State the Two Major Types of Legal Systems Used Around

question 31

Essay

State the two major types of legal systems used around the world and briefly describe their differences.

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Definitions:

Approves Purchases

Refers to the process or authority given to certain individuals or systems to validate and authorize the acquisition of goods or services for a business or organization.

Journal Entries

The basic record-keeping of a company's financial transactions, recorded in the chronological order.

Paid Voucher File

A collection of documents that record and confirm the payments made by a business, often including purchase orders, receipts, and payment advice.

Creditor's Name

The name of the individual or entity that is owed money by a debtor for provided goods, services, or loans.