Judge Brown Has Been a Superior Court Judge for the Past

question 9

Multiple Choice

Judge Brown has been a superior court judge for the past seven years.  He was the first one in his family to graduate college. He is running for reelection without his political affiliation being identified.  Even though he loves his job, he would love to have more time in the courtroom instead of organizing schedules and budgets.  Instead of trying cases, he feels that he just works out agreements with the defense and the prosecution.  The way he sees it, at least a guilty plea acknowledges he is putting defendants away. Judge Brown states that he spends significant hours organizing schedules and budgets.  When this occurs, he is assuming the duties of a(n)

• A)administrator.
• B)negotiator.
• C)adjudicator.
• D)reconciler.

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Definitions:

Cost of Goods Sold

Represents the total cost of all goods that were sold over a specific period, including the costs associated with production or purchase.

Gross Profit

The difference between revenue and the cost of goods sold (COGS), indicating the efficiency of a company in using its labor and supplies.

Net Sales

Revenue from sales transactions after deducting returns, allowances for damaged or missing goods, and any discounts offered.

Income Summary

An account used in the closing process that summarizes the revenues and expenses for a specific accounting period.