In Our Legal System,the Decision of a Court of First

question 34

Multiple Choice

In our legal system,the decision of a court of first instance

• A)can only be overruled by the Supreme Court of Canada.
• B)can only be overruled by a similar court of first instance.
• C)can only be overruled by a similar court of first instance and an appeal court.
• D)can only be overruled by either an appeal court or the Supreme Court of Canada.
• E)can only be overruled by an appeal court.

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Definitions:

Permanent/Temporary

Classification of accounts where permanent accounts refer to items on the balance sheet and temporary accounts to items that pertain to the income statement.

Normal Balance

The side (debit or credit) of an accounting entry where increases to the account are recorded, depending on the type of account.

Financial Statement

Reports that summarize the financial performance, position, and cash flows of a business over a specified period.

Permanent/Temporary

Classification of accounts where permanent accounts are balance sheet items that carry over into the next fiscal year, and temporary accounts are income statement items that are closed at year-end.