ACCT 432 Ch 10 Exam Review
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  • Question 1
    60 seconds
    Q.

    In order for damages to be assessed, the court must find:

    answer choices

    There is liability in the case.

    One of the parties is really bad.

    Criminal violations have occurred.

    There is both a liability and criminal violations have occured.

  • Question 2
    60 seconds
    Q.

    Jim Company sold assets to Fred Company with an alleged value of $2,400,000. Jim Company paid $2,100,000 for the assets. The actual value of the assets was $1,700,000. Using the "out-of-pocket" damage loss rule, the fraud damages would be:

    answer choices

    $1,700,000.

    $2,400,000.

    $700,000

    $400,000

  • Question 3
    30 seconds
    Q.

    Rebuttal testimony occurs during the:

    answer choices

    Discovery phase of the case.

    Trial stage of the case.

    Initial pleadings in the case.

    Closing arguments in the case.

  • Question 4
    30 seconds
    Q.

    Deposition testimony:

    answer choices

    Is given under oath.

    Is taken during the discovery period of the case.

    All of these

    None of these

  • Question 5
    30 seconds
    Q.

    Daubert requirements:

    answer choices

    Are used exclusively in state courts.

    Were created to ensure quality expert testimony in federal courts.

    Relate to scientific experts but not to financial experts in cases.

    Have little impact on cases.

  • Question 6
    60 seconds
    Q.

    In tort cases, damages are determined based on the concept that:

    answer choices

    There was no liability, only damages.

    The plaintiff in the case should be placed in a position economically equivalent to that absent the harm from the tort.

    All relevant costs resulting from the breach of contract should be included.

    Only the incremental revenues resulting from the tort should be included.

  • Question 7
    60 seconds
    Q.

    A summary judgment is:

    answer choices

    Rendered at the end of the case after the judge/jury has heard and summarized all of the case testimony.

    A seldom used trial technique in which an attorney attempts to summarize the case data as part of closing arguments.

    An attempt by one or both sides in a case to ask the judge to accept their arguments in the case as correct and to render an opinion in the case in their favor without even going to trial.

    A period technique used during the discovery phase of the case to periodically summarize the issues that have been present in the case.

  • Question 8
    60 seconds
    Q.

    A Voir Dire challenge to an expert witness’s testimony refers to:

    answer choices

    A process of discrediting an opposing expert witness that is used in federal court but not in state courts.

    A legal brief filed during discovery to discredit an opposing expert’s education.

    A process of discrediting an opposing expert witness that is no longer used since the use of the Daubert challenge.

    The opposing attorney’s questioning of the expert’s credentials, knowledge, or experience in relation to the case.

  • Question 9
    60 seconds
    Q.

    When accounting expert witnesses develops a theoretical framework for their damage estimates the primary reason is

    answer choices

    It provides a logical conceptual structure for the damage calculations.

    It gives the expert a foundation to support and explain the damage calculations to the court.

    Some judges request/require experts to provide such information.

    All of the answers are correct.

  • Question 10
    60 seconds
    Q.

    The accounting concept that is used most often in developing damages in a law suit is

    answer choices

    the framework for a cost reconstruction system.

    the nature and timing of repair and maintenance capitalization versus expensing.

    the use of cost behavior, fixed, variable, and mixed costs.

    allocated costs and the appropriate allocation base.

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