In 2003, the U.S.Supreme Court

question 70

Multiple Choice

In 2003, the U.S.Supreme Court

• A)affirmed the right of colleges to seek racial diversity.
• B)affirmed the right of colleges to use point systems for admission in which race can be the deciding factor.
• C)ruled that using race in admissions is reverse discrimination and unconstitutional.
• D)ruled that using race in admissions is reverse discrimination but justified because of past discrimination against racial minorities.

Recognize the broad definitions of signature and execution as per the Uniform Commercial Code.

Differentiate between conditionally and unconditionally liable parties on negotiable instruments.

Understand and apply the formula for the future value of a series of cash flows.

Solve and verify the solution of systems of linear equations.

---

Definitions:

Accounts Payable

Accounts payable represents the company's obligation to pay off a short-term debt to its creditors or suppliers.

Conversion

The process of changing an asset or security into another form, such as converting preferred stock into common stock or converting currencies.

Weighted-Average Method

An inventory costing approach that calculates the cost of goods sold and ending inventory based on the average cost of all items.

Equivalent Units

A concept used in process costing that converts partially completed units into a number of fully completed units, to accurately measure output.