The Source of Law That Ranks the Lowest Among All

question 64

Multiple Choice

The source of law that ranks the lowest among all the others is a _____.

• A) local ordinance
• B) statute
• C) case law
• D) state administrative regulation
• E) federal administration regulation

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Definitions:

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Fees Earned

Income received from providing services, a form of revenue for professionals and businesses engaged in service activities.

Interest Income

Revenue earned from the investment of funds in interest-bearing accounts or securities, such as bonds or savings accounts.

Rent Expense

An expense account recording the cost incurred by a business to rent facilities or equipment.