Exam 2: Legal Systems

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Identify the following as an asset (A), liability (L), or equity (E) by writing the letter of the correct classification in the space provided.
Accounts payable
liability
Office equipment
equity
Accounts receivable
asset
Correct Answer:
Verified
Premises:
Responses:
Accounts payable
liability
Office equipment
equity
Accounts receivable
asset
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A licensing court is an example of alternative dispute resolution.

(True/False)
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Why might an accused person prefer to have an indictable matter dealt with summarily in an inferior court instead of in a higher court?

(Multiple Choice)
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enter the letter of its balance sheet classification.
Cash
Current assets
Inventory
Long-term investments
Land
Long-term assets
Correct Answer:
Verified
Premises:
Responses:
Cash
Current assets
Inventory
Long-term investments
Land
Long-term assets
Machine
Intangible assets
Building
Current liabilities
Income taxes payable in 30 days
Noncurrent liabilities
Utilities payable
Equity
Note receivable due in 30 days
the item should not appear on the balance sheet
(Matching)
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Consumer claims under the Australian Consumer Law are dealt with by the Australian Competition and Consumer Tribunal.

(True/False)
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In NSW,a complaint about racial discrimination would be dealt with in the Civil and Administrative Tribunal.

(True/False)
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