There Are Three Implications of Legality. They Include

question 110

Multiple Choice

There are three implications of legality. They include:

• A) Prohibits governments from punishing someone if a criminal law is written too vaguely
• B) No one can be punished for an act that is not expressly labeled as a criminal act by a penal code
• C) Criminal laws must be interpreted according to their plain meaning
• D) All of the above

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Definitions:

Periodic Inventory Systems

An inventory recording system where goods are physically counted at specific intervals to determine cost of goods sold and ending inventory.

Retail Inventory Method

An accounting method used by retailers to estimate inventory value by converting retail prices to cost, often used for financial reporting and determining cost of goods sold.

Selling Prices

The set price at which goods and services are sold to customers, determined by factors such as cost, competition, and demand.

Ending Inventory

The cost of merchandise ready to be sold at the close of an accounting cycle, found by taking the initial inventory, adding purchases, and subtracting the cost of goods sold.