Which of the Following Are Necessary for a Precedent to Be

question 17

Multiple Choice

Which of the following are necessary for a precedent to be binding? Please select all that apply.

• A) The facts must be analogous.
• B) The decided case must have been heard in a higher court (or at the same level under certain circumstances).
• C) The precedent must be the ratio of the previous decision.
• D) Part of the previous decision must be obiter dicta.

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Definitions:

Activity-Based Costing

A costing method that assigns costs to products or services based on the activities they require, aiming to provide more accurate product cost information.

Machine-Hours

A unit of measure representing the operating time of a machine, used in allocating costs to products based on machine usage.

First Stage Allocations

In managerial accounting, it refers to the process of allocating overhead costs initially to various departments or cost pools.

Supervising Costs

Expenses related to the management and oversight of production processes or organizational employees.