Damien Buys a Copy of the Book Exchange

question 6

Multiple Choice

Damien buys a copy of the book Exchange.Later,after reading the book,Damien sells it to his sister.Under the first sale doctrine,Damien's sale of the book is

• A)legal.
• B)legal only if the copyright has expired.
• C)legal only if Damien sells it for less than he paid for it.
• D)illegal.

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Definitions:

Electronic Funds Transfer

The digital transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems.

Accounts Payable

The amounts a company owes because it purchased goods or services on credit from a supplier or vendor.

Internal Control

A process designed by an organization's management and personnel to provide reasonable assurance regarding the achievement of effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.

Reasonable Assurance

A concept in auditing that suggests although not absolute, there is a high level of confidence in the financial statements accuracy.