Private Law Is Concerned with the Relationships Between Citizens Within

question 13

Multiple Choice

Private law is concerned with the relationships between citizens within the community, and includes:
i.contract law and tort law.
ii.competition law and consumer law.
iii.commercial law and partnership law.
iv.employment law.

• A)i, ii, iii.
• B)ii, iii, iv.
• C)i, iii, iv.
• D)i, ii, iii, iv.

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Definitions:

Beginning Capital Balance

The beginning capital balance is the amount of capital or equity that a company has at the start of a new accounting period.

General Ledger

A comprehensive set of accounts that records all financial transactions of a business, showing assets, liabilities, equity, revenue, and expenses.

Owner Withdrawals

Money or assets taken out of a business by the owner(s) for personal use.

Owner's Equity

The residual interest in the assets of a company after deducting liabilities, representing the ownership interest of shareholders or owners.