Under Section 1981,______

question 80

Multiple Choice

Under Section 1981,______.

• A) the courts can award compensatory and punitive damages up to a maximum of $100,000 per offence
• B) the courts can award unlimited compensatory and punitive damages
• C) a plaintiff must first go through the Equal Employment Opportunity Commission to file an employment suit
• D) a plaintiff can sue for unlimited damages for discrimination based on sex, religion, national origin, or age
• E) a plaintiff is prohibited from suing under Title VII of the Civil Rights Act

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Definitions:

Ending Inventory

Merchandise value ready for sale at the close of an accounting cycle.

Consistency Principle

An accounting standard that mandates entities to apply the same accounting methods and practices from period to period.

Expense Recognition Principle

This principle dictates that expenses should be recognized in the accounting period when they are incurred, not necessarily when they are paid, matching expenses to the revenues they help generate.

Physical Flow Assumption

An accounting method that tracks the physical movement of goods in inventory, often used to calculate cost of goods sold or ending inventory.