Australia's Legal System Is a Common Law Legal System Based

question 8

Multiple Choice

Australia's legal system is a common law legal system based on the:

• A)Indigenous Australian legal system.
• B)British legal system.
• C)Roman legal system.
• D)US legal system.

---

Definitions:

U.S.GAAP

United States Generally Accepted Accounting Principles, a collection of rules and guidelines designed to improve and standardize accounting practices.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was acquired and put into use.

Balance Sheet

A financial statement that provides a snapshot of a company’s financial condition at a specific time, including assets, liabilities, and shareholders' equity.

Depreciation Methods

Various techniques used to systematically allocate the cost of a tangible asset over its useful life, including straight-line, declining balance, and units of production methods.