In Regard to Subject Matter Jurisdiction,the Basic Types of Courts

question 27

Multiple Choice

In regard to subject matter jurisdiction,the basic types of courts are courts of:

• A)Limited jurisdiction
• B)Personal jurisdiction
• C)Concurrent jurisdiction
• D)General jurisdiction
• E)All of the above
• F)Answers a,c,and d above
• G)Answers a and d above

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Definitions:

Warranty Expense

The estimated cost of honoring product warranties, recognized as an expense by companies.

Implied Service Contract

A legal agreement created by the actions, situation, or circumstances of the parties involved rather than written or spoken words.

Expense Warranty Accrual Method

An accounting practice where a company estimates the costs of warranties and records these costs as an expense when the corresponding sales are made.

Modified Cash Basis

An accounting method that combines elements of both cash and accrual accounting, recognizing revenues when they are received and expenses when they are paid, with some adjustments.