The First Formal Legal Code Was The

question 22

Multiple Choice

The first formal legal code was the:

• A)Code of Hammurabi.
• B)Declaration of Independence.
• C)Magna Carta.
• D)Twelve Tables.

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Definitions:

Cost

The amount of money required to purchase something or the expense associated with creating a product or service.

Selling Price

The amount of money for which a product is sold to the consumer.

Completed-Contract Method

An accounting strategy where revenue and expenses of a long-term project are deferred until the project is completed, at which point they are recognized in the fiscal period of completion.

Partial Billings

The invoicing of a portion of the amount due for goods or services before the work is fully completed.