If Law Is Founded on Tradition, Past Practices, Legal Precedents

question 52

Multiple Choice

If law is founded on tradition, past practices, legal precedents set by the courts through interpretations of statutes, legal legislation, and past rulings, it is called:

• A) common law
• B) code law
• C) Islamic law
• D) Marxist-socialist tenets
• E) legal tradition

---

Definitions:

Statement of Comprehensive Income

A financial statement that includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Extraordinary Gains

Unusual and infrequent gains recognized in a company's financial statements, separate from regular business operations.

Unrealized Losses

Losses on investments that have not been sold or settled and are still held by the company.

Cost of Goods Sold

Calculates the direct costs attributable to the production of the goods sold by a company, including materials and labor.