James Lives in Chicago Where Parking Can Be Difficult to Find

question 46

Multiple Choice

James lives in Chicago where parking can be difficult to find. James drives his car to work daily. After arriving home from work he was unable to find a parking space on the street and so he parked in an alleyway behind his home as he had done many times before. The next day, while James is at work, legislation passes to ban parking in alleyways for safety reasons. When he arrives at home he is easily able to find a parking space on the street directly in front of his property. As he is preparing dinner an officer appears at his front door and writes him a ticket based on the newly enacted law and the fact that the previous night, before the law was enacted, he had parked in the alley. Which statement applies?

• A) This is an example of an ex post facto law and it is improper to hold James accountable for actions legal at the time they were committed.
• B) This is an example of a bill of attainder and it is improper to hold James accountable for actions legal at the time they were committed.
• C) This is an example of an ex post facto law and it is proper to hold James accountable for actions legal at the time they were committed.
• D) This is an example of a bill of attainder and it is proper to hold James accountable for actions legal at the time they were committed.

Grasp the concept of budgeted cash collections and their calculation.

Comprehend the preparation and importance of a direct materials purchases budget.

Understand how to prepare and analyze a sales budget.

Gain insights into the preparation of a cash budget and its components.

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Definitions:

Depletion Expense

The allocation of the cost of natural resources over their productive lives, recognizing the reduction in natural resource value as it is extracted and sold.

Mining Site

A specific area where minerals are extracted from the earth, which can include both underground and surface mining operations.

Depletion

The allocation of the cost of natural resources over their useful life, typically related to mining, quarrying, drilling, or timber operations.

Amortization

The gradual write-off of the cost of an intangible asset over its useful life, similar to depreciation for tangible assets.