As the Text Defines Law,it Exists

question 54

Multiple Choice

As the text defines law,it exists:

• A)Only in state societies.
• B)In all human societies.
• C)Only in societies with a system of courts and judges.
• D)In all societies except those at the very simplest sociocultural level.
• E)Only in societies where writing has developed.

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Definitions:

Net Realizable Value

The estimated selling price of goods, minus the cost of their sale or completion and any necessary disposal expenses.

Allowance for Doubtful Accounts

A concession for estimated bad debts that will arise from accounts receivable that may not be collectible.

Bad Debt Expense

An accounting term referring to the recognition of unrecoverable amounts owed to a company by debtors, treated as a cost on the income statement.

Sales Discount

A reduction in the price of goods or services offered to customers, typically to prompt early payment or boost sales.