Which of the Following Statements Is Incorrect? the Doctrine of Precedent

question 1

Multiple Choice

Which of the following statements is incorrect? The doctrine of precedent:

• A)Is sometimes referred to by its Latin name stare decisis.
• B)Is important in ensuring consistency in case law.
• C)Provides that a judge deciding a question of law must decide that question in the same way as was done previously by an earlier court.
• D)Contributes to the unpredictability of the law.

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as the sum of beginning inventory plus purchases minus cost of goods sold.

Overstatement

An error in financial reporting where the value of assets, revenues, or profits is recorded higher than the actual figures.

Inventory Purchases

Refers to the acquisition of goods and materials a company intends to sell or use in production, forming part of its inventory.

Cost of Goods Sold

The direct expenses linked to the creation of products sold by a business.