(Modify This Question for Your Province

question 143

Multiple Choice

(Modify this question for your province.) Which of the following is false with respect to our court system?

• A) A negligence action, where the extent of damage is $1500, would most likely begin in the B.C. Provincial Court, small claims division.
• B) The lawyer arguing before the B.C. Supreme Court could cite a British case, but the judge is not bound to follow it.
• C) A judge on the B.C. Court of Appeal is bound to follow the decision of a judge on the B.C. Supreme Court on a case with similar facts.
• D) There is no monetary limitation on the B.C. Supreme Court.
• E) The consequence of the merger of the common law courts with the courts of equity is that the courts now apply both legal and equitable principles and remedies.

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Definitions:

Depreciation

The process of allocating the cost of a tangible asset over its useful life, reflecting wear and tear, obsolescence, or age.

Notes Receivable

Written promises for amounts to be received, typically including interest, by a debtor to a creditor.

Accounts Receivable

Represents the money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Direct Write-off Method

An accounting method where uncollectible debts are directly removed from the accounts receivable balance when they are deemed irrecoverable.