Which of the following statements is true regarding common law?
A)In common law countries,there are generally more statutes written into the laws.
B)In common law countries,there is less reliance on interpretation by the courts.
C)Because more details are written into U.S.law,the FASB has shorter and more general accounting standards than most countries.
D)The common law system has its roots in the United Kingdom.

Question

Quizplus · Accepted Answer

The common law system has its roots in the United Kingdom, where it began developing in the Middle Ages. In common law countries, such as the United States, Canada, and Australia, court decisions and legal precedents play a significant role in shaping the law, rather than relying solely on written statutes. Moreover, because common law is based on precedent, there may be less clarity and more interpretation required by the courts. Additionally, the FASB's accounting standards do not necessarily reflect the level of detail in U.S.law.

Which of the Following Statements Is True Regarding Common Law