NAU ACC 205 FINAL EXAM QUESTIONS WITH 100% SOLVED SOLUTIONS

dormant commerce clause - implied that because Congress/ federal government has the power to regulate interstate commerce, the states do not diversity jurisdiction/ diversity of citizenship - the power of the federal courts to hear matters of state law if the opposing parties are from different states and the amount in controversy exceeds $75,000 administrative agency - state, local, or federal; given power through Congress through enabling legislation; created for implementation of statutes(laws) administrative law judge - one who presides over an administrative agency hearing and has the power to administer oaths, take testimony, rule on questions of evidence, and make determinations of fact commerce clause - Congress/ federal government can regulate interstate commerce corporate social responsibility - combines good citizenship with ethical decisions, improving society, and minimizing environmental impacts; not a law but encouraged C--COVER (what it stands for) - codes of conduct C--codes of conduct - the application of specific codes/ statutes of a profession O--COVER (what it stands for) - outcomes O--outcomes - greatest amount of good for the greatest number of people (outcome based analysis/ utilitarianism/ cost/benefit analysis) V--COVER (what it stands for) - valuesV--values - reflected in a company's mission statement E--COVER (what it stands for) - editorial E--editorial - if your decision was publicized, would you still make the same decision? (looking on a big scale) R--COVER (what it stands for) - rules R--rules - applies a universal standard; categorical imperative: what if everyone followed or didn't follow a rule (stealing a pen) doctrine of sovereign immunity - immunizes foreign nations from the jurisdiction of US courts (if a criminal flees to a foreign country, the foreign country must send them home (cannot hold trial in their country)) act of state doctrine - judicial branch of one government will not examine validity of public acts committed by foreign government due process clause (14th amendment) - "[n]o state shall...deprive any person of life, liberty, or property, without due process of law..." substantive due process - government cannot take away your rights; laws must be clear, fair, reasonable, and have a valid purpose federal jurisdiction - must be a federal question of law; must have diversity of citizenship + $75,000 free exercise clause - prohibits Congress from prohibiting freedom of religioncommercial speech - advertising; regulated to a certain extent; must be truthful and not misleading corporate political speech - fully protected; same as if for an individual unprotected speech (types) - slander/ defamation (false, harmful statements) violates criminal laws fighting words (incite violence) obscene speech in personam jurisdiction - court jurisdiction over the persons of a legal action; aka personal jurisdiction in rem jurisdiction - court jurisdiction over a defendant's property independent agencies - administrative agency that is not considered part of the government's executive branch and is not subject to the authority of the president; officials cannot be removed without cause police power - power reserved to the state government to regulate the health, safety, and morals of its citizens principle of comity - one nation defers and gives effect to laws of another nation (Singapore story) standing to sue - person initiating lawsuit must have: financial damages ($) sufficient stake in the case (be involved enough) state jurisdiction - state court can hear all matters; criminal or civilsubject matter jurisdiction - court's ability to try/ hear a type of law; general-- can hear all cases limited--can only hear specific cases preponderance of evidence - the burden of proof in a civil case beyond reasonable doubt - the burden of proof in a criminal case acceptance - part of agreement (in contract requirements); must be voluntary, only by the person the offer was made to, and follow the Mirror Image Rule agency by estoppel - when a principal causes a third party to believe that an agency exists capacity - one of the four requirements of a contract; exceptions are: minors (voidable) mentally incompetent (void--adjudicated by court, voidable--not adjudicated by court) intoxicated (voidable unless person understood) consequential damages - covers indirect and foreseeable losses compensatory damages - covers direct losses and costs punitive damages - to punish a deter wrongdoing nominal damages - recognizes wrongdoing when no monetary ($) loss is shown consideration - one of the four requirements of a contract; something of legally sufficient value (promise, performance, refraining from doing something)