There Are No Precedents on Which the Court Deciding the Case

question 72

Multiple Choice

There are no precedents on which the court deciding the case Standard Resource Co. v. Topline Inventory, Inc., can base its decision. It would be appropriate for the judge to consider, and base an opinion in part on

• A) the opinions of the friends and relatives of the judge.
• B) the results of a poll of those in the courtroom.
• C) public policy or social values.
• D) how a television judge may have decided the issue .

---

Definitions:

Source Documents

Original records that contain the details to support business transactions entered in an accounting system, like invoices, receipts, and contracts.

Credited

The recording of an increase in liabilities, revenues, or equity accounts, or a decrease in assets or expense accounts.

Total Assets

The sum of all resources owned by a company that can be converted into cash or used in the operation of the business to generate revenue.

Shareholders' Equity

The residual interest in the assets of a corporation that remains after deducting its liabilities.