Of the Following Developments, Which Has Had the Most Novel

question 32

Multiple Choice

Of the following developments, which has had the most novel, direct, and controversial effect on the fourth estate in Canada?

• A) the shift of attention from the legislative branch to the executive branch
• B) the shift in power from the legislative branch to the judicial branch
• C) the shift of financial resources from the executive branch into the media
• D) the shift of personnel from the media into the executive branch

Identify the effects of transactions on financial statements.

Learn how to record transactions involving cash, receivables, payables, and equity.

Understand the impact of prepaid and unearned items on financial statements.

Recognize the differences between revenue and expense accounts.

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Definitions:

Enforceable

Capable of being imposed or upheld by legal action.

Parol Evidence

A rule that prevents parties to a written contract from presenting extrinsic evidence of terms that would contradict, modify, or vary the contractual terms written in the document.

UCC Statute of Frauds

A section of the Uniform Commercial Code that requires certain types of contracts, such as those for the sale of goods over a certain value, to be in writing to be enforceable.

Specially Manufactured Goods

Items that are produced to a buyer's personal specifications, which are not suitable for sale to others in the ordinary course of the seller's business.