The Doctrine of Reception Provides That

question 24

Multiple Choice

The doctrine of reception provides that:

• A)where a territory is conquered or acquired the colonising power brings with it the laws of its home country.
• B)where a territory is settled the laws of the original inhabitants remain in place.
• C)where a territory is settled the territory is regarded as previously unoccupied and the settlers bring with them the laws of their home country.
• D)at the time of the colonisation of Australia the British settlers acknowledged the prior existence of Indigenous customary law.

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Definitions:

Inventory Item

Goods or materials that a business holds for the ultimate purpose of resale or use in production.

Inventory Value

The total cost or market value of all the goods held by a company intended for sale or for use in producing goods for sale.

Cost Or Market

An accounting method for inventory valuation, valuing inventory at the lower of its historical cost or market value.

Weighted Average Cost

A method of inventory costing that assigns a weighted average cost to each unit of inventory on hand, based on the cost of goods available for sale and the number of units available.