The Courts Have Generally Upheld the View That Ignorance of the Law

question 116

Multiple Choice

The courts have generally upheld the view that ignorance of the law is not an excuse for committing an illegal act,but if an accused person has made a(n) _________,that may serve as a defense.

• A)mistake of fact
• B)mistake of intoxication
• C)exception of infancy
• D)mistake of duress

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Definitions:

Property, Plant, And Equipment

Long-term assets owned by a business for the purpose of production, supply, rental, or administrative use, not intended for sale during the normal course of business.

Current-Rate Method

An accounting technique used for converting foreign subsidiary financial statements into the parent company's reporting currency, translating all assets and liabilities at the current exchange rate.

Exchange Gains/Losses

The difference in value realized from the exchange of currency that can either be a profit (gain) or a loss due to fluctuating exchange rates.

Exchange Gains/Losses

The financial result stemming from the fluctuation in exchange rates affecting the value of foreign currency transactions and holdings.