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Questions
Q:
The Securities and Exchange Commission (SEC), created by the Congress to enforce federal securities laws, is an example of a(n) ________.
A) intelligence agency
B) congressional body
C) judicial body
D) administrative agency
Q:
How does the doctrine of stare decisis help in creating stability in a legal system?
A) by ensuring that witnesses of a case will be protected by the state
B) by ensuring that the legal rights of a defendant are preserved
C) by allowing the use of precedence in deciding future cases
D) by allowing the use of writs
Q:
How is legal precedent used between courts of different states?
A) Courts of a state cannot cite the judicial decisions of courts of another state in its decisions.
B) Courts of a state must follow precedent from courts of another state for similar cases.
C) Courts of a state can use precedent from courts of another state as a form of guidance.
D) Courts of a state cannot challenge the precedence of courts of another state.
Q:
On the Statement of Net Assets, in place of stockholders' equity, proprietary funds reportA) Retained Earnings only.B) Restricted Cash only.C) Unrestricted Cash only.D) Net Assets.
Q:
Transaction costs are
A) the costs, such as sales taxes, that are imposed by the government.
B) equal to the hourly cost of a lawyer used to write a contract.
C) the costs associated with making, reaching, and enforcing agreements.
D) not true costs because they relate to time rather than real resources.
Q:
Stare decisis is the doctrine of ________.
A) providing proof to assert a fact in court
B) adhering to legal precedent
C) separating powers between state and religion
D) ensuring all legal rights are provided to a person when otherwise deprived of them
Q:
What is a judicial decision?
A) a decision issued by the executive branch in a state of emergency
B) a decision about an individual lawsuit issued by a federal or state court
C) a codified law passed by the state legislature
D) a decision issued by the legislative branch to establish courses of conduct to which covered parties must adhere
Q:
________ are established by the legislative and executive branches of the federal government to enforce and interpret statutes enacted by the Congress and state legislatures.
A) Commissaries
B) State courts
C) Administrative agencies
D) Councils
Q:
Ordinances are codified laws that are issued by ________.
A) the president
B) the state legislature
C) the Supreme Court judges
D) local government bodies
Q:
From the following, identify an example of codified law in the United States.
A) judicial rulings
B) federal statutes
C) treaties
D) executive orders
Q:
A(n) ________ is a written law enacted by the legislative branch of the federal and state governments that establishes certain courses of conduct to which covered parties must adhere.
A) charter
B) treaty
C) executive order
D) statute
Q:
Platinum City collects state sales taxes quarterly from local businesses and then gives the state revenue department the money at the end of the year. The sales taxes would go in Platinum City'sA) special revenue fund.B) general fund.C) agency fund.D) enterprise fund.
Q:
Rising healthcare costs are attributable toA) people living longer and desiring more care.B) reliance on expensive technology to support and prolong life.C) third-party financing of healthcare costs. D) all of the above
Q:
A(n) ________ is a compact made between two or more nations.
A) amendment
B) treaty
C) charter
D) statute
Q:
The ________ branch of the federal government has the power to enact laws.
A) legislative
B) judiciary
C) consulate
D) executive
Q:
What is the function of the judicial branch of the federal government?
A) It has the power to interpret and determine the validity of the law.
B) It has the power to enact the law.
C) It has the power to enforce the law.
D) It has the power to act as a liaison between the legislative and executive branches.
Q:
The ________ branch of the federal government has the power to enforce the law.
A) judicial
B) legislative
C) executive
D) commissary
Q:
What basis of accounting is used by fiduciary funds?A) Modified accrual accountingB) Accrual accountingC) Cash basis accountingD) Present value accounting
Q:
The less bowed the Lorenz Curve, theA) more equal the income distribution. B) less equal the income distribution.C) greater the number of low-income people. D) greater the number of high-income people.
Q:
What is considered as the supreme law of the land in the United States?
A) judicial decisions issued by the state courts
B) the Constitution of the United States of America
C) the federal statutes passed by the United States Congress
D) executive orders passed by the president
Q:
Give an account of the Law Merchant in early English common law.
Q:
In countries that follow a civil law system, the adjudication of a case is done simply by applying ________ or parliamentary statutes to the particular set of facts of that case.
Q:
The adoption of the ________ law led to precedence being an important feature of the American legal system.
Q:
Owing to some unfair results and limited remedies available in the law courts, ________ courts were established.
Q:
The United Auto Workers is striking against Ford. The Teamsters refuse to deliver steel to Ford.This is an example ofA) a jurisdictional dispute and is illegal under the Taft -Hartley Act. B) a secondary boycott and is illegal under the Taft -Hartley Act.C) a sympathy strike and is illegal under the Taft-Hartley Act. D) a closed shop and is illegal under the Wagner Act.
Q:
In early English common law, equitable remedies were provided by the ________ courts.
Q:
What is a significant difference for agency funds when compared to governmental funds?A) An agency fund has a separate ledger.B) An agency fund does not report revenues.C) Agency funds are not associated with any governmental unit.D) An agency fund will not balance because there is no fund balance account.
Q:
The law courts of the English common law could only provide monetary awards for damages.
Q:
English common lawwas law developed by judges who issued their opinions when deciding cases.
Q:
The merchant courts were established because of the unfair results and limited remedies available in the chancery courts.
Q:
Equitable orders and remedies of the Court of Chancery took precedence over the legal decisions and remedies of the law courts.
Q:
The price elasticity of demand for labor equalsA) the percentage change in the price of labor divided by the percentage change in the supply of labor.B) the change in the quantity demanded of labor divided by the change in the price of labor.C) the slope of the demand curve for labor.D) the percentage change in the quantity demanded of labor divided by the percentage change in the price of labor.
Q:
What led to the creation of the Chancery Courts?
A) the insistence for a court system that emphasized legal procedure rather than the merits of a case
B) the law courts' inability to hear all the cases presented to them
C) the increase in overseas trade and proliferation of piracy
D) the unfair results and limited remedies provided by the law courts
Q:
At December 31, 2011, an Enterprise Fund has the following adjusted accounts outstanding:Insurance Expense $2,000Depreciation Expense 3,000Supplies Expense 10,000Salaries Expense 100,000Service Revenues 123,000When preparing the closing entry for the temporary accounts at December 31, 2011, the Enterprise Fund's accountant willA) credit Retained Earnings $8,000.B) credit Net Cash, $8,000.C) credit Net Assets, Unrestricted $8,000.D) credit Invested Capital Assets, Net of Related Debt, $8,000.
Q:
________ courts were allowed to give equitable remedies under the English common law.
A) Merchant
B) Law
C) Chancery
D) Appellate
Q:
Which of the following statements best indicates how chancery courts were different from law courts?
A) Chancery courts emphasized developing merchant laws rather than laws for the common citizen.
B) Chancery courts inquired into the merits of a case rather than emphasize legal procedures.
C) Chancery courts emphasized a standard set of remedies across different cases rather than provide equitable remedies.
D) Chancery courts had lower precedence level over legal decisions than the law courts.
Q:
What was the key reason for the creation of law courts during the early development of the English common law?
A) to administer law in a uniform manner
B) to help merchants form a standardized set of commercial laws
C) to increase the power of the king in law-making
D) to facilitate legal disputes for the wealthy and influential
Q:
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
Q:
________ is a key function of the law, which includes laws that prevent the violent overthrow of governments.
Q:
An enterprise fund collects $100,000 cash for customer deposits to insure timely payment for services. What journal entry did the enterprise fund prepare?A) Debit Cash $100,000, credit Revenue $100,000B) Debit Cash $100,000, credit Deferred Revenue $100,000C) Debit Restricted Cash $100,000, credit Customer Deposits $100,000D) Debit Restricted Cash $100,000, credit Revenue $100,000
Q:
As a result of a conviction under the Sherman Antitrust Act, Standard Oil of New Jersey
A) was fined for its extensive price discriminating activity.
B) was restrained from oil exploration for twenty -five years, which enabled other oil firms to assume leadership in the industry.
C) was broken up into many smaller companies.
D) went bankrupt and no longer is in existence.
Q:
Mark Walton was involved in a car accident in which the airbag of his car failed to deploy. He sued the car manufacturer for installing faulty airbags. But in the course of the case being heard in court, the car company and Mark decided to settle the lawsuit out of court. What important function of the law was served in this case?
A) promoting social justice
B) maximizing individual freedom
C) providing a basis for compromise
D) maintaining the status quo
Q:
By allowing the U.S. citizens to practice any religion of their choice, what essential function of the law does the U.S. Constitution serve?
A) facilitating orderly change
B) maintaining the status quo
C) maximizing individual freedom
D) facilitating planning
Q:
What function of the law is being served when passing laws that protect the U.S. government from the risk of being forcefully overthrown?
A) maintaining the status quo
B) shaping moral standards
C) facilitating orderly change
D) promoting social justice
Q:
Halfren, a county in the state of Halizona, is earthquake-prone. The governor of Halizona sets up a committee to explore the possible methods that could be used to minimize damage and loss of life. The committee found that a new technique of using steel reinforcements in building columns would help reduce overall damages. The findings were put to a debate at the local town hall, where it was accepted by a majority of the residents. The state government then passed a law making it mandatory to use the new technique while constructing new buildings in Halfren. Which of the following functions of the law did the state government of Halizona exhibit in this case?
A) promoting social justice
B) maximizing individual freedom
C) shaping moral standards
D) facilitating orderly change
Q:
What function of the law is being served when passing laws that prohibit discrimination at workplaces?
A) keeping the peace
B) providing a basis for compromise
C) maintaining the status quo
D) promoting social justice
Q:
GASB requires ________ method(s) for the cash flow statement for proprietary funds.A) the reconciliationB) the indirectC) the directD) either the direct or indirect
Q:
Monopolistically competitive markets and oligopolies are similar in thatA) the number of firms is identical.B) the kinked demand curve can be used to analyze the firmsʹ pricing decisions. C) there is mutual interdependence amongst the firms.D) nonprice competition is a tool used.
Q:
Which of the following would be considered an example of shaping moral standards, as seen as a function of the law?
A) laws granting freedom of speech and religion
B) laws discouraging drug and alcohol abuse
C) laws providing for the right to peaceful protest
D) laws preventing the overthrow of a government
Q:
Differentiate between the Historical School of jurisprudence and the Sociological School of jurisprudence.
Q:
The ________ School of jurisprudence states that promoting market efficiency should be the central goal of legal decision making.
Q:
The ________ Schoolof jurisprudence maintains that the law is shaped by logic.
Q:
The ________ School of jurisprudence emphasizes shaping laws on the basis of morality and ethics.
Q:
A situation in which one firmʹs actions with respect to price, quality, advertising and related changes may be strategically countered by the reactions of one or more other firms in the industry is known asA) strategic dependence. B) economies of scale. C) the concentration ratio. D) barriers to entry.
Q:
The Historical School of jurisprudence believes that changes in the norms of society will gradually be reflected in the law.
Q:
The financial statements of proprietary funds are similar to business enterprises with the exception that proprietary funds do notA) report fixed assets.B) report property taxes.C) separate current and noncurrent assets.D) report noncurrent liabilities.
Q:
The Natural Law School of jurisprudence emphasizes shaping laws based on morals and ethics.
Q:
The Analytical School of jurisprudence lays emphasis on how the result of a case is reached rather than the logic of the result itself.
Q:
The Critical Legal Studies School of jurisprudential thought seeks to restrict the subjective decision-making powers of judges.
Q:
The Critical Legal Studies Schoolproposes that legal rules are unnecessary and are used as an obstacle by the powerful to maintain the status quo.
Q:
A monopolistically competitive firm finds its profit-maximizing rate of output by equatingA) the marginal revenue of advertising with the marginal cost of advertising.B) average revenue and average total cost. C) price and marginal cost.D) marginal revenue and marginal cost.
Q:
The unadjusted trial balance for the general fund of the City of Jordan at June 30, 2011 is as follows:DebitsAccounts receivable $ 90,000Cash 110,000Due from agency fund 19,000Encumbrances 18,000Estimated revenues 1,250,000Expenditures 1,090,000Taxes receivable 175,000CreditsAllowance for doubtful accounts 15,000Allowance for uncollectible taxes 35,000Appropriations 1,180,000Due to internal service fund 51,000Fund balance - unassigned 52,000Reserve for encumbrances 18,000Revenues 1,130,000Taxes received in advance 22,000Vouchers payable 249,000Supplies on hand at June 30, 2011 totaled $17,000. The $18,000 encumbrance relates to equipment ordered but not received by fiscal year-end.Required:Prepare a balance sheet for the general fund of the City of Jordan at June 30, 2011.
Q:
The Law and Economics School of jurisprudential thought believes that promoting market efficiency should be the central concern of legal decision making.
Q:
Businesses that are organized in the United States are subject to its laws, but not to the laws of other countries in which they do business.
Q:
The U.S. government passed draft laws during the Vietnam War decreeing that men of a certain age had to serve in the military if they met specific physical requirements. Which of the following schools of jurisprudential thought does such draft laws adhere to the most?
A) the Historical School of jurisprudence
B) the Natural Law School of jurisprudence
C) the Sociological School of jurisprudence
D) the Command School of jurisprudence
Q:
Which school of jurisprudential thought is reflected in documents such as the U.S. Constitution, the Magna Carta, and the United Nations Charter?
A) the Natural Law School
B) the Historical School
C) the Sociological School
D) the Analytical School
Q:
Which school of jurisprudential thought emphasizes using law as a tool for market efficiency while solving legal disputes?
A) the Critical Legal Studies School of jurisprudence
B) the Command School of jurisprudence
C) the Sociological School of jurisprudence
D) the Law and Economics School of jurisprudence
Q:
For a profit-maximizing monopolist,A) P > MC. B) P = MC. C) P = MR. D) P = ATC.
Q:
Which school of jurisprudence bases its principles, for solving legal disputes, on broad notions of fairness, and subjective decision making by judges?
A) the Natural Law School of jurisprudence
B) the Analytical School of jurisprudence
C) the Critical Legal Studies School of jurisprudence
D) the Sociological School of jurisprudence
Q:
Proponents of the Command School of jurisprudence will assert that the law is ________.
A) developed, communicated, and enforced by the ruling party
B) a means to achieve and advance sociological goals
C) a collection of a society's traditions and customs that has developed over the centuries
D) based on human reasoning, and humans' choosing power between what is good and evil
Q:
Imposing a ban on public smoking can serve as an example of a law that adheres to the ________ School of jurisprudence.
A) Command
B) Sociological
C) Law and Economics
D) Analytical
Q:
Which school of jurisprudence views law as a sort of evolutionary process, where changing norms of society will be reflected in the law?
A) the Natural Law School of jurisprudence
B) the Sociological School of jurisprudence
C) the Analytical School of jurisprudence
D) the Historical School of jurisprudence
Q:
The Analytical School of jurisprudence maintains that the law should be ________.
A) shaped by logic
B) based on social behavior
C) set by the ruling class
D) based on morality
Q:
The following information regarding the fiscal year ended September 30, 2011, was drawn from the accounts and records of the Mayberry County general fund:Revenues and other asset inflows:Taxes $ 12,000,000Licenses and permits 2,500,000Intergovernmental revenues 1,000,000Capital lease for fixed asset 1,200,000Receipt of cash from terminated fund 1,800,000Expenditures and other asset outflows:General government expenditures 7,500,000Public safety expenditures 2,000,000Judicial system expenditures 1,200,000Health and welfare expenditures 1,750,000Equipment purchases 750,000Payment to debt service fund to cover future debtservice on general government bonds 500,000Total fund balance, October 1, 2010 $ 3,000,000Required:Prepare a statement of revenues, expenditures, and changes in fund balance for the Mayberry County general fund for the year ended September 30, 2011.
Q:
If firms in a perfectly competitive industry are earning positive economic profits, then what will happen in the long run?
Q:
Law is described as ________.
A) a body of rules of action or conduct prescribed by controlling authority and having binding legal force
B) a study of fundamental problems, such as those connected with existence like knowledge and language
C) a legal system that builds and organizes knowledge in the form of testable explanations and predictions
D) a group of legal hypotheses employed to explain a legal phenomenon
Q:
Address the following situations separately.1. For the budgetary year beginning July 1, 2011, Coastal City expected the following cash flow resources:Property taxes, licenses, and fees $3,000,000Proceeds of debt issue 1,000,000Interfund transfers to debt service fund 750,000In the budgetary entry, what amount did Coastal City record for estimated revenues?2. During the fiscal year ended June 30, 2011, Western County issued purchase orders totaling $7,000,000. Western County received $6,500,000 of invoiced goods at the encumbered amounts and paid $6,100,000 toward them before year-end.How much were Western County's encumbrances on July 1, 2011?3. The following information pertains to property taxes levied ($1,035,000 total) by Southern Township for the calendar year 2011:Expected collections during 2011 $750,000Expected collections in first 60 days of 2012 200,000Expected collections during the remainder of 2012 50,000Expected collections during January 2013 30,000Estimated to be uncollectible 5,000What amount did Southern Township report for property tax revenues in 2011?4. The following information pertains to Northern City's general fund for 2011:Expenditures 5,500,000Other financing sources 1,000,000Other financing uses 3,000,000Revenues 9,000,000At what amount will Northern City's total fund balance increase (decrease) in 2011?
Q:
For a perfectly competitive firm,A) price is greater than marginal revenue.B) price equals marginal revenue.C) price is less than marginal revenue.D) there is no relationship between price and marginal revenue.
Q:
Middlefield County incurred the following transactions during 2011:1. The county authorized a new general obligation bond issue of $5 million par to construct an office building with a contract price of $4,975,000. The bonds were issued for $4,980,000.2. The county levied real property taxes of $10,000,000. Eighty-five percent of the net taxes were collected immediately. Two percent of the total levy was estimated to be uncollectible.3. The office building was completed and the county paid the contract price to the contractor.4. The General Fund transferred $500,000 to the Debt Service Fund.5. The county paid $200,000 for interest on the bonds from the Debt Service Fund.Required:Prepare journal entries for each of the above transactions. Identify the appropriate fund or funds used by Middlefield County.
Q:
If average total cost is decreasing as more and more units are produced, then marginal cost must beA) rising. B) constant. C) below average total cost. D) negative.