ACCT 3350 Business Law for Accountants (D216)
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Free ACCT 3350 Business Law for Accountants (D216) Questions
A court-created doctrine under which a party to a contract will be relieved of his or her duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control)
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Limited partnership (LP)
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Courts of equity
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Frustration of purpose
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Anticipatory repudiation
Explanation
Correct Answer:
C. Frustration of purpose
Explanation
Frustration of purpose occurs when unforeseen events make fulfilling the contract's purpose impossible, releasing both parties from their obligations. This doctrine ensures fairness when circumstances change drastically beyond anyone's control.
Why other options are wrong
A. Limited partnership (LP): This is a type of business structure involving general and limited partners, unrelated to contract law doctrines.
B. Courts of equity: These are courts that provide remedies other than monetary damages, but they do not define the doctrine of frustration of purpose.
D. Anticipatory repudiation: This occurs when a party declares they will not fulfill their contractual duties before the performance is due, which is different from frustration of purpose.
The portion of a corporation's profits that has not been paid out as dividends to shareholders
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Counteradvertising
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Retained earnings
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Ethical reasoning
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Implied contract
Explanation
Correct Answer:
B. Retained earnings
Explanation
Retained earnings represent the portion of a corporation’s profits that are reinvested in the business rather than distributed as dividends to shareholders. These funds can be used for expansion, research, or paying off debt.
Why other options are wrong
A. Counteradvertising: This refers to corrective advertising ordered by regulatory agencies to counteract false or misleading ads, unrelated to corporate profits.
C. Ethical reasoning: This is the process of making moral decisions in business or personal contexts, not related to corporate financial management.
D. Implied contract: This is a contract created by actions rather than explicit terms, not related to corporate earnings.
An order granted by a public authority, such as a judge, that authorizes law enforcement personnel to search particular premises or property
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probable cause
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attachment
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search warrant
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license
Explanation
Correct Answer:
C. search warrant
Explanation
A search warrant is a legal document issued by a judge or magistrate that grants law enforcement the authority to conduct a search of a specified location for evidence related to a crime.
Why other options are wrong
A. probable cause: This is the legal standard that must be met before obtaining a search warrant but is not the document itself.
B. attachment: This refers to a legal order to seize a debtor’s property, not an authorization for law enforcement searches.
D. license: This grants permission to engage in a particular activity, such as driving or operating a business, but does not authorize searches.
A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee), who is obligated to return the bailed property to the bailor or dispose of it as directed
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Assignment
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Corporation
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Dissolution
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Bailment
Explanation
Correct Answer:
D. Bailment
Explanation
A bailment occurs when the owner of personal property (the bailor) temporarily transfers possession of the property to another party (the bailee) under an agreement that the property will be returned or otherwise handled as instructed.
Why other options are wrong
A. Assignment: The transfer of contractual rights to another party, not the transfer of possession of property.
B. Corporation: A legal entity, unrelated to the transfer of personal property.
C. Dissolution: The termination of a legal entity, such as a partnership or corporation, not the temporary transfer of property.
A contract that results when an offer can be accepted only by the offeree's performance
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unilateral contract
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executory contract
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implied contract
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express contract
Explanation
Correct Answer:
A. unilateral contract
Explanation
A unilateral contract is formed when the offeror promises something in exchange for the offeree's performance. The contract is not binding until the offeree completes the required action. An example is a reward contract, where payment is only made if a specific task is completed.
Why other options are wrong
B. executory contract: This refers to a contract in which one or both parties have yet to fulfill their obligations, but it does not specifically require acceptance through performance alone.
C. implied contract: This is a contract formed by the conduct of the parties rather than explicit words, but it does not necessarily require performance for acceptance.
D. express contract: This is a contract where terms are explicitly stated, either orally or in writing, rather than being based on performance alone.
A formal contract between a debtor and his or her creditors in which the parties agree to negotiate a payment plan for the amount due on the loan instead of proceeding to foreclosure
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Fair Credit Reporting Act (FCRA)
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Workout agreement
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Remedies at law
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Financial Services Modernization Act (Gramm-Leach-Bliley Act) (1999)
Explanation
Correct Answer:
B. Workout agreement
Explanation
A workout agreement is a contract between a borrower and a lender to restructure a debt and create a repayment plan to avoid foreclosure. This agreement typically includes modified loan terms and payment schedules.
Why other options are wrong
A. Fair Credit Reporting Act (FCRA): This law regulates credit reporting and protects consumers from inaccurate credit information, but it does not deal with foreclosure prevention.
C. Remedies at law: This refers to monetary compensation for legal disputes, not debt restructuring agreements.
D. Financial Services Modernization Act (Gramm-Leach-Bliley Act) (1999): This law deregulated financial services and expanded the range of services banks could offer, but it is not related to workout agreements.
In bankruptcy proceedings, a property transfer or payment made by the debtor that favors one creditor over others
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Preference
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Dividends
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Cyberlaw
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Preferred creditor
Explanation
Correct Answer:
A. Preference
Explanation
A preference in bankruptcy occurs when a debtor makes a payment or transfer of assets to one creditor over others shortly before filing for bankruptcy. Bankruptcy law allows the court to recover these transfers to ensure fair distribution among creditors.
Why other options are wrong
B. Dividends: These are corporate profit distributions to shareholders, not preferential payments in bankruptcy.
C. Cyberlaw: This refers to laws governing digital transactions and online activity, unrelated to bankruptcy proceedings.
D. Preferred creditor: This term refers to a creditor who has a legal right to priority repayment but is not the same as a preference, which is an improper payment favoring one creditor over others.
The performance of the accord agreement
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Assignment
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Novation
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Partnership
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Satisfaction
Explanation
Correct Answer:
D. Satisfaction
Explanation
Satisfaction occurs when the agreed-upon performance in an accord agreement is completed, thereby discharging the original obligation.
Why other options are wrong
A. Assignment: This refers to transferring rights or duties under a contract to another party, not the performance of an accord.
B. Novation: This involves substituting a new contract or party, replacing the old obligation rather than fulfilling it.
C. Partnership: A partnership is a business structure, unrelated to performing an accord agreement.
A contract having no legal force or binding effect
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Executed contract
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Void contract
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Implied contract
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Unenforceable contract
Explanation
Correct Answer:
B. Void contract
Explanation
A void contract is one that is invalid from the outset and has no legal effect, meaning it cannot be enforced by either party.
Why other options are wrong
A. Executed contract: A contract that has been fully performed by all parties.
C. Implied contract: A contract formed based on actions rather than written or spoken words, which can still be enforceable.
D. Unenforceable contract: A valid contract that cannot be enforced due to legal reasons, different from a void contract, which was never valid to begin with.
Prohibits unreasonable searches and seizures of persons or property
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Sixth Amendment
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First Amendment
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Precedent
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Fourth Amendment
Explanation
Correct Answer:
D. Fourth Amendment
Explanation
The Fourth Amendment of the U.S. Constitution protects individuals from unreasonable searches and seizures by the government, requiring probable cause and a warrant in most cases.
Why other options are wrong
A. Sixth Amendment: Guarantees the right to a fair trial, including the right to legal counsel and a speedy trial.
B. First Amendment: Protects freedoms such as speech, religion, and assembly.
C. Precedent: A legal principle established by previous court decisions, not related to searches and seizures.
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Frequently Asked Question
This course explores key legal concepts relevant to the accounting profession, including contract law, corporate liability, financial regulations, securities law, and professional ethics. It helps accountants understand their legal responsibilities in business operations.
Accountants must comply with legal and ethical standards when handling financial records, preparing reports, and advising businesses. Understanding business law helps prevent legal violations, reduces risks, and ensures accurate financial reporting.
Key laws include: Sarbanes-Oxley Act (SOX) – Governs corporate governance and financial disclosures. Securities Exchange Act of 1934 – Regulates insider trading and securities markets. Statute of Frauds – Requires certain contracts to be in writing. Uniform Commercial Code (UCC) – Governs commercial transactions.
Expect scenario-based questions that test your ability to apply legal principles to real-world accounting situations. Topics include fraud prevention, ethical dilemmas, financial reporting compliance, and corporate governance.
Review key legal concepts from course materials. Practice scenario-based questions to strengthen application skills. Understand case laws like Salomon v. Salomon and Carlill v. Carbolic Smoke Ball Co. Stay updated on financial regulations and accounting ethics.
You can access tailored exam practice questions on ULOSCA.com, which provides expertly crafted scenarios, explanations, and answers to help you prepare effectively.