ACCOUNTING 215 EXAM 1 IOWA STATE QUESTIONS WITH
VERIFIED ANSWERS,100% CORRECT
law - CORRECT ANSWERS- what society has deemed prohibited or not
Ethics - CORRECT ANSWERS- individual belief what is morally right or wrong
International law - CORRECT ANSWERS- -can be hard to enforce because each
nation has an equal amount of authority
-international court of justice
-written/unwritten laws observed by independent nations/governments
Federal law - CORRECT ANSWERS- U.S. constitution is highest authority of federal
law in U.S.
1. United States constitution
2. statutes passed by congress
3. regulations passed by federal agencies
4. precedent created by federal judges
State law - CORRECT ANSWERS- 1. State constitutions
2. statutes passed by state legislature
3. regulations passed by state agencies
4. precedent created by state judges
,City or county law - CORRECT ANSWERS- Ordinances
Primary sources of U.S. law (made by) - CORRECT ANSWERS- -U.S./State
constitutions
-statute passed by congress/state
-regulations created by administrative agencies (federal or state)
-ordinances passed by municipalities (local)
-common law (judges/customary)
Statutory law* - CORRECT ANSWERS- passed by legislature, state or county law
Common law* - CORRECT ANSWERS- created by judges and/or legal custom (all
following part of common law)
precedent (CL) - CORRECT ANSWERS- outcome prescribed by a court in a certain
type of case
Stare Decisis (CL) - CORRECT ANSWERS- common law doctrine which states court
must follow precedent
Substantive law - CORRECT ANSWERS- defines rights and obligations (ex. right to
move freely among states)
procedural law - CORRECT ANSWERS- establishes methods for enforcing or
restricting rights under the substantive law (ex. process of state to follow to take
away free movement)
, civil law - CORRECT ANSWERS- branch of law that deals with non criminal matters
(private rights and remedies of a citizen)
Criminal law - CORRECT ANSWERS- defines and governs actions that are crimes
Hierarchy of law - CORRECT ANSWERS- -lower court must always follow precedent
of higher
-federal law trumps state
-constitution trumps everything
plaintiff - CORRECT ANSWERS- one who initiates a lawsuit
defendant - CORRECT ANSWERS- one who is accused of wrong doing in a legal
matter
cyber law - CORRECT ANSWERS- emerging body of law which regulates
ecommerce transactions
remedy - CORRECT ANSWERS- relief given to an innocent party
remedy at law* - CORRECT ANSWERS- money damages
equitable remedies* - CORRECT ANSWERS- - rescission: to undo a contract
- specific performance: to do the thing
- injunction: court order to refrain
VERIFIED ANSWERS,100% CORRECT
law - CORRECT ANSWERS- what society has deemed prohibited or not
Ethics - CORRECT ANSWERS- individual belief what is morally right or wrong
International law - CORRECT ANSWERS- -can be hard to enforce because each
nation has an equal amount of authority
-international court of justice
-written/unwritten laws observed by independent nations/governments
Federal law - CORRECT ANSWERS- U.S. constitution is highest authority of federal
law in U.S.
1. United States constitution
2. statutes passed by congress
3. regulations passed by federal agencies
4. precedent created by federal judges
State law - CORRECT ANSWERS- 1. State constitutions
2. statutes passed by state legislature
3. regulations passed by state agencies
4. precedent created by state judges
,City or county law - CORRECT ANSWERS- Ordinances
Primary sources of U.S. law (made by) - CORRECT ANSWERS- -U.S./State
constitutions
-statute passed by congress/state
-regulations created by administrative agencies (federal or state)
-ordinances passed by municipalities (local)
-common law (judges/customary)
Statutory law* - CORRECT ANSWERS- passed by legislature, state or county law
Common law* - CORRECT ANSWERS- created by judges and/or legal custom (all
following part of common law)
precedent (CL) - CORRECT ANSWERS- outcome prescribed by a court in a certain
type of case
Stare Decisis (CL) - CORRECT ANSWERS- common law doctrine which states court
must follow precedent
Substantive law - CORRECT ANSWERS- defines rights and obligations (ex. right to
move freely among states)
procedural law - CORRECT ANSWERS- establishes methods for enforcing or
restricting rights under the substantive law (ex. process of state to follow to take
away free movement)
, civil law - CORRECT ANSWERS- branch of law that deals with non criminal matters
(private rights and remedies of a citizen)
Criminal law - CORRECT ANSWERS- defines and governs actions that are crimes
Hierarchy of law - CORRECT ANSWERS- -lower court must always follow precedent
of higher
-federal law trumps state
-constitution trumps everything
plaintiff - CORRECT ANSWERS- one who initiates a lawsuit
defendant - CORRECT ANSWERS- one who is accused of wrong doing in a legal
matter
cyber law - CORRECT ANSWERS- emerging body of law which regulates
ecommerce transactions
remedy - CORRECT ANSWERS- relief given to an innocent party
remedy at law* - CORRECT ANSWERS- money damages
equitable remedies* - CORRECT ANSWERS- - rescission: to undo a contract
- specific performance: to do the thing
- injunction: court order to refrain
