Which of the Following Schools of Jurisprudence Emphasizes That Contemporary

question 62

Multiple Choice

Which of the following schools of jurisprudence emphasizes that contemporary law should focus on legal principles that have withstood the test of time in a nation?

• A) Sociological
• B) Tort
• C) Positive
• D) Historical
• E) Natural

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Definitions:

Inventoriable Costs

Direct costs associated with the acquisition or production of goods that are held for sale in the ordinary course of business.

Closing Entries

Closing entries are journaled at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, thereby resetting the temporary accounts for the next period.

Natural Resources

Natural resources are raw materials that are derived from the environment, such as minerals, forests, water, and fertile land, which can be used for economic gain.

Periodic Inventory System

An inventory system that updates inventory balance and cost of goods sold at the end of an accounting period, not continuously.