If Congress Imposes a Regulation on an Industry That Has

question 123

Multiple Choice

If Congress imposes a regulation on an industry that has a limiting effect, the Supreme Court has held that, in general:

• A) Congress may not impose regulations that burden foreign firms doing business in the U.S.
• B) Congress may regulate commerce only with approval of the affected states
• C) Congress may not regulate intrastate commerce, if the effect is "inherently uncompetitive"
• D) States may then imitate the regulation at the state level
• E) none of the other choices

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Definitions:

Purchases Journal

A special journal used to record all purchases of merchandise on credit, tracking the accumulation of goods over a period.

Equipment Purchased

The acquisition of physical assets like machinery or technology used in the production of goods or services.

Accounts Receivable Subsidiary Ledger

A detailed ledger that tracks individual customer transactions and balances, complementing the overall accounts receivable account.

Record Sale

To record a sale refers to the process of documenting a sales transaction in the accounting books, acknowledging the exchange of goods or services for payment.