Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

Financial Accounting

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

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Multiple Choice

Which type of business tort occurs when one business unlawfully takes a competitor’s employee, often resulting in the loss of trade secrets or confidential information?

Embezzlement

Fraudulent misrepresentation

Insider trading

Interference with contractual relations

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Verified step by step guidance

Understand the concept of 'Interference with contractual relations': This type of business tort occurs when one party intentionally disrupts the contractual relationship between two other parties, often leading to financial harm or loss of trade secrets.

Recognize the scenario described in the problem: A business unlawfully taking a competitor’s employee often involves breaching an existing employment contract or agreement, which constitutes interference with contractual relations.

Differentiate this tort from other terms provided: Embezzlement involves theft or misappropriation of funds, fraudulent misrepresentation involves deception for financial gain, and insider trading involves illegal trading based on confidential information. None of these directly relate to disrupting contractual relationships.

Connect the concept to the problem: The unlawful act of taking a competitor’s employee often results in the loss of trade secrets or confidential information, which aligns with the definition of interference with contractual relations.

Conclude that the correct answer is 'Interference with contractual relations' based on the explanation and alignment with the scenario described in the problem.