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Torts correct answers private wrong(not a breach of contract) committed by one party that injures another that is remedied by monetary damages do not lead to jail ALONE 1. compensate for innocent party 2. deter similar conduct by others correct answers tort goals Intentional, Negligence, Strict Liability correct answers types of torts Intentional Tort correct answers where one person purposefully harms another (occasionally this is a crime) Torts of Negligence correct answers when ...

types of torts correct answers intentional, based on negligence, and strict liability tortfeasor correct answers someone accused of a tort, can be more than one negligence per se correct answers failure to comply with the requirements of coming to court for a summons, goes straight to damages duty of care correct answers ordinary care expected of someone foreseeability correct answers we don't hold someone accountable for something they couldn't at all predict, like Eisenhower, car...

Credit sales are recorded as A. Debit Cash, credit Deferred Revenue B. Debit Service Revenue, credit Accounts Receivable C. Debit Cash, credit Service Revenue D. Debit Accounts Receivable, credit Service Revenue correct answers D. Debit Accounts Receivable, credit Service Revenue Identify the condition(s) that must exist for a sale and the related receivable to be recognized. A. Collection of cash is probable B. The company must have collected cash from at least one previous sale to...

To record a long-term asset, you must _____ the general ledger account correct answers Debit The proper accounting treatment of research and development costs to develop a patent is to correct answers expense the cost as incurred A tractor held by a farm equipment company for sale to farmers is classified as a long-term asset. correct answers False Which of the following would not be considered a long-term asset? A. the cost of a new piece of equipment B. a new addition to a build...

State of Nature correct answers hypothetical position of humanity before the creation of state or government; belief in natural right, idea that everyone is for themselves Laws correct answers Social contracts that restrict people's rights common law correct answers made by judge, follows customs and precedent, law derived from courts stare decisis correct answers binds lower or equal courts to higher or equal court's decisions; let the decision stand standing to sue correct answer...

Judicial Review correct answers Supreme court majority can decide if a law is constitutional or not, to prevent usurping of rights Executive Branch Election correct answers US reps+2, USPOP/435 STATE POP/electoral vote per group Executive Powers correct answers 1. Veto legislation (can be overrided by 2/3 of Congress) 2.Terms (Only 2, 10 whole years 22nd Amend) 3.Select Federal Judges (affirmed by majority of Senate) 4. Executive Orders 5. Appoints Administrative Agency directors (FDA...

Inventory correct answers Includes items a company intends for sale to customers in the ordinary course of business (includes items that are not yet finished products - reported as a CURRENT ASSET in the balance sheet) - the amount the company reports is the cost of inventory NOT YET SOLD (at the end of the period) Cost of Goods Sold correct answers The cost of the inventory sold (reported as an expense in the income statement) Manufacturing Companies correct answers Produce the invento...

Sole proprietorship correct answers person doing business for themselves; - Limited alternatives for raising capital - Owner is liable for debts - No double taxation Partnership correct answers an association of two or more persons to carry on business for profit; either general or limited General partners correct answers - share control over the business's operations and profit - can be created orally, in writing, or inferred by the conduct of parties Fiduciary duty correct ans...

Credit sales are recorded as: correct answers Debit Accounts Receivable, credit Service Revenue Identify the likely disadvantage(s) of extending credit to customers: correct answers Delay or failure to collect cash Identify the condition(s) that must exist for a sale and the related receivable to be recognized: correct answers Collection of cash is probable & Goods or services have been provided to the customer The Sales Returns account is an expense account: correct answers False (S...

Fisher v. Texas correct answers Fisher application rejected, sued for UT for considering race in application as violation of 14th amendment equal protection. Affirmed for UT Liebeck v. Mcdonalds correct answers Takeaway: face of tort laws for frivolous lawsuits even though she suffered irreparable burns, settled out of court Tillman v. Commercial Credit Loans correct answers Tillman took out loans with "single premium" insurance later outlawed contained standard arbitration clause Til...

Assets correct answers Debit(+) Credit(-), resources Liability correct answers Debit(-) Credit(+), creditors claims Equity correct answers Debit(-) Credit(+), owners claims Normal Balance Equation correct answers Assets = Liability + Equity Net income correct answers (profit) = Revenues - Expenses Revenues correct answers Sales of products or services to customers Expenses correct answers Costs of selling products or services Dividends correct answers Distribution of profit ...

Woodcrest, Inc. borrowed $50k from a local bank and signed a promissory note. What entry should they record? A. Debit Cash, 50k. Credit Notes Receivable, 50k B. Debit Notes Rec., 50k. Credit Cash, 50k C. Debit Cash, 50k. Credit Notes Pay 50k D. Debit Notes Pay, 50k, Credit Cash 50k correct answers C We record interest expense in the period in which we pay it, rather than in the period we incur it A. T B. F correct answers B. Interest expense is recorded in the period incurred, not in ...

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Definition of Contract correct answers "a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty". a legally binding agreement between 2 or more parties who agree to perform or to refrain from performing some act now or in the future. Objective theory of contracts correct answers the apparent intention of a party to enter into a contract is determined by the objective, outward demonstration of his or he...

2 roles of law correct answers 1. dsipute resolution role 2. regulatory role resolution role correct answers settle difference between 2+ parties (mainly covered in a business law class) Regulatory Role correct answers -Governmental interference with private business -Directs and standardizes business activities to improve society Law definition correct answers the collection of rules and regulations that determines how the government will treat its citizens and how the citizens wi...

Law correct answers Law is a group of rules and regulations that line out how governments treat their people and the ability to enforce it. Regulatory Role of Law correct answers directs and standardizes activities that would otherwise be considered purely private interactions of individuals Executive Law Powers correct answers Executive Orders, Appoint Executive Officials and Judges Judicial Law Powers correct answers Common Law (Judge Made/Case Law), Interpret Law, Judicial Review ...

contract law correct answers a system of rules for enforcing promises and breaking promises contract law gives extent to which promises correct answers 1. Are legally enforceable 2. consequences of breaking the promises societal level contracts correct answers provide a legal environment conductive to voluntary exchanges individual level contracts correct answers 1. the facilitation of mutually beneficial exchange 2. allocation of risks 2 functions of contracts correct answers 1. p...

Two major roles of law in the business world correct answers 1. Dispute Resolution Role 2. Regulation (Regulatory) Role Dispute Resolution role correct answers - Settles differences between two or more parties - Mainly covered in a Business Law class Regulation (Regulatory) role correct answers - Government interferes with private business - Directs and standardizes business activities (Government becomes an active third party) Definition of Law correct answers Law is a collection of...

Judicial Review correct answers The process for making decisions on whether the laws or actions of the other two branches are constitutional or not Marbury V. Madison correct answers Established the power of Judicial Review by saying "If two laws conflict, the courts must decide on the operations of each..." Jurisdiction correct answers Power of the court to speak the law Functions of In Personam Jurisdiction correct answers - Residents of state (sued where the Defendant is a reside...

A court can change statutory law by interpretation of the statutory law. correct answers True The meeting of the states that we now call the Constitutional Convention was attended by delegates from all 13 of the original colonies which became the first thirteen states. correct answers False The Enumerated Powers Clause is found in the First (1st ) Amendment. correct answers False Regulation standardizes private, business activities. correct answers True The New Jersey Plan at the Con...