Underscoring the Importance of Ethics Is That the Law Is

question 34

Multiple Choice

Underscoring the importance of ethics is that the law is not always easy to interpret or apply because laws

• A)are organized and structured, and thus can be difficult to read.
• B)represent the people's will, which changes.
• C)result from a political process involving compromise.
• D)contain arbitrary and capricious terms.

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Definitions:

Accounts Payable

Accounts payable refers to the amounts owed by a company to its creditors for goods or services received that have not yet been paid for.

Nominal Accounts

Accounts that are closed at the end of each accounting period; includes revenue, expense, and withdrawal accounts.

Sales Journal

A specialized accounting journal used to record all sales transactions of a company on credit.

Accounts Receivable Subsidiary Ledger

A ledger detailing individually the amounts owed by each customer, supplementing the general ledger's summary account.