Which of the Following Statements Is True of Case Laws

question 46

Multiple Choice

Which of the following statements is true of case laws? 

• A) They are valid only when enacted by legislative bodies at any level of government. 
• B) They are specific for each state, independent of the nature of a lawsuit. 
• C) They are considered the supreme law of the land.​ 
• D) They are the rules of law announced in court decisions. 
• E) They are the rules, regulations, orders, and decisions of government agencies other than the judicial body.

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Definitions:

Sale

A transaction between two parties where the buyer receives goods, services, or assets in exchange for money.

Consolidated Net Income

The total net income of a parent company and its subsidiaries after the elimination of inter-company transactions and distributions to minority interests.

Equity Method

An accounting technique used by companies to assess the profits earned through their investments in other companies by reporting these profits as an increase in the asset value of the investment.

Unrealized Intercompany Profits

Profits generated from transactions between entities within the same group that have not yet been realized through sales to an external party.