew that some of the projects would be downsizing next quarter due to the lack of funding.Should this controller approve the CEO's expenditure?No, because the CEO abused her powers and tried to convince the controller of doing the same.
A local corporation is the major employer of a city.Thousands of local families depend on the local corporation's jobs. While defining strategies for the next quarter, a tax lawyer advised the local corporation about a tax haven location across the country. Eager to save money, the local corporation decided to close all plants within a month and moved operations to tax haven location. Employees were told that they could always move to the new location.Are this corporation's actions ethical?No, because the reason to move operations was to save money.
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A car dealership is struggling financially. The dealer opens from Saturdays to Thursdays because of the CEO's religious beliefs. Marketing director advised the CEO of opening on Fridays, as statistics show that Friday is the day of the week when most people go out to buy cars.The CEO rejected this advice as keeping the car dealership closed on Fridays was an obligation of his faith.Which ethical philosophy is this CEO using to sustain his decision?Duty-based
An employee at a pet store posted on social media that she hated her job and deserved a better salary. The supervisor, and a social media friend, of the employee showed the human resources department the post.Human resources immediately fired the employee.Are human resources' actions legal?No, because an employer cannot prohibit its employees from criticizing the company via social media.
A corporation owns several subsidiaries. An accountant advised the corporation to divest several subsidiaries to reduce costs. This corporation agreed and started the process immediately. During a holiday party at the company, employees were told they were receiving a surprise. To everybody's surprise, they were given notice of the divestiture.How may this company's actions be described in terms of legality and ethics?Legal but unethical
A company creates new technology to streamline the way companies run cash management accounts.Which kind of intellectual property protection should the company seek for the new technology?Patent
Andrea wrote a book with a common storyline of revenge. Three years later, James wrote a book with the same storyline of revenge, but there were no other similarities between the books.What is the likely outcome if Andrea sues James for copyright infringement?James will win because the storyline is common.
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