What was the key factor in the development of the English common law?
A) the development of forensic science in helping decide cases
B) the supremacy of the king and his intervening powers when deciding cases
C) the use of precedence of past cases for judges to decide present similar cases
D) the subjective decision making of judges when it came to similar cases
C
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A new employee is given the responsibility of keeping the minutes for her work team's meetings. What advice will you give her?
A. Devote most of the space in your minutes to summarize the discussion at the meeting. B. Minutes should not be action-oriented because their main purpose is to record the flow of the discussion. C. Record specific decisions resulting from the meeting. D. A table is an ineffective format for recording meeting minutes.
An analysis in which all the components of an income statement are expressed as a percentage of net sales is called:
A) vertical analysis. B) horizontal analysis. C) liquidity analysis. D) common-size analysis.
All of the following statements related to U.S. GAAP and IFRS are true except:
A. U.S. GAAP offers little guidance about the presentation order of expenses. B. Neither system requires separate disclosure of items when their size, nature, or frequency are important. C. The closing process for merchandisers is the same under both systems. D. Neither system defines operating income. E. Accounting for basic inventory transactions is the same under the two systems.
Genetic Seed Company hires Howie to work on Genetic's shipping dock, accepting deliveries and dealing with other companies' drivers. With respect to Genetic, Howie is most likely
a. an agent. b. an independent contractor. c. a principal. d. a work for hire.