The Process in Law-Governed Societies in Which Laws Are Known

question 64

Multiple Choice

The process in law-governed societies in which laws are known and understood and there is an ability to appeal to higher authorities to ensure that the laws are applied correctly is called

• A) liability.
• B) due process.
• C) the courts of appeal.
• D) accountability.

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Definitions:

Standard Cost Approach

A costing method that assigns a fixed cost to inventory and cost of goods sold, based on standard estimates of input costs.

Market Price Approach

An approach to transfer pricing that uses the price at which the product or service transferred could be sold to outside buyers as the transfer price.

Decentralization

The distribution of decision-making power and assignment of management and operational duties away from a central authoritative location or group.

Operational Issues

Challenges or problems that arise in the day-to-day functions of a business, affecting its operations.