ACCT 3350 (D216) Business Law for Accountants OA (Qns & Ans) 2025ACCT 3350 (D216) Business Law for Accountants OA (Qns & Ans) 2025ACCT 3350 (D216) Business Law for Accountants OA (Qns & Ans) 2025
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,1. Which of the following best describes the primary purpose of
business law?
- A. Conducting market research
- B. Regulating the conduct of businesses and individuals to
ensure fairness and justice
- C. Developing new software applications
- D. Managing daily business operations
- ANS: B
- Rationale: The primary purpose of business law is to
regulate the conduct of businesses and individuals to ensure
fairness and justice in commercial transactions.
,3. Which of the following best describes the purpose of tort law
in business?
- A. To manage daily business operations
- B. To provide remedies for civil wrongs that cause harm or
loss to individuals or businesses
- C. To conduct market research
- D. To develop new software applications
- ANS: B
- Rationale: Tort law provides remedies for civil wrongs that
cause harm or loss to individuals or businesses, ensuring that
victims can seek compensation for damages.
4. What is the primary function of agency law in business?
- A. To manage daily business operations
- B. To govern the relationship between principals and agents
- C. To conduct market research
- D. To develop new software applications
- ANS: B
- Rationale: Agency law governs the relationship between
principals and agents, ensuring that agents act in the best interests
of their principals and within the scope of their authority.
, Fill-in-the-Blank Questions
5. The __________ doctrine holds that a principal is liable for
the actions of an agent acting within the scope of their authority.
- ANS: respondeat superior
- Rationale: The respondeat superior doctrine holds that a
principal is liable for the actions of an agent acting within the
scope of their authority, ensuring accountability in agency
relationships.
6. In business law, __________ refers to the legal responsibility
of a party to compensate for harm or loss caused to another party.
- ANS: liability
- Rationale: Liability refers to the legal responsibility of a
party to compensate for harm or loss caused to another party,
ensuring that victims can seek redress for damages.
7. The __________ clause in a contract specifies the conditions
under which the contract can be terminated.
- ANS: termination
- Rationale: The termination clause in a contract specifies the
conditions under which the contract can be terminated, providing
clarity and certainty for the parties involved.
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