Inferior Company,which Is Based on South Carolina,makes and Sells Prod?ucts

question 38

Multiple Choice

Inferior Company,which is based on South Carolina,makes and sells prod?ucts that are poorly made.Jack,who is a resident of North Carolina,buys an Inferior product and suffers an injury through its use.The diversity of citi?zenship between these parties means that

• A)federal and state courts have concurrent jurisdiction.
• B)federal courts have exclusive jurisdiction.
• C)no court has jurisdiction.
• D)state courts have exclusive jurisdiction.

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Definitions:

Temporal Method

An exchange rate conversion technique where monetary assets and liabilities are converted at historical rates, while non-monetary assets and liabilities are converted at the current rate.

Historical Rate

refers to the exchange rates used to convert foreign currency transactions or balances to the reporting currency based on the rates in effect at the dates of the transactions or balance sheet dates.

Non-Monetary Assets

Assets that are not held in the form of cash or cash equivalents, such as property, equipment, and intangible assets.

Temporal Method

An accounting technique used for currency translation that uses exchange rates based on the time assets and liabilities are acquired or incurred.