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

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Under the doctrine of respondeat superior, for which of the following actions would an employer typically be held responsible?

An employee invests in a competitor’s stock using personal funds.

An employee negligently causes damage to a client’s property while performing job duties.

An employee violates company policy during their lunch break off premises.

An employee commits a personal crime unrelated to work while off duty.

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Verified step by step guidance

Understand the concept of 'respondeat superior,' which is a legal doctrine holding employers responsible for the actions of employees performed within the scope of their employment.

Identify the key requirement for employer liability under this doctrine: the employee's actions must occur while performing job duties and be related to their employment.

Analyze each option provided in the problem to determine whether the employee's actions fall within the scope of their employment and are related to their job duties.

Option 1: Investing in a competitor’s stock using personal funds is unrelated to job duties and does not fall under the scope of employment. The employer would not be held responsible.

Option 2: Negligently causing damage to a client’s property while performing job duties is directly related to the employee's work responsibilities. Under 'respondeat superior,' the employer would typically be held responsible for this action.