Laws Refer to

question 55

Multiple Choice

Laws refer to

• A) a specific set of behaviors a given society considers to be ethical.
• B) society's values and standards that are enforceable in the courts.
• C) the agreed upon codes of behavior for a given nation, community, religious group, or family.
• D) written documentation of a prescribed set of attitudes, beliefs, and values.
• E) a code of ethics that defines what may be done in specific business circumstances.

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Definitions:

Residual Value

The estimated value of an asset at the end of its useful life, reflecting what it could be sold for or its salvage value.

Lessor

An entity or individual that leases or rents property or assets to a lessee.

Lessee

The entity that obtains the right to use an asset under a lease agreement from the lessor.

Uses the Asset

Refers to how an asset is employed within a business or investment strategy to generate returns or benefits.