It Is Obvious That an Error Occurred in the Preparation

question 292

Multiple Choice

It is obvious that an error occurred in the preparation and/or posting of closing entries if:

• A)all revenue and expense accounts have zero balances.
• B)the Retained earnings account is debited for the amount of the net loss for the period.
• C)the income summary account is debited for the amount of net income for the period.
• D)all balance sheet accounts have zero balances.
• E)only permanent accounts appear on the post-closing trial balance.

Recognize the legal considerations surrounding file-sharing, digital sampling, and copyright infringement.

Understand the concept and legal implications of typosquatting and domain name registration practices.

Identify the conditions under which online behaviors and social media content are subject to legal scrutiny and discovery.

Comprehend the application of federal and state regulations on e-mail advertising and anti-spam laws.

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Definitions:

Statutory Laws

Laws enacted by a legislative body that are set down in writing, as opposed to laws derived from court decisions (common law) or customary practices.

Stare Decisis

A legal principle that obligates courts to follow previous rulings or precedents when making a decision on a similar case.

Precedent

A principle or rule established in a previous legal case that is either binding on or persuasive for a court when deciding subsequent cases with similar issues or facts.

Legislative Acts

Laws passed by a legislature or governing body that dictate codes of behavior, rights, and obligations.