Viva Inc Produces and Sells Coffee Beans

question 37

Multiple Choice

Viva Inc. produces and sells coffee beans. This month it earned $500 by selling coffee beans to Jeffery Inc. The $500 received by Viva is its:

• A)revenue.
• B)equity.
• C)gain.
• D)debt.

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Definitions:

English Courts

The judiciary system in England, consisting of various levels of courts including the Supreme Court, Court of Appeal, and High Court.

Certain Regions

Specific geographical areas or locations identified for a particular context or purpose.

William the Conqueror

A 11th-century Norman king who became the first Norman to be King of England after his victory at the Battle of Hastings in 1066.

Stare Decisis

The doctrine of precedent, under which a court is obligated to follow earlier decisions of that court or higher courts within the same jurisdiction. This is a major characteristic of the common law system.