Decisions of the ________ Are Final Unless a Question of Law

question 31

Multiple Choice

Decisions of the ________ are final unless a question of law is involved that is appealable to the U.S. Supreme Court.

• A) courts of appeals
• B) courts of records
• C) highest state courts
• D) general-jurisdiction trial courts

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Definitions:

Accrual

The accounting principle that income and expenses are recognized when they are earned or incurred, regardless of when the cash is actually received or paid.

Net Realisable Value

is the estimated selling price of goods in the ordinary course of business minus the estimated costs of completion and the necessary selling expenses, used in inventory valuation and impairment tests.

Depreciation

A method of allocating the cost of a tangible or physical asset over its useful life, recognizing the asset's wear and tear over time.

Asset's Value

The worth of an asset, which can be determined by factors such as market value, book value, or utility.