_____ Is a System of Laws Under Which the People

question 32

Multiple Choice

_____ is a system of laws under which the people and the government are bound.

• A)Stare decisis
• B)Natural law
• C)Rule of man
• D)Enabling legislation
• E)Rule of law

---

Definitions:

Cash Flows

This term denotes the total amount of money being transferred into and out of a business, especially affecting the company's liquidity.

Fundamental Qualitative Characteristics

The primary attributes that make the information provided in financial statements useful to users.

FASB Conceptual Framework

A foundational set of objectives and concepts that guide the Financial Accounting Standards Board in developing accounting standards.

GAAP

Generally Accepted Accounting Principles; a collection of commonly followed accounting rules and standards for financial reporting in the United States.