_____ May Be Defined as That Body of Rules or Laws

question 64

Multiple Choice

_____ may be defined as that body of rules or laws that is binding on states and other international persons in their mutual relations.

• A)Legal systems
• B)International law (or the "law of nations")
• C)Local law
• D)Napoleonic code law
• E)Civil law

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Definitions:

Accounts Payable-Emma Co.

The amount of money Emma Co. owes to its suppliers or creditors for items or services purchased on credit.

Debit Balance

A financial situation where the total debits exceed the total credits in an account, resulting in a positive account balance.

Inventory

Assets held for sale in the ordinary course of business, as well as materials and supplies used in producing goods available for sale.

Chart of Accounts

The Chart of Accounts is an organized list of all accounts in the general ledger of a company, used for recording transactions and building financial statements, categorized by assets, liabilities, equity, revenues, and expenses.