The Law Which Is Created by Judges Opposed to Statutes

question 31

Multiple Choice

The law which is created by judges opposed to statutes and legislation for the equity,justice and conscious is called:

• A) common law.
• B) codified law.
• C) statutory law.
• D) ordinance.

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Definitions:

Accrued Expenses

These are expenses that have been incurred but not yet paid for, reflecting costs for goods or services received but for which an invoice has not been received or payment made.

Reported Net Income

The final profit figure disclosed in a company's income statement, after accounting for all revenues, expenses, taxes, and extra-items.

Ending Merchandise Inventory

The total value of a company's merchandise available for sale at the end of an accounting period.

Supplies Expense

Supplies Expense refers to the cost of consumable items used during a reporting period, typically included in the income statement as an operating expense.