If These Citations Appeared After a Trial Court Decision, Which

question 46

Multiple Choice

If these citations appeared after a trial court decision, which one means that the decision was viewed favorably?

• A)Aff'd 633 F. 2d 512 (CA-7, 1980).
• B)Rem'd 399 F. 2d 800 (CA-5, 1968).
• C)Rev'd 914 F. 2d 396 (CA-3, 1990).
• D)Rev'd 935 F. 2d 203 (CA-5, 1991).
• E)None of the above.

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Definitions:

Days' Sales

A measure often used to evaluate the average time it takes for a company to convert its inventory into sales.

Lower-of-Cost-or-Market

An accounting principle that mandates inventory be recorded at the lower between its historical cost and current market value.

Balance Sheet

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.

Inventory Quantity

The amount of merchandise, raw materials, work-in-progress, and finished goods that a company holds at any given point in time.