Which of the Following Is True of the Supreme Court

question 21

Multiple Choice

Which of the following is true of the Supreme Court case of McCulloch v.Maryland (1819) ?​ 

• A) It involved the full faith and credit clause on the issue of the legitimacy of gay marriage in the state of Maryland.​ 
• B) It involved the question of taxes imposed by the federal government on the bank of Maryland. 
• C) It dealt with the constitutionality of a state action that conflicted with a national government action. 
• D) It was ruled that states could use its taxing power to tax an arm of the national government. 
• E) It was ruled that the federal government was not authorized to establish a bank as such a power was not enumerated in the Constitution.

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Definitions:

Liquidity Problems

Situations where an entity faces difficulty in converting assets into cash or meeting its short-term obligations.

General Ledger

A comprehensive record of all financial transactions of a company, categorized into accounts.

Accounting Equation

A fundamental principle in accounting that states that assets equal liabilities plus equity (Assets = Liabilities + Equity), serving as the foundation for the balance sheet.

Current Ratio

A liquidity ratio that measures a company's ability to pay short-term obligations, calculated as current assets divided by current liabilities.