An Administrative Law Was Passed and Proclaimed in Force on January

question 13

Multiple Choice

An administrative law was passed and proclaimed in force on January 1,2003,that prohibited anyone from operating a pet-supply business unless he or she was registered under the act.Harvey operates a pet-supply business.Which of the following is true?

• A)Harvey can ignore the law because he was carrying on his business before the law came into effect.
• B)Harvey must register with the appropriate agency in order to lawfully carry on his business.
• C)If Harvey ignores the law,he has violated a criminal law statute.
• D)Registration is only a guideline,and registration is an option only.

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Definitions:

Probable Loss

An estimated financial loss from future events that are considered likely to occur based on current evidence or events.

Economic Sacrifice

A concept referring to the cost or loss associated with making a particular decision or taking an action.

Disclosure Note

A note included in financial statements that provides additional information relevant to an organization's financial position.

Working Capital

Working capital represents the disparity between an organization's current assets and current liabilities, showcasing its operational efficiency and short-term financial stability.