BUSA 310 Lecture 9 Outline of Last Lecture I Business Organization a Types of Businesses II Stocks Outline of Current Lecture I Accounting Liability II Consumer Law III Environmental Law Current Lecture Chapters 24 25 26 Accounting Liability Accountants have a very limited liability But they have a lot of ways to mess up In WV accountants don t have to have Malpractice insurance Can t be held liable in a lawsuit unless they completely fail to do their job Audits accountants come in and do audits very often Heavily reliant on what the company tells them and what they say must be correct Adverse opinion very bad saying that your company is at a very high risk of bad credibility Disclaimer of opinion not enough information to give a yes no Do Diligence if you are ever going to make a purchase always double check everything involved in the business before you do anything that has to do with a contract Do your own research to make sure it is a good investment Consumer Law Credit cards offerings from sale companies These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Bait and Switch To advertise things but then have a better product with it and try to convince the person to buy the ladder Credit Cards be careful when signing up for one don t have too many and pay them off every month Make sure the company you sign up with is honorable If card is stolen you are not liable for the money someone spends that s not you Disputes with the credit card company if you think there is something wrong with your bill call them immediately Credit reporting agencies not trustworthy Debt Collectors do things all the time that are absolutely in violation of the law Different types of areas involving consumer law Telemarketing Door to door salesmen Exposures Environmental Law Acute exposure causes harm to you right away 1 exposure plus 1 exposure can add up and modify and change their effects Clean Air Act must regulate what is put into the air that we breath Established in 1963 an attempt to improve air quality