Which of the Following Statements Is TRUE

question 35

Multiple Choice

Which of the following statements is TRUE?

• A) A person may be subject to an obligation in tort law even if they did not agree to that situation.
• B) The concept of privity is part of every tort.
• C) The victim of a tort is called a tortfeasor.
• D) Liability in tort law always requires proof of deliberate or careless wrongdoing.
• E) In exceptional circumstances, a person may be imprisoned for committing a tort.

---

Definitions:

Account Balances

The total amount of money in a financial account, calculated by adding all credits and subtracting all debits.

Expense Recognition Principle

An accounting principle that expenses should be recognized in the period in which they are incurred to produce revenues, aligning expenses with corresponding revenues.

Accounting Period

A specific time frame for which financial records are maintained and financial statements are prepared, usually annually or quarterly.

Earned

Income or revenue that has been realized through the sale of goods or services.