Which of the Following Statements Is TRUE

question 32

Multiple Choice

Which of the following statements is TRUE?

• A) Precedent setting opinions are always applied retrospectively.
• B) Precedent setting opinions are always applied prospectively.
• C) Prospective effect means that the decision controls the legal consequences of causes of action arising before the announcement of the decision.
• D) Courts must decide whether a precedent will apply retrospectively or prospectively on a case-by-case basis by examining certain factors.

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Definitions:

Weighted-Average Method

An inventory costing method that calculates the cost of ending inventory and cost of goods sold based on the average cost of all similar items in the inventory.

Process Costing System

An accounting method used where goods are produced in a continuous process, costs are averaged over the units produced to determine per unit cost.

Dust Density Sensors

Devices used to measure the concentration of particulate matter in the air for environmental monitoring or industrial processes.

Weighted-Average Method

A technique that figures out the cost of sold goods and the finishing inventory value, by averaging the cost of all items up for sale.