Which of the following is a criticism of the adversarial system of litigation in the United States?
A) The lack of a neutral factfinder such as a judge or a jury.
B) Arguments are only allowed from the defendant's side.
C) Heavy dependency on the skills of the representing attorney.
D) Only evidence produced by the plaintiff is permissible.
C
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Interest payment on long–term borrowing is classified as a(n):
a. noncash activity. b. financing activity. c. investing activity. d. operating activity.
Assuming conversion costs represent a single category, how many input categories would a department receiving transferred-in goods normally have?
A) 4 B) 5 C) 3 D) 2
If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is:
A. a debit to Income Summary and a credit to Capital. B. a debit to Capital and a credit to Drawing. C. a debit to Income Summary and a credit to Fees Income. D. a debit to Capital and a credit to Income Summary.
Which of the following would start with a 1 in the chart of accounts?
A) Receivables and Equipment B) Depreciation Expense and Marketing Expense C) Merchandise Sales and Rent Revenue D) Common Stock and Dividends