Ethical dilemmas are situations in which only one of the available alternatives seems ethically acceptable

Fitch Supply Services received $1,000 cash from a customer; the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?

A) Accounts Receivable increases and Service Revenue increases B) Cash increases and Accounts Receivable decreases C) Cash increases and Service Revenue increases D) Cash increases and Accounts Payable decreases

A federal trial court judge in Fayetteville, Arkansas must interpret Arkansas state law. The Arkansas Supreme Court has previously interpreted this law. No federal court has interpreted this law. Will the federal trial judge be required to follow the precedent set by the Arkansas Supreme Court?

A. Yes, this is a “civil law” system, not a “common law” system. B. No, the federal trial court exclusively follows laws from the U.S. Supreme Court. C. No, because federal trial court judges in Arkansas exclusively follow precedent of the 8th Circuit Court of Appeals. D. Yes, the Arkansas Supreme Court issues binding precedent for the interpretation of Arkansas law. E. No, because federal judges may only apply federal law when deciding a case.