Which Definition of Law Is Represented By, "The Prophecies of What

question 5

Multiple Choice

Which definition of law is represented by, "The prophecies of what the courts will do in fact and nothing more pretentious, are what I mean by law"?

• A) law in action
• B) law and official authority
• C) law and justice
• D) law, coercion, and specialization

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Definitions:

Retrospective Adjustments

Adjustments made to the financial statements of prior periods when adopting a new accounting principle, as if that principle had always been applied.

Salvage Value

The estimated residual value of an asset after its useful life is over.

Straight-Line Method

A method of calculating depreciation of an asset which spreads the cost evenly across the useful life of the asset.

Prior Period Adjustment

Adjustments made to the financial statements to correct errors or inaccuracies from previous periods.