When the Decision of a Court Involves an Interpretation of Law,it

question 36

Multiple Choice

When the decision of a court involves an interpretation of law,it may establish _____ that must be used by lower courts in deciding future cases.

• A)a judicial review
• B)a precedent
• C)an administrative law
• D)a statutory law

---

Definitions:

Assets

Resources owned by a business that are expected to provide future economic benefits.

Liabilities

Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.

Internal Transactions

financial events that affect the internal accounting of an organization without involving another entity.

External Transactions

Financial activities involving an entity and another party outside the entity, such as sales, purchases, and financing agreements.