_____ May Be Defined as That Body of Rules or Laws

question 64

Multiple Choice

_____ may be defined as that body of rules or laws that is binding on states and other international persons in their mutual relations.

• A)Legal systems
• B)International law (or the "law of nations")
• C)Local law
• D)Napoleonic code law
• E)Civil law

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Definitions:

Inventory Cost Flow

An accounting method that determines the value of sold inventory and ending inventory, can be FIFO, LIFO, or Average Cost.

Net Income

The total profit of a company after all expenses and taxes have been subtracted from total revenue. It represents the company's bottom line.

Rising Prices

An economic situation characterized by a general increase in the prices of goods and services.

Dollar-Value LIFO

An inventory valuation method that uses the dollar value of inventory rather than the physical count of goods, adjusting for inflation.