When We Say That the Law Is Linked to Moral

question 16

Multiple Choice

When we say that the law is linked to moral and ethical standards,we mean that

• A)the law is based on ethics.
• B)ethical behaviour is generally considered to be a higher standard.
• C)ethics and morality are one and the same.
• D)the fundamental truths that give rise to the law include ethics and morality.
• E)the moral and ethical values of a society as a whole shape the development of the law.

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Definitions:

Income Summary Account

An account used in closing process to aggregate all income and expenses accounts before determining and transferring the net income or loss to the capital account.

Adjusting Entries

Entries recorded at the conclusion of an accounting period to adjust the balances of accounts prior to the compilation of financial statements.

Income Statement Accounts

Accounts used to record transactions affecting a company’s income, expenses, and the resulting net income or loss over a period of time.

Balance Sheet Accounts

Categories within the balance sheet that include assets, liabilities, and shareholders' equity, each of which is essential for showcasing the company's financial health.