The Following Transactions Occurred During March, the First Month of Operations

question 12

Multiple Choice

The following transactions occurred during March, the first month of operations for Quality Galleries Limited:
* Share Capital was issued in exchange for $360,000 cash.
* Purchased $180,000 of equipment by making a $60,000 cash down payment and signing a note payable for the balance.
* Made a $35,000 cash payment on the note payable from the purchase of equipment.
* Sold a piece of equipment for cash of $18,000. The equipment was sold at cost, so there is no gain or loss on the sale.

-Refer to the above data. What is the balance in the Cash account at the end of March?

• A) $283,000.
• B) $343,000.
• C) $318,000.
• D) $378,000.

Grasp the principle of precedent and its application in a common-law system.

Distinguish between substantive law and other types of law.

Comprehend the realm and implications of canon law.

Realize the hierarchical structure of courts and the obligation to follow higher court decisions.

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Definitions:

Discretionary Action

Actions that rely on individual judgment and choice in the execution of a duty or the handling of a situation.

Role Conflict

Occurs when an individual faces incompatible demands or expectations from different roles they are required to perform.

Position Power

The authority or influence a person has due to their role or position within an organization or group.

Formal Authority

The power granted to an individual or group through official or legal means within an organization or society.