LAW/575 Final Exam 1) Which of the following is true regarding state and federal court jurisdiction? A. In all cases, state courts have concurrent jurisdiction with the federal courts. B. Federal courts begin with exclusive jurisdiction until a state court intervenes.
To be recognized, revenues must also be realized or realizable and A. Foreseeable B. Collected C. Earned D. Shipped Original AACSB: Analytic AICPA BB: Legal AICPA FN: Research Bloom's: Knowledge Difficulty: Easy 2. The SEC requires all of the following for revenue to be recognized except A. Cash is collected.
The Code of Hammurabi consists of three sections known as the Prologue, the Laws, and the Epilogue. The purpose of the code was stated in the first section, the Prologue. The actual laws were listed in the Epilogue and the final section listed the consequences for violators of the Code. Hammurabi's code covered all aspects of Babylonian life. Marriage, slavery, trade, property, commerce and much more was included.
The highest level of the three-tiered model of the federal court system is the United States Supreme Court. According to the language of Article III of the U.S. Constitution, there is only one national Supreme Court. All other courts in the federal system are considered “inferior.” Congress is empowered to create other inferior courts as it deems necessary. The inferior courts that Congress has created include the second tier in our model—the U.S. courts of appeals 10. When will the US Supreme Court issue a writ of Certiorari?
Case 14-2- Fresh Fun Inc. To: Kevin Maclean, Fresh Fun Inc. From: auditor, Doyle Republic Regarding: Jan 31, 2012 year-end financial reporting and impact of change to IFRS Overview Since the bank loan’s terms require financial statements to be prepared in accordance with Generally Accepted Accounting Principles (GAAP) that is one constraint. Another constraint is to follow the rules of Accounting Standards for Private Enterprises (ASPE). IFRS is not a constraint since you have chosen to use ASPE in preparing the financial statements. However, as per your request I will also outline how the issues would have been treated differently under IFRS in addition to ASPE. The primary users are the 3 current owners including yourself who take an active role in managing the company.
A US multinational company is required to report its financial results in US dollars. How does this create currency exchange risk for the company? What is the term which most accurately describes this particular risk? a. Currency risk- if unexpected changes in currency values affect the value of the firm 4.
The Father of the U.S. Constitution James Madison identified the federal government’s fundamental purpose, to safeguard the constitutional rights of the Americans (Salvato, 2010). The US Constitution set up three separate branches of federal government. Each branch has its own authority and fields of influence. Moreover, the Constitution set up a system of checks and balances that assured no one branch would rule supreme. These three systems would provide the checks and balances for many years to come.
This article is what began the Supreme Court and gives congress the power to make lower federal courts. It defines the type of cases that they have power over, and while it isn’t stated in the constitution, the power to declare any law unconstitutional is implied. Article four. The full faith and credit clause says that all the legislative and judicial actions of any given state are to be respected by the other states. In addition, a citizen of any state has the same rights and privileges as citizens of all the other states.
The opinion of the court pointed to three areas Congress may act under the Commerce Clause. The Supreme Court ruled that Congress can regulate the use of channels of interstate commerce, Congress is also empowered to regulate and protect instrumentalities of interstate commerce, or persons or things in Interstate Commerce, even though the threat may come from interstate activities, and Congress's commerce authority includes the power to regulate those activities having a substantial relation to interstate commerce. It is obvious that Congress had over reached with Gun-Free School Zones Act of
TO: Dr. Green FROM: DATE: 9/27/09 RE: Tax Memo #1/Gambling Activities Dr. Green, The first issue is what criterion is used to determine whether your gambling activities constitute a trade or business for tax purposes. The criteria has been loosely established in ¶1620.02.C. Operation of Trade or Business and the Supreme Court has broadly defined the term trade or business to include any activity engaged in with continuity and regularity with the objective of making a profit(Groetzinger v. Comr., 480 U.S. 23 (1987). Courts also generally consider the following factors in determining whether a trade or business exists: the extent and nature of sales efforts, the number, continuity, and regularity of sales, the extent to which the taxpayer attempts to increase sales by improving the property and advertising, the time and effort devoted to sales by the taxpayer (U.S. v. Winthrop, 417 F.2d 905 (5th Cir.