In Yahoo! V

question 38

Multiple Choice

In Yahoo! v. La Ligue Contre Racisme et L'Antisemitisme, Yahoo! ran an auction site that allowed users to post and sell items to buyers around the world. Yahoo!'s policies included prohibitions on the sale of particular illegal items. Yahoo! also told sellers that they could not list items in jurisdictions where the sale of those items would violate the jurisdiction's applicable laws. La Ligue Contre Racisme et L'Antisemitisme (LICRA) sued Yahoo! in France under a French law prohibiting the sale of Nazi- and Third Reich-related items. The French court held that Yahoo! violated the French code with the sale of such items. Yahoo! filed a suit in a U.S. district court, claiming that the ban infringed impermissibly on its rights under the U.S. Constitution's First Amendment and asked that the court find that the French court's holding was not enforceable under U.S. law. The district court held that U.S. courts:

• A) are bound by foreign judgments if both of the two countries recognize the sovereignty of each other.
• B) are not bound by foreign judgments if the judgment is inconsistent with the Constitution and laws of the United States.
• C) are bound by foreign judgments based on the principles set forth through comity and the Vienna Treaty.
• D) are not bound by foreign judgments based on the idea of sovereign immunity.

Recognize the roles and tasks of regulatory bodies and standards in accounting.

Understand the primary objective of financial accounting and its importance to external users.

Know the requirements and qualifications for becoming a Certified Public Accountant (CPA).

Understand how transactions impact financial statements and the accounting equation.

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Definitions:

Three-Step Writing Process

A structured approach to writing that includes planning, writing, and revising.

Informational Reports

Documents or presentations aimed at delivering facts and data about a specific subject, without including opinions or recommendations.

Demonstrate Compliance

Showing evidence or actions that indicate adherence to laws, regulations, guidelines, or standards.

Monitor and Control Operations

The processes involved in observing system or business function performance and making adjustments as necessary to maintain desired levels.