Which of the Following Was a Feature of the New

question 57

Multiple Choice

Which of the following was a feature of the New Jersey Plan?

• A) Congress would have veto power over state laws.
• B) A one-house congress would be retained, but it would be given new powers to tax and to regulate trade.
• C) A chief executive officer having the power to conduct foreign policy and negotiate treaties would be elected by Congress.
• D) A national judiciary having the power to determine the constitutionality of acts of Congress would be created.

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Definitions:

Moving-average Cost Method

An inventory valuation method that averages the costs of inventory over a period to calculate the cost of goods sold and ending inventory valuation.

Average-cost Method

The average-cost method is an inventory costing method that assigns an average cost to each item in inventory, used to determine the cost of goods sold and ending inventory values.

Weighted-average Cost Method

This inventory costing method assigns a weighted average cost to each unit in inventory, used to calculate cost of goods sold and ending inventory.

Lower-of-cost-or-market

An accounting principle that states assets should be recorded at the lower value of either its cost or its market value.