Which of the Following Describes the Distinction Between Criminal Law

question 31

Multiple Choice

Which of the following describes the distinction between criminal law and tort law?

• A) Tort law doesn't require the defendant's fault,whereas criminal law does require fault.
• B) Tort litigation must be commenced by a business,whereas criminal proceedings are commenced by victims of crime.
• C) Tort law is concerned with insurance claims,whereas criminal law is concerned with restitution to victims of crime.
• D) Tort law is concerned with compensation,whereas criminal law is concerned with punishment.

Differentiate between various types of adjustments in a bank reconciliation.

Understand the impact of Sarbanes-Oxley on the financial reporting and internal controls of companies.

Recognize the principles and objectives of internal control systems.

Conceptualize the management of petty cash funds and the importance of cash management practices.

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Definitions:

Auditing Firms

Companies specializing in examining and evaluating the accuracy of financial records and statements of a corporation or entity.

Financial Assets

Assets that derive value from a contractual promise or ownership right, including stocks, bonds, derivatives, and bank balances.

Consumption Timing

The decision-making process regarding when to spend money on goods and services, balancing current consumption against future needs.

Allocation Of Risk

Allocation of Risk involves distributing exposure to financial risks among various participants or financial instruments to manage potential losses more effectively.