Even If a Statute's Words Have Ordinary,everyday Significance,the Court Will

question 12

True/False

Even if a statute's words have ordinary,everyday significance,the court will look at the legislative history of the law and public policy in order to interpret the statute.

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Definitions:

FIFO

"First In, First Out," an accounting method for valuing inventory where the oldest items are sold first.

Straight-Line

A method of calculating depreciation of an asset which assumes the asset will lose an equal amount of value each year.

Sunk Cost

Costs that have already been incurred and cannot be recovered or changed, and thus should not affect future business decisions.

Salvage Value

The anticipated residual value of an asset after it has been fully depreciated and is no longer in use.